Don’t Let These Financial Aid Myths Hold You Back

Financial aid makes college possible for millions of students every year, but far too many people never even apply. Maybe you’ve heard something about income limits, GPA requirement or who qualifies and ruled financial aid out. The truth is, there’s more help out there than most people realize, and it might be time to take a second look.

Let’s break down some of the biggest myths about financial aid so you can get the support you need.

1. My parents make too much money for me to qualify

A lot of people think financial aid is only for families with very low income. In reality, income is just one part of the equation. The size of your family, how many people are in college, your school’s cost, your grades and even your talents can all factor in.

You may also qualify for scholarships that aren’t based on income, but instead factor in:

• Athletic or academic performance
• Test scores (SAT/ACT)
• Musical or artistic talent
• Leadership or community involvement
• Military service

Financial aid also varies depending on the cost of the school. You might not need much help to attend a community college, but a private or out-of-state school could qualify you for more assistance.

2. Only students with perfect grades get financial aid

Good grades help, especially for merit-based scholarships, but most federal aid is based on financial need, not GPA. You don’t need to be a straight-A student to qualify. However, once you’re receiving aid, you’ll need to maintain a minimum GPA to keep it.

3. All financial aid offers are the same

Financial aid offers vary from student to student. Every school has its own cost, funding and scholarship opportunities.

You might be familiar with the Free Application for Federal Student Aid, or FAFSA. It’s important to fill this out every year and send it to all the colleges your are considering. This form will help to determine your eligibility for financial aid. If you qualify, the school will make you a unique offer.

One school might offer more in grants or work-study options, while another could have a larger scholarship fund. Compare your offers closely — you might be surprised which school gives you the best deal overall.

4. Financial aid is all or nothing

Many students qualify for some aid, even if it’s not a full ride. The goal of financial aid is to help make college more affordable. You may still need to use savings, work part-time or consider student loans to cover the rest. But partial aid is still aid, and every bit counts.

5. I didn’t qualify last year, so I won’t qualify this year

Financial aid changes from year to year. Your family’s finances might look different, or your school might offer new scholarships. That’s why you need to fill out the FAFSA every year you’re in school. Just because you didn’t qualify once doesn’t mean you won’t qualify again.

Horizon Credit Union Scholarships

Did you know that Horizon awards scholarships to qualifying students every year? It’s another way we invest in our community. For more information and to apply, visit our Scholarship Opportunities page.