College Funding of Michigan

College Funding and Tuition Advisors- Student Financial Planning - Michigan - www.CollegeTuitionFundingMi.com

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Myths and Fallacies About Financial Aid

Financial Aid

  • We make too much money to qualify for Financial Aid.
  • I have a nice home with a significant amount of equity that will disqualify us for Finacial Aid.
  • Of the assets we do have, it doesn't matter who owns them, how they are titled and what kind they are.
  • How I file my taxes has nothing to do with Financial Aid eligibility.
  • The college will tell us what we qualify for.
  • I have a lot of time until our state deadline; there's no hurry to apply for Financial Aid.
  • Scholarships are always good.

Cost

  • Public schools cost less than Private schools.
  • It costs money to apply to colleges, so I will apply to only a few.
  • The IRS can't help us with college expenses.
  • We will have to spend our savings and investments to help pay for college.
  • Out-of-State schools always cost more than In-State schools, so we shouldn't apply to any.

Assistance

  • The High School counselors can help me with the Financial Aid forms.
  • The College Admissions Office and Financial Aid Department are on my side.

Admission & Others

  • I should only apply to schools that I want to attend.
  • Test scores and grades are only used for admissions into college.
  • We'll need to cut back, or stop, our Retirement Savings Plans during the college years.
  • Colleges, hospitals, banks (etc...) will speak with me about my adult child's information if they are incapacitated.

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