Busting Financial Aid Myths


There are many myths when it comes to applying for financial aid. Some of them are.. I make too much money.. or I have to wait until I file my taxes. Fall for these and you could lose out on valuable loans, grants, and scholarships.


Every year, thousands of families apply for financial aid using the Free Application For Student Aid.. also known as FAFSA. Many don't apply because they think they make too much money to qualify for any aid.

Tim Wendt, the Director of Financial Aid for Parkland College, says, "That's a myth because anyone can qualify for a student loan. It may be an unsubsidized student loan, but that is federal financial aid."

It's widely based on the tax information you provide on the application. But some colleges have FAFSA deadlines before the tax filing deadline.

"You can use the prior year's taxes and stipulate that I will file my 2013 taxes, in this case, later. And what that does is that locks your place in line for financial aid that's available," said Wendt.

Even though most FAFSA deadlines are well into April. If you're applying to a school in Illinois, state grants are awarded until funds run out.

"Last year the money ran out March 2nd. So we have to assume that around the beginning of march, the money, again, could run out from the state ofIillinois for the state grants."

Latonya Stovall doesn't want to miss the boat. That's why she attended parkland college's FAFSA workshop Thursday evening.

"I just wanted to come out where I've got some people that have done this before that can just really make sure I'm doing everything correct," said Stovall.

Wendt says another myth is that the aid you receive is final.

"If there's a special circumstance that occurs after you file the FAFSA, financial aid administrators are given the ability to make adjustments to the financial aid calculations."

Making sure that those in need get the most help possible.

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