Myths and Misunderstood Statements

Myths & Misunderstood Statements – Admission & Financial Aid

Here are a few more I heard at the flower counter:

  • Myth # 1 Colleges are looking for straight A – well-rounded students
    • College and Universities fill their class based on their enrollment needs
  • Myth # 2 It’s a seller’s market
    • True at the highly selective schools, but wise buyers can nearly 3200 schools in the US that will invest in the student and family.
  • Myth # 3 Essays don’t really matter
    • Definitely the opposite; after grades, GPA, and the rigor of high school, it’s the essay
  • Myth # 4 Interviews don’t really count
    • Like the essay, presenting oneself is critical; always schedule an interview
  • Myth # 5 My child is a sophomore, so we do not need to complete the FAFSA.
    • True, but planning a year ahead (even two) helps in creating a financing strategy.
  • Myth # 6 Early Decision Applications are a sure-fire way of getting in
    • ED is best for those who have done their homework, know where they can afford and can commit to the first offer. EA is better
  • Myth # 7 Applying for financial aid can hurt the chance to get in?
    • Although there are a small number of elites, highly selective institutions that look at need, the vast majority administer a need-blind admission policy.
  • Myth # 8 You need an impressive list of extra activities and service
    • Schools want to see demonstrated commitment to one or more activities.
  • Myth # 9 Recommendations need to be written by those with credentials
    • The best recommendation comes from a teacher, coach, or mentor who really knows the student!
  • Myth # 10 Admissions knows my student
    • Very unlikely, unless the student has become their own marketer!
  • Myth # 11 Every student can go to every school they get in.
    • Everyone can go, some just can’t go to their dream school
  • Myth # 12 Financial Aid never has to be repaid
    • Over 35% of financial aid is awarded in the form of student loans. Loans are definitely subject to repayment.
  • Myth # 13 We are better off having college savings (529) in the grandparent’s name
    • As of 2023 for sure – a parent is safest; avoid large distributions to the student.
  • Myth # 14 Financial aid is only based on a family’s income and assets.
    • Although it is based on these two primary factors, the formula also takes into consideration the size of the overall household. Gone in 2023-2024 is the number in college.
  • Myth # 15 State schools are always the most affordable
    • Not always, the net tuition cost of a private school can in some cases equal a state school
  • Myth #16 We make too much money to qualify for financial aid, so we are not going to apply.
    • household size, number in college, and other factors make every family contribution different.
  • Myth # 17 I have a college saving 529 account, we won’t qualify.
    • College savings accounts will reduce need-based aid, but not as much as income

Rules, policies, and practices used by higher educational institutions, federal and state government agencies, and private third-party organizations are forever changing. Myths misunderstood statements and general confusion stem from change.

Always consider the sources of the information!