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!