There are billions of dollars that are given out to those most in need to help with their education, most of these funds are in the form of student loans.
However there seems to be a wealth of mis-information about just exactly what sort of aid is available and who can claim it.
We will show some myths that must be dispelled, find out more below. Just call me the Myth-Buster!
- Education is Too Costly
It is true there has been a lot of noise in the media about the rising costs of education, but in spite of this, the fact remains that getting your education through a college is still one of the most easily affordable forms of education you can obtain.
Statistics have shown that students who graduate through a college are more likely to earn over $1 million more (in their careers) than their counterparts from high-school.
- There is not enough Financial Aid Available
The fact is that, these days, there are more students that are receiving financial aid that ever before. There are more low-interest loans available from government and private companies alike. In fact, the climate it so competitive that is only too easy to obtain financial assistance.
- I won’t qualify for a loan because of my parent’s high income.
This is one of the biggest myths of all time, I think it even rivals that of ‘Jimmy Hoffa is Buried in a Gravel pit somewhere in Michigan’
Financial aid is given to families that have all types of high income levels. Education has been made affordable even for those who think they can’t afford it. The only thing that may change is that the rate of interest may change with different situations.
- My Parents Have Too Much Savings, So We Will Never Qualify
Although having a savings plan for a college fund is a great idea, the eligibility criteria to receive a student loan is more based on current income levels than those of saving levels.
- Once I Apply for a Loan, I Have to Take It
No one is obliged to take a low interest loan if they are offered it. It may apply you to re-think about it though because you may not have another opportunity like this one for a long time to come.
- There is no way I can get into a Private School
In fact, you may have a much greater chance of getting aid from a private educational institution than some others. Private institutions often have more financial aid and support to offer to prospective students that you may be aware of.
I hope that you have gained some insights into student loans and some of the myths that are floating around today.