Myths About Paying for School

Paying for college can be a daunting experience, but with some educated foresight and a little sacrifice, almost anyone is capable of figuring out an affordable way to pay for education. Like any difficult task, there are many myths that materialize and scare people away from pursuing an education. We will highlight a few, but when you are ready to take the plunge and enroll in school, it is always a good idea to talk things over with a financial aid adviser at your college of choice.

Myth #1: Only the rich can afford to go to school.

Not true. There are many middle class or impoverished people who figure out how to either save for school, or get their school paid for through scholarships and grants. In fact, 20 percent of all traditional-aged college students come from families with an annual incomes lower than $25,000 a year.

Myth #2: Saving for college is a waste of time because it makes students ineligible for financial aid

Not true. Most colleges determine their financial aid packages by a family's annual income, not by the amount of money saved up in the bank. Further, saving for college is the smartest way to go. If you save money prior to college, you will not have to worry about your finances while you are an active student or student loans once you graduate.

Myth #3: Scholarships are only for athletes and minorities.

False. While it is true that there are many scholarships available to athletes and minorities, these are only part of the free-money pie. If you check in with a college counselor or a library, you can search a database full of scholarships that are open to a number of different types of students. Some scholarships are subject based, sponsoring a certain track of studying, while others are academically based, sponsoring students who have worked hard to earn good grades. Still others are hobby based, sponsoring students with special interests such as painting, drawing, agriculture, and writing.