The Fact vs. The Fiction: Who Is Eligible For Financial Aid?

Have you ever wondered if you are eligible to receive any financial aid for your college-bound child? 

There is quite a bit of mystery surrounding the entire college financial aid application process. This mysterious, even convoluted, process has created a great deal of confusion and misunderstanding about who is eligible for receiving financial aid for college. Below are 6 fictional thoughts and 6 facts regarding financial aid eligibility.

The Fiction

1. My Income is Too High.

2. My Child Did Not Win a National Merit Scholarship.

3. If My Child Does Not Qualify for Need Based Aid, There’s no Hope.

4. I Own a Nice Home.

5. School People Can Help.

6. It’s a Simple, Easy and
Fair Process.

The Facts

1. Middle & Upper Middle Income Class Kids Can Qualify.

2. Need Based Aid Based on Income, Assets, Number of Kids, Etc.

3. There are Millions of Dollars of Aid for Kids with Academic, Artistic & Athletic Talent.

4. FAFSA Form Doesn’t Ask for Home Equity, but the Profile Form Does.

5. Colleges are Businesses & are Concerned about Their Own Enrollment & Finances

6. Many Believe it’s Not Simple, Easy or Fair.

Have you ever had any of the thoughts listed above? I would encourage you to consider getting to the truth about YOUR personal situation. College costs differ from person to person. Let me know if you wish to learn more about lowering the cost of college for your family!

The information provided above is provided through a partnership between Catalyst Wealth Management and 123College. 123College is a source for College Financial Planning, Education and Training.  Since 1994, College123 has developed Financial Aid Analysis Software to ensure accuracy and full compliance with the U.S. Dept. of Education’s complicated financial aid formulas.

Learn More About the Facts and Fiction of Financial Aid Here