by Janet Ware
Updated 3 yearss ago
First and foremost, remember this: Loans are not gifts. One day — and sooner than you think — you’ll have to pay this money back in full, plus the interest that begins to accrue from the moment you accept the funds.
I make too much money.
|» Eligibility is determined by a mathematical formula; there’s no income cut-off.|
Only students with good grades get financial aid.
|» A high GPA can help you get into a good school, maybe land an academic scholarship, but it doesn’t affect financial aid. Students with so-so grades get loans, too|
|I’m too old to get financial aid.||» Funds are awarded based on financial need; no one cares about your age.|
|The form is too confusing.||» Not if you fill it out online at www.fafsa.gov. Every question has detailed instructions, and the form walks you through the process step-by-step. Plus, you can talk to a real person at 1-800-4-FED-AID.|