money management

FAFSA Myths & Facts

Myth: My parents make too much money, so I won't qualify for any aid.

Fact: There is no income cutoff to qualify for federal student aid. Many qualify for some type of financial aid, including federal work study and student loans.

Myth: Financial Aid bases FAFSA on taxes from two years ago. My parents made way more two years ago. I won't qualify.

Fact: FAFSA understands that income changes. Visit the financial aid office to see if they can update your income with any life changes such as marriage, job loss, etc.

Myth: Someone else in my family did not qualify for federal aid, so I won't.

Fact: You should fill out FAFSA every year just to see what you can get. Rules and available aid are always changing.

Myth: I only have to fill out the FAFSA once.

Fact: You need to fill it out every year that you are in school to receive financial aid.

Myth: My parents need to have social security numbers so that I can complete the FAFSA.

Your parents’ citizenship doesn’t affect your ability to complete the FAFSA form. Make an appointment with the Money Management Center to discuss your options.

Myth: My college savings fund will make it so I don't qualify for aid.

Fact: It will be factored in as an asset but it does not disqualify you for aid.

Myth: If I live on my own my parent's income does not need to be counted.

Fact: Incorrect, you are considered a dependent until you turn 24 (by December 31st of the school year for which you applied) and will need to report your parent(s) income, unless you are married or have children that you provide more than 50% of their support.

Myth: The FAFSA is too difficult to complete and therefore a waste of time.

Fact: We can offer assistance with the process, our trained personnel can make the process much easier.

Myth: If I am awarded loans, I must accept or they're automatically accepted.

Fact: In order for loans to be accepted, you have to physically go in and accept them. If you decide during the year that you'd like to accept a loan you haven't responded to, you have the option to do that as well.

Myth: I should wait until I am accepted to a college prior to filling out the FAFSA form.

Fact: No, do not wait. You can list up to 10 schools that you are interested in attending.

 


Money Management Center: 801-626-6135 | moneymanagement@weber.edu