Five Myths About Paying for College

by Claudine Vainrub, Principal of EduPlan / Wednesday, 25 March 2020 / Published in College Admissions

Here are five common myths about paying for college that counselors often hear. Don’t fall victim to these myths!

1. My family makes too much money to qualify for financial aid.
This is one of the biggest myths out there. You may not qualify for aid at one school, and qualify for lots of money at another school.

2. It costs more to go out-of-state than to stay in-state.
That’s not always the case! With increased tuition rates in many states, it is not always cheaper to stay in-state. There are out of state tuition waivers available for many students. Also, colleges offer scholarships to students who fall in various categories like athletes, scholars, certain majors, leadership, and many others. Don’t narrow your list of colleges to just in-state schools.

3. It costs more to go to a private school than a public school.
Not necessarily. Each family situation is unique and you may find it will cost less for your family if you attend a private school as compared to a public school. Read Jack’s story of paying less at Dartmouth than CSU Los Angeles at Can you Pay Less to Go To A More Expensive College?.

4. Outside scholarships help reduce what you pay out of pocket for college.
Not true. Scholarships don’t necessarily reduce your family’s out of pocket expense unless you are paying the full cost of college out of pocket. Scholarships are part of your financial aid package. Colleges may subtract outside scholarships from their own merit awards, or from your student loan/work study allocation. Ask colleges for their policies. This is why it is in your best interest to explore your choices for college. Find one that best fits your situation and needs.

5. Financial aid only helps with tuition.
Financial aid is available to pay for ALL college expenses: tuition, room and board, books, transportation, and personal expenses. Colleges realize you need to buy toothpaste and have a pizza now and then. Financial aid can apply to all of these costs.

Take Action
You can take help from multiple online resources to plan for college costs.

Use the EFC Calculator online to determine your EFC and generate a strategy for reducing college costs.
Search for various financial aid packages offered and decide what suits your situation the best.
Read carefully the financial aid requirements listed on the college website for each of the schools on your list.