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The financial aid landscape

Myth #1: Only students with high grades and test scores qualify for financial assistance

While it’s true that some scholarships and grants are merit based, many forms of financial aid are need based or awarded for other criteria, such as community involvement, leadership skills, demographics or creative talent.

Federal aid like  and the , for example, are awarded based on exceptional financial need — not grades (although these awards may require you to maintain a certain GPA and completion rate to maintain eligibility for them).

Christine Conway, director of financial education initiatives at SM������, says this is one of the biggest myths she hears from college students. They automatically assume they won’t qualify for assistance, so they don’t even try.

“Believe it or not, there are many scholarships that don’t have a GPA requirement at all,” Conway says. Even for those that do have a GPA requirement, it isn’t always as strict as you may assume.

If you’re looking for scholarships that aren’t based solely on academic merit, try the following:

• Check with your college’s financial aid office for need-based scholarships and grants.
• Explore online scholarship search engines.
• Look for scholarships offered by professional organizations in your field of study. For example, if you’re planning to pursue a degree in IT, check tech organizations and companies for scholarship opportunities.
• Check with local foundations or civic organizations for scholarships available in your community.

Myth #2: If I have a college savings account, I won’t qualify for financial aid

Myth #3: You have to repay all forms of financial aid

Not all financial aid has to be repaid. Consider the following:

• Grants are typically awarded based on financial need or academic achievement.
• Scholarships are based on a variety of criteria, such as athletic or artistic talent, religious affiliation or special accomplishments.

While some forms of financial aid (like student loans) do need to be repaid, options for deferment or loan forgiveness can sometimes apply and assist during hardship to postpone repayment or reduce the amount to be repaid for qualifying students.

Myth #4: Applying for financial aid is too complicated and time consuming

How to speed up the FAFSA process

How to speed up scholarship applications

When it comes to scholarships, one way to speed up the process is to repurpose essays you’ve already written. Sometimes all it takes is a few tweaks to make an existing essay fit the requirements of other scholarship applications.

Be sure to search for non-essay scholarships as well. These types of scholarships require less time and effort. You can find them on sites like .

Finally, think about applying for financial aid as a job. “If you spend 10 hours applying for aid and receive $1,000 in scholarships, you’re essentially earning $100 an hour,” Conway says.

Myth #5: If I didn’t qualify for financial aid last year, I won’t qualify this year

Just because you didn’t qualify for federal student aid last year doesn’t mean you won’t qualify this year. Financial aid eligibility is based on a variety of factors, including income, family size, number of dependents in college and other financial obligations.

Because your eligibility factors can change from year to year, it’s essential to fill out the FAFSA every year — even if you didn’t qualify in the past.

Additionally, if you believe you’re eligible for financial aid but didn’t receive it initially, you can request your financial aid be reviewed to have your unique circumstances considered.

Remember, there’s no one-size-fits-all approach to financial aid. Always do your research, ask questions and seek out resources to help you maximize your financial aid opportunities. With the right information and preparation, you can make college a reality without breaking the bank.