Clearing Up Common Financial Aid Myths

Planning for college can be very overwhelming, especially when it comes to financial aid. Navigating the journey of tuition, scholarships, and the FAFSA can be a challenge for students of all ages. That's why we sat down with Soo Lee Bruce-Smith, an admissions expert from LC State, on our Making Sense of Money podcast. She shared some myths and invaluable tips that can take the stress out of financial aid.

Keep reading for some common myths Soo Lee hears and advice you can use to make the best decisions regarding your college education.

Woman smiling in library while holding book

Myth #1: The Pell Grant Covers Everything

The Pell Grant is a fantastic resource, but it doesn't cover all college expenses in some cases.

“One misconception is if you get the Pell Grant, it will cover everything. It does not cover everything,” said Soo Lee

 It typically helps with some of your costs, including tuition, housing, meals, books, and more. For some students, that Pell Grant may not be enough, so developing a plan can help you combine the Pell Grant with financial aid, scholarships, savings, or even part-time work to help you cover the cost of attendance.

 

Myth #2: You Must Be a Full-Time Student to Receive Aid

Many think that financial aid is only for students taking 12 or more credits, and Soo Lee clarified this for all of us. Part-time students are also eligible for assistance; it might just come in different forms. Completing the FAFSA and connecting with a financial aid advisor can help you craft a plan to support your education, whether it's through federal student aid or privately funded loans.

Myth #3: Loans Aren't Financial Aid

Student loans often make up a significant portion of many students' financial aid packages. When you fill out the FAFSA, you're applying for more than just grants and some scholarships. You're also being considered for federal student loans of various types. Connecting with a financial aid specialist at your school can help you understand how loans fit into your funding plan and get you on your way to higher education and long-term success.

 

Myth #4: Financial Aid Happens Automatically

One of the most important things to understand about financial aid is that it’s not automatic. You must complete the FAFSA and stay on top of any communication you receive from your school. That means checking your email, responding to document requests, and ensuring everything is submitted on time.
“We are doing a ton of outreach, but sometimes students ghost us until it's a little too late or it's like right before a deadline,” said Soo Lee.
 
The last thing that students—and financial aid administrators—want is someone walking into the office during the first week of classes without their aid in place.

 

The Most Important Tip of Them All: You're Not Alone

Soo Lee said it best: "Make a friend in admissions or financial aid. We're here to make things easier."

Whether you're heading to college straight from high school, transferring, or taking a non-traditional route, there are people who want to help. If you're unsure about a form or need someone to walk through the process with you, reach out. Asking for help in the process can make a big difference.

 

Listen to the Full Episode

This blog is just a snapshot of Soo Lee's great tips from the podcast. To hear more, tune in to Making Sense of Money! 

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