It’s always the one that gets away that bothers you the most.
Here are some of the most common myths we debunk everyday:
- I make too much money to qualify for college aid. Most times I hear this statement it is simply untrue for that particular family. While making a steady income will lower the amount of need-based aid your family will qualify for, it is not the only factor. Plus, there are many other ways to get significant amounts of money for college. Most notably, there are 153 different tax strategies that can be used. Not all will apply to you, but odds are there is at least one that does. There are also merit-based strategies that our College Dream Builder team uses to position students for more free college money.
- I can’t afford to send my child to a private college. While the sticker price on private colleges are typically much higher than your average state schools, the amount of money you will likely pay could be significantly lower. We have seen this time and time again, but most families don’t believe it. According to a study by the Wall Street Journal the average tuition discount for first year freshman at a private college was 45%. While this is no surprise to us, our clients have found it shocking and are ecstatic to be able to send their children to a private college.
- I’ll have my student find scholarships to pay for college. This financial aid myth is always near and dear to my heart because it brings me back to the days of the dinosaurs when I was preparing to go to college. This was my family’s ‘plan’ to pay for college. Go to the high school’s guidance counselor and have him help me find as many scholarships as I could possibly get. It was a great ‘plan’ and my guidance counselor went above and beyond to help me, but I got no where. I applied for numerous scholarships, but only received a couple totaling $2,000. No where near the $80,000 my college education would ultimately cost me. What I didn’t know was that our family ‘plan’ was terrible and almost a complete waste of time. I wish I would’ve known that only 3% of all money that pays for college comes from private scholarships and that they are next to impossible to get. Don’t be the family that wastes 97% of their time chasing 3% of the money — there are better ways to find money for college and I can help you.
Don’t let these myths get in the way of creating your college plan. It can be costly and time consuming if you don’t know what you are doing. As I’ve said in past newsletters, there is nothing easy about paying for college.
If you are looking for a good place to start your college plan, I’ll try to make it easy on you. You can join us for a free college funding workshop(click here to register), where I’ll show you the best way to lower you college costs. Or you can meet me for a free diagnostic evaluation, where I will sit down with you and show you how I can help you potentially save thousands of dollars off the cost of college.