b'41ThE MyThS AND REAlITIES oF FINANCIAl AIDMyth: I cannot aord toReality: Scholarships, grants, loans, and Work-Study make college attend college. aordable for many students. See pp. 42-43 to learn more about the dierent types of financial aid.Myth: Reality: PaYIngFOrCOLLegeSince public universities Many private colleges and universities oer comprehensive have lower tuition than privatefinancial aid packages to low-income students, often making them morecolleges, I should not consideraordable than public institutions. Learn more about a colleges financialapplying to a private university. aid policies on its website.Myth: Financial aid is free money Reality: While financial aid includes grants and scholarships which dothat does not have to be paid back. not have to be paid back, it also includes loans, which must be paid backwith interest, and Work-Study, which must be earned. Most financial aidpackages are a combination of the various types of aid.Myth: The Expected FamilyReality: Your EFC, as determined by the FAFSA, is a guideline used Contribution (EFC) is theby colleges to determine your financial need and build your financial aidmaximum amount I will pay,package. Few students pay the exact figure determined to be their EFC.regardless of where I go to school. Many students find it necessary to pay more than their EFC to cover thegap between their financial aid award and the total cost of attendance.Myth: My parents will not pay forReality: There are strict federal, state, and institutional policies to determinemy college, so I can declare myself a students dependency status for financial aid purposes. A student cannotindependent to get financial aid. simply choose to be considered as an independent student.Myth: My grades are not high Reality: Most federal aid is based on financial need, not academicenough to qualify for financial aid. achievement. Learn more about financial aid eligibility on the FederalStudent Aid website: www.studentaid.gov/understand-aid/eligibility.Myth:The cost of college is not Reality: Quite the opposite. Student loans can be a good investment worth it. Taking student loansin yourself, if you borrow wisely. College graduates earn significantly will ruin my chance to bemore than those without a college degree. They also have the potential financially stable. to positively impact your credit score. Learn more about federal studentloans at www.studentaid.gov/understand-aid/types/loans.FUTURE Changes to your Familys Finances: If your familys financial your situation has significantly changed from what is shown on the federal income to tax return used for your FAFSAfor example, the COVID-19 pandemic has caused a loss of incomeyou can apply for adjusted financial aid. Contact your chosen college to discuss how your financial situation has changed. Visit www.formswift.com/swift-student if you need help drafting a letter of appeal.'