b'41THE MYTHS AND REALITIES OF FINANCIAL AIDMyth: I cannot afford toReality: Scholarships, grants, loans, and Work-Study make college attend college. affordable for many students. See pp. 42-43 to learn more about the different types of financial aid.Myth: Since public universitiesReality: Many private colleges and universities offer comprehensivePAYING FOR COLLEGEhave lower tuition than privatefinancial aid packages to low-income students, often making them more colleges, I should not consideraffordable than public institutions. Learn more about a colleges financial applying to a private university. aid policies on its website.Myth:Financial aid is free moneyReality: While financial aid includes grants and scholarships which do that does not have to be paid back. not have to be paid back, it also includes loans, which must be paid back with interest, and Work-Study, which must be earned. Most financial aid packages 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 aid maximum 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 the gap 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 determine my college, so I can declare myselfa students dependency status for financial aid purposes. A student cannot independent to get financial aid. simply choose to be considered as an independent student.Myth: My grades are not highReality: Most federal aid is based on financial need, not academic enough to qualify for financial aid. achievement. Learn more about financial aid eligibility on the Federal Student Aid website: www.studentaid.gov/understand-aid/eligibility.Myth: The cost of college is notReality: Quite the opposite. College graduates earn significantly more worth it. Taking student loansthan those without a college degree. If you manage loans wisely, theywill ruin my chance to beare an investment in your future. Learn more about federal student loans financially stable. at www.studentaid.gov/understand-aid/types/loans.Myth: If I am undocumented, Reality: The FAFSA form does not ask about your parents citizenship I am not eligible to receive anystatus. (They will enter 000-00-0000 when asked for a Social Security financial aid. number.) While it is true that undocumented students are ineligible for federal aid, you may be eligible for state aid depending on where you live. In addition, private colleges and universities may have financial aidavailable for you, and many private scholarships can provide aid. Learn more at https://immigrantsrising.org/resource/list-of-scholarships- and-fellowships.GROW Net Price Calculators: A net price is the amount you will pay for college afterYOUR subtracting financial aid. College websites offer net price calculators that allow youGrow FUTURE to enter information about yourself and determine what you will pay.Your Grow GrowFuture Your YourGrow Future Future GrowGrow Your Your Grow YourYour Future Grow Future Grow FutureFuture Your YourFuture Future'