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. Paying for CollegeMyth:Since public universitiesReality: Many private colleges and universities offer comprehensive have 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 Student Aid Index (SAI)Reality:Your SAI, as determined by the FAFSA, is a guideline used is the maximum amount I will pay,by colleges to determine your financial need and build your financial aid regardless of where I go to school. package. Few students pay the exact figure determined to be their SAI. Many students find it necessary to pay more than their SAI 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 determinemy 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 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 FederalStudent Aid website: www.studentaid.gov/understand-aid/eligibility.Myth:The cost of college Reality: Quite the opposite. College graduates earn significantly more is not worth it. Taking student than those without a college degree. If you manage loans wisely, they are loans will ruin my chance to bean investment in your future. Learn more about federal student loans at financially stable. 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 Securityfinancial aid. number.) While it is true that undocumented students are ineligible forfederal aid, you may be eligible for state aid depending on where you live. In addition, private colleges and universities may have financial aid availablefor you, and many private scholarships can provide aid. Learn more atimmigrantsrising.org/resource/list-of-scholarships-and-fellowships.WATCH US Net Price Calculators: A net price is the amount you will pay for college after subtracting financial aid. College websites offer net price calculators that allow you to enter information about yourself and determine what you will pay.'