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:My parents will not pay forReality:There are strict federal, state, and institutional policies tomy college, so I can declare myselfdetermine a students dependency status for financial aid purposes.independent to get financial aid. A student cannot simply choose to be considered an independentstudent. Use this tool to determine which parent(s) should contributeto your FAFSA: www.studentaid.gov/fafsa-apply/parents.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:Taking student loans Reality:If you manage loans wisely, they are an investmentwill ruin my chance to be in your future. A college degree can increase your earning potential.financially stable. Learn more about federal student loans 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. While it is true that undocumented students are ineligible forfinancial aid. federal aid, you may be eligible for state aid depending on where you live. In addition, private colleges and universities may have financial aid available for you, and many private scholarships can provide aid. Learn more atimmigrantsrising.org/resource/list-of-scholarships-and-fellowships.How Financial Aid be changed later if you enroll elsewhere. The steps Is Determined to applying for PHEAA are outlined at pheaa.org/grants/state-grant-program/apply-renew.Students interested in receiving financial aid must fill out and submit the FAFSAFree ApplicationShortly after completing your FAFSA online, your for Federal Student Aid (pp. 44-45)which givesFAFSA Submission Summary (FSS) will be available colleges information about your familys financial at www.studentaid.gov/h/apply-for-aid/fafsa.situation. Some colleges also require you to complete The FAFSA submisssion summary shows your SAI, the CSS Profile (p. 46) or their own form. which is an index number used by financial aidIf you are a Pennsylvania resident, after you professionals to create your aid offer.complete your FAFSA, PHEAA will email Colleges subtract your SAI from the cost ofinstructions regarding the State Grant Formattendance to determine your financial need.(SGF) to apply for state grants. The PHEAA will They do not, however, guarantee to meet yourask you to list your top choice school. This can entire financial need.'