Student Loans: Financial Myths Busted by the Myth-Buster
The majority of these funds, which amount to billions of dollars, are given as student loans to those who are most in need to assist them with their education.
However, it appears that there is a lot of misinformation out there about the types of aid that are available and who is eligible to apply for them.
Discover more below as we present some myths that need to be debunked. Call me The Myth-Buster if you must!
Financial Myths
- Education is Too Costly
Although there has been a lot of media attention on the rising cost of education, getting your education through a college is still among the most easily affordable forms of education you can obtain.
According to statistics, graduates from colleges are more likely than their high school counterparts to earn over $1 million more over the course of their careers.
- There is not enough Financial Aid Available
The fact remains that more students than ever before are receiving financial aid today. More low-interest loans are available from both public and private institutions. In fact, the environment is so competitive that getting financial aid is incredibly simple.
- My parents’ high income means I won’t be eligible for a loan.
This is one of the biggest myths of all time, I think it even rivals that of ‘Jimmy Hoffa is Buried in a Gravel pit somewhere in Michigan’
Families with various high income levels receive financial aid. Even for those who believe they cannot afford it, education has become more accessible. The interest rate is the only thing that could alter depending on the circumstances.
- My Parents Have Too Much Savings, So We Will Never Qualify
Even though it’s a good idea to have a plan in place to save money for college, the requirements for being eligible to receive a student loan are more based on current income levels than they are on saving levels.
- Once I Apply for a Loan, I Have to Take It
Anyone who is offered a low interest loan is not obligated to accept it. Considering that you might not have another opportunity like this for a very long time, it might be wise for you to give it some more thought.
- There is no way I can get into a Private School
In fact, compared to some others, you may have a much better chance of receiving aid from a private educational institution. Unbeknownst to you, private institutions frequently provide prospective students with more financial aid and support than public ones.
I hope this article has given you some new information about student loans and dispelled some common misconceptions.
