More Money, More College

The start of the new year is the start of the college financial aid season. A simple truth about college is that the more resources students can access, the more likely they are to pursue and complete a college education. Financial aid alone does not guarantee college success. However, it is a significant factor in increasing access and opportunity to the college experience.

At Pyramid, we work with several clients that assist students in underserved and underrepresented communities. Our clients encourage students to pursue and complete a college education. However, in the midst of the ongoing encouragement, students and families may still have a pervasive sense of doubt as to whether or not they can really make college happen. Often, the most daunting task is convincing students and families that they will be able to acquire the resources to pay for college.

As you consider how to engage students and families in conversations about college, be prepared to counter the myths they may have about financial aid.

Myth 1: Millions of dollars in financial aid go unclaimed.
Based on a study conducted over 10 years ago that noted the number of unused corporate tuition benefit dollars, this myth is damaging in that it over-promises and under-delivers financial resources. It did not measure unused federal and state funds. Historically, both federal and state funds are exhausted each academic year. Within these funds there is a very small percentage of awards that remain unused by the recipient during the academic year.

Myth 2: There are tons of scholarships available to students.
The number of private scholarships has increased dramatically in the last 30 years. However, the criteria for scholarships have changed little. Most scholarships are geared toward high-performing students pursuing four-year degrees. Private scholarships that are not awarded often have criteria that limit the eligibility pool or have poor outreach plans that result in limited applicant pools. It can be frustrating for good students to find scholarships for which they are eligible to apply.

Myth 3: My parents make too much money for me to get financial aid.
It is more accurate to say that eligible students do not apply for financial aid and, as a result, miss out on a significant amount of federal and state dollars for college. Students who might not qualify for federal resources should still complete federal financial aid forms because they may be eligible for school-based financial aid. Schools use the information provided in the federal form.

Myth 4: My grades are not good enough to get financial aid.
Some financial aid is merit-based while other financial aid is need-based. Federal student aid is need-based financial aid. The only academic requirement of federal student aid is that students maintain a 2.0 GPA once they are in college. The 2.0 GPA is the same requirement that most colleges have in order to remain enrolled.

Now that the financial aid season has officially begun, work to help debunk the myths and encourage the students in your life to apply for financial aid!