Myths of College Costs: The Truth Revealed

College seems like the life everyone wants to live. The parties, the girls/guys, the create your own schedule, the themed days and sports events. However, there is one thing that college students think they have figured out; however the financial burdens can be hard to understand, especially with some of the myths surfacing the media, these days. Here are five myths that have been busted, with proof that you can complete these things without being held back.

Myths of College Costs

Myths of College Costs #1: Saving for college will not get you financial aid

Even if you have saved up for these years for yourself or for your children, this will not necessarily disqualify you from receiving any type of financial aid. Financial aid is based mainly on income which averages for about half of what the institutions look at, when deciding for your child. Only about 5 percent will be looked at, regarding your savings that will be applied to the college tuition funds. The government is not really concerned with how much you have saved up, but rather how much you are making annually. The means you have saved up will better come in handy for the monthly payments from your income. This is one of the biggest Myths of college costs that have surfaced in the recent years.

Myths of College Costs #2: You cannot afford Private Colleges

This is another completely false myth of college costs. Private colleges usually portray to have a high price tag to only attract stellar students with amazing accomplishments. Usually when you are accepted into the college with financial aid and merit scholarships, you will realize that price has gone down tremendously, almost 50 percent. This is a substantial amount of money to be saved, and put forth towards other necessities, rather than just tuition payments. Ivy League colleges tend to only give financial aid to those families and individuals who actually need the help; however you will find that some better off families are also receiving the financial aid, which can take a good chunk of a couple thousand dollars off of your hands. This is a wonderful relief for those students who have always dreamed of attending Yale University, and even Harvard.

Myths of College Costs #3: Liberal Arts Degrees are useless

You will find that while STEM, Science, Technology, Engineering and Math degrees usually earn the student a job that pays well above the average annual salary for someone his or her age. However, while liberal arts degrees are not as commonly used as a STEM degree, the right student could also put his degree to good use.  The jobs usually pertained with degrees sometimes may pay less, but will have a lower rate of unemployment, which makes it a fantastic field to enter into, to know that you will most likely have a secure job out of college, if you apply yourself, of course.

Myths of College Costs #4: College Loans will burden your child forever

This is one of the myths of college costs that all parents want to see be proven wrong. No parents want their children to become financially crippled due to their student loans piling up, and the students not being able to pay them off, due to not being able to find a stable job right away. This is not true, despite the rumors and stories you often hear about kids taking out a bunch of student loans, and having them affect their credit even when they are going on forty years old. The reason these loans build up so quickly is because the students are taking their jolly old time graduating, which in return is costing more money the longer they remain at the college. If your child is well motivated and is attending a good school, there is a strong chance he or she will be able to use alumni groups to find a stable job after finishing their educations. Student loans are there to help, not burden your life increasingly more as it seems they do.

Myths of College Costs #5: Community Colleges Lower Costs, Starting Off.

Starting off at a community college to complete your core courses and then switching to a major university to work on your major classes is commonly talked about as a great way to save tuition money in the long run. However, this is probably not the smartest route to take when it comes to furthering your education. Colleges make it very much difficult to transfer your earned credits, so you must choose two colleges that use the same system, to prevent any issues. Make sure if this is one of the routes you are taking to save money, which the community college guarantees that your credits can be transferred without any problems whatsoever. It is also good to check with the university you will want to attend as well.