Here are the most common college myths that are believed to be true by most parents and high school guidance counselors, and sadly... they are DEAD WRONG!!!
1) College financial aid is only for the top students. WRONG! It's for everybody! Everyone, including the affluent can receive government financial assistance for college.
2) Only low-income families receive financial aid. WRONG! Many families earning $100,000 or more can still earn financial assistance, if they know how the financial aid process works and what they need to do to increase their eligibility for aid.
3) Low-income families cannot afford private colleges. WRONG! Many Ivy league schools (such as Harvard and Yale) offer free tuition to students who are bright but have a family income of $60,000 or less! There are also "tuition free" schools for these types of families.
4) Scholarships and college admission is based on a student's GPA. WRONG! It is primarily based on the student's ACT and/or SAT score! While the student's GPA may be factored in (as well as class rank), the college primarily use these standardized tests to determine admission and scholarships.
5) Shifting income or assets into the child's name is a good idea. WRONG! This will absolutely destroy any chance of earning financial assistance. It might be a good tax strategy, but it is one of the worst college funding strategies known to man!
6) Affluent families have no chance of saving money on college. WRONG! There are many strategies, both financial and tax wise, that can help the affluent save substantial dollars on the cost of college.
7) Most families have saved enough money to pay for college. WRONG! 99% of the families I've worked with over the past 10 years have little to no money saved for their children's college education. Even the most affluent haven't saved enough.
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