It’s time to slay some
myths about paying
for college.

Put the truth on your side, and give your journey
through college financing an epic start.

See the truth

Sharpen your knowledge here.

Monstrous college payment myths aren’t so scary when you have the truth as your
weapon to defeat them.

  • College cost myths:

    College cost myths

    College cost myths:

    Myth: Private schools ALWAYS cost more than state schools.
    Truth: Many private schools have endowments with generous aid packages that can help you afford college. Learn more.

    Myth: Private schools are only for wealthy students.
    Truth: Private universities value diverse backgrounds in their students—many of whom receive financial aid. Learn more.

    Myth: College expenses are just tuition plus room and board.
    Truth: Don’t forget books, supplies, lab fees, transportation, living expenses, and more. Learn more.

  • College payment myths:

    College payment myths

    College payment myths:

    Myth: I can get free money from the school every year.
    Truth: Many merit scholarships are only provided to first-year students with their acceptance letter. Learn more.

    Myth: I’ll figure out how to pay as I go through school.
    Truth: You should build your budget for all four years to be sure costs are covered. Learn more.

    Myth: My A+ student has the grades for a full ride anywhere.
    Truth: Many top schools (MIT, Ivy League, etc.) don’t offer merit-based aid, just need-based aid. Learn more.

    Myth: All-star athletes will have their pick of schools.
    Truth: Fewer than 2% of high school athletes win athletic scholarships. Learn more.

    Myth: Our 529 savings plan should have us covered for college.
    Truth: Some important costs, like transportation and health insurance, are not qualified 529 expenses. Learn more.

    Myth: It’s too late for me to start a 529 savings plan.
    Truth: It’s never too late. The tax benefits of a 529 plan can help you at any point. Learn more.

  • Student loan myths:

    Student loan myths

    Student loan myths:

    Myth: Federal Parent PLUS loans are the best value.
    Truth: While PLUS loans can help some families, a private parent loan with no origination fee can cost less for families with a good credit history. Learn more.

    Myth: I just don’t make enough to afford college.
    Truth: A combination of aid, like grants and scholarships, plus federal and private loans, can make even expensive schools accessible to low-income families. Learn more.

    Myth: Student debt isn’t worth it.
    Truth: People with college degrees significantly outearn those without them. A bachelor’s degree could double your lifetime income versus a high school diploma. Learn more.

    Myth: The FAFSA® is a student loan.
    Truth: The FAFSA is the Free Application for Federal Student Aid, and you’ll need to fill it out to qualify for aid packages and federal student loans. Learn more.

    Myth: Students with good credit can always get a loan without a cosigner.
    Truth: Beyond good credit, loan applicants need to show sufficient income or ability to pay back their loan. That’s why most student loans have cosigners. Learn more.

  • Financial aid myths:

    Financial aid myths

    Financial aid myths:

    Myth: I can’t negotiate financial aid.
    Truth: You can contact schools about changes in your life or offers from other schools to negotiate aid. Learn more.

    Myth: If I show financial need, I’ll get free money for school.
    Truth: Colleges aren’t required to meet 100% of student need. So you may need external grants, scholarships, or private loans. Learn more.

    Myth: Our Expected Family Contribution covers four years of actual payments.
    Truth: Expected Family Contribution (EFC) is an estimate, not exact payments, and is handled one year at a time. Learn more.

    Myth: Scholarships are only given by universities to supersmart students.
    Truth: There are many kinds of scholarships that cover costs for specific studies, community service, and more. Learn more.

    Myth: All financial aid offers have a clear, standard format.
    Truth: There’s no set formula for a financial aid offer, and schools can include different loans in their packages. Learn more.

    Myth: Only low-income families get financial aid.
    Truth: Many families will qualify for aid like grants, scholarships, work study, or federal loans. Learn more.

Still have questions?
We’ve got answers.

Watch our Financing College 101 video for the basics. And you can always book a call with our Paying for College Hotline—it has expert advice for anyone at no cost.

Let SoFi Private Student Loans join your quest.

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College costs, slayed
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Money truths beyond paying for college.

Now that you’ve slayed the myths around college payments, handle other money matters that school throws your way. Ca$h Course covers common questions around saving, spending, and more.

Learn more

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