FAFSA Facts & Myths

Define different forms of federal financial aid.

• Grants, loans, and work-study programs

• Scholarships, personal savings, and investments

• Credit cards, payday loans, and personal loans

• Crowdfunding, donations, and sponsorships

Be aware of other financial support options that are not provided by the federal government.

• State grants

• Federal loans

• Private scholarships

• Federal work-study

What do you know about the three resources the federal government offers: Loans, Grants, Work-study funds?

• Loans, Grants, and Work-study funds are financial resources offered by the federal government.

• Loans and Grants are the only resources offered by the federal government.

• Work-study funds are not a resource offered by the federal government.

• The federal government offers only Loans as a resource.

If you lived with one parent more than the other in the past 12 months, whose information should you report on the FAFSA?

• You should report the information of the parent you lived with the most during the past 12 months.

• You should report the information of the parent who earns more.

• You should report the information of both parents equally.

• You should report the information of the parent you lived with the least during the past 12 months.

You should submit a FAFSA form as early as possible.

• Fact

• Myth

Different schools have different deadlines.

• Myth

• Fact

If you’re a dependent student, two people need their own FSA ID to sign your FAFSA form online.

• Myth

• Fact

• Possibly

• Uncertain

You can apply for financial aid even if you don’t have a high GPA.

• Fact

• Myth

Applying to FAFSA is free.

• Fact

• Myth

Tax information is needed to complete the application.

• Fact

• Myth