Financial Aid Facts
Debunk the myths of financial aid!
Instructions
1. Give a copy of the “Financial Aid Facts” student handout to every student along with two different colored pencils or highlighters.
2. Explain that financial aid is money that students can receive to go to college. This activity will inform students of myths surrounding financial aid. Select which color they will use for true, and which color for false. Color these top two boxes with the colors the students want represented, and then work through the squares making their best guesses about which statements are true or false, and filling in the boxes with that color.
3. When all students are finished, use the answer key to give the correct answer along with an explanation. The teacher can read this, or consider cutting the answers apart, and allowing students to read the correct answer and explanation with the class.
4. If you have a group that loves movement, consider adapting this activity by having all students stand in a line. Use the answer key to read the statement. If students believe the statement is true, have them take one step forward; if they believe the answer is false, they should take a step backward. Note there are more false answers than true, so give more room to move backward. This adaptation would work well in a large open space, like a gym or outdoor green space.
Activity adapted from and
Financial Aid Facts
Student Handout
Financial aid is money that you receive to go to college.
Color code the answers as true or false.
What color will you use for TRUE? What color will you use for FALSE?
A. Only students with the best grades qualify for financial aid. / B. Since we haven’t saved anything for college, even if I might want to go to a four-year college or university, community college is the only option. / C. I shouldn’t even consider my first choice school because it costs too much. Only really rich kids go to elite, private schools. / D. Only students from really low-income families qualify for financial aid.E. Millions of scholarship dollars go unclaimed every year – I don’t need to plan ahead. I just need to pay a service to find them. / F. As a star athlete, I know I will get an athletic scholarship. / G. Grants are a type of financial aid, where a student is gifted money from the government based on their family’s financial need. And, you don’t pay it back. / H. I am going to be the only student at my school on financial aid.
I. Debt is a bad thing. I can’t possibly take out thousands of dollars of student loans and not get into huge financial trouble later on. / J. EducationQuest will help you find money for college - all for free! (just because they like to help) / K. To make it in today’s world, you must have a four-year degree. / L. Work study is a type of financial aid where students work a job through their college to earn money to pay for school.
M. Applying for financial aid is very difficult and complicated. / N. Over the course of a lifetime, a high school graduate can earn as much as a college graduate. / O. Colleges give full athletic scholarships to students. / P. Some employers will help you pay for college.
Activity adapted from and
Answer Key
Answer Totals: 10 False, 5 True, 1 True/False (could go both ways)
A. Only students with the best grades qualify for financial aid.
FALSE: Scholarships that are merit-based are awarded based on a student’s academic performance. However, most financial aid, including grants and loans, is “need-based,” or awarded based on a family’s ability to pay for college. And there are scholarships available based on your various talents and demographic characteristics.
B. Since we haven’t saved anything for college, even if I might want to go to a four-year college or university, community college is the only option.
False. You should go to a community college if you feel that is the best choice for you in terms of educational preparation. While it helps to have family savings set aside for college, there are other ways to pay for a college education. However, community colleges are significantly less expensive options, so you should not rule it not – but it is not the only option.
C. I shouldn’t even consider my first choice school because it costs too much. Only really rich kids go to elite, private schools.
False. Financial aid is available – and you may qualify to offset some costs. Apply and evaluate the financial award letter when it arrives.
D. Only students from really low-income families qualify for financial aid.
False. Most aid is reserved for needy families, but there are forms of assistance available to help families, including low-interest loans available to parents and students. All families are encouraged to apply for aid, whether they think they qualify or not. It doesn’t cost anything, so what have you got to lose? You might find you are eligible.
E. Millions of scholarship dollars go unclaimed every year – I don’t need to plan ahead. I just need to pay a service to find them.
False. Professional scholarship search services would like students and families to believe this, but by visiting with a guidance counselor, visiting EducationQuest.org, or doing simple research on the Internet, you can find all available scholarships. NEVER pay to apply for a scholarship either. If you want to better prepare to earn scholarships later, keep an activities resume, so when it comes time to apply, the information needed to complete the applications is readily available.
F. As a star athlete, I know I will get an athletic scholarship.
False. On average, only 1% of undergrads receive athletic scholarships. Most aid is awarded on the basis of financial need.
G. Grants are a type of financial aid, where a student is gifted money from the government based on their family’s financial need. And, you don’t pay it back.
True.
H. I am going to be the only student at my school on financial aid.
False. 60-75% of full-time students at four-year colleges and universities receive some type of financial aid.
I. Debt is a bad thing. I can’t possibly take out thousands of dollars of student loans and not get into huge financial trouble later on.
Excessive debt is bad. But the financial benefits of a college degree compensate for the debt. A degree will translate into higher earnings. The key is to borrow wisely – don’t borrow more money than you can afford over a reasonable loan period. This may mean you need to reconsider a really expensive private school for a public, less expensive one, depending on the amount of financial aid you receive.
J. EducationQuest will help you find money for college - all for free! (just because they like to help)
True.
K. To make it in today’s world, you must have a four-year degree.
False. There are many options: 2-year community college, trade and technical schools, and even the military offers training for a variety of careers.
L. Work study is a type of financial aid where students work a job through their college to earn money to pay for school.
True.
M. Applying for financial aid is very difficult and complicated.
True – it will be. So ask for help from the college or EducationQuest. Don’t let your frustrations get in the way of money available.
N. Over the course of a lifetime, a high school graduate can earn as much as a college graduate.
False – a college grad will earn significantly more.
O. Colleges give full athletic scholarships to students.
True & False. It depends on theconference you choose to go to.
- NCAA - Division I (Creighton, UNL, UNO) & II (UNK, Chadron State, Wayne State), scholarship distribution varies by school and athletic budgets.
- Division III does not give athletic scholarships (NE Wesleyan).
- NAIA – many smaller private colleges, Bellevue U, Concordia, Doane, Hastings, Midland, Peru State, College of Saint Mary, York
- NJCAA – community colleges, SCC-Beatrice (II), NECC-Norfolk, McCook CC (I), WNCC-Scottsbluff (I), MPCC-North Platte (I & II), CCC-Columbus (I & II)
- NJCAA Division I – These schools offer full and partial sports scholarships. The scholarship can include a variety of things.
- NJCAA Division II – Only offer scholarships for books, tuition and fees. You will have to cover other expenses like food, room and board.
- NJCAA Division III – These schools are not able to supply scholarships.
P. Some employers will help you pay for college.
True.
Updated July 2017