Bad Financial Aid “Advice” To Avoid

Icy Warning Sign.

Flickr user Alister Babb

If you are applying to college, you are sure to be looking for advice about student loans. While there is plenty of really good advice out there, we’ve come across some bad advice that you would do best to avoid.

Filing the FAFSA is a waste of time if your family income is above average

Filing the FAFSA is necessary for most types of financial aid, including some types that are not based on financial need. It is advisable for every college applicant to file the FAFSA, irrespective of family income.

You should accept all the financial aid that is offered to you

Colleges put together a financial aid package for you based on the information you provide on the FAFSA. If, after filing the application, your financial circumstances change and you do not need to borrow the full amount, you can opt to take a smaller loan. In general, you should never borrow more than you need.

You could fund all 4 years of college with one loan application.

With Multi-Year Approval, you have less hassle with the same great terms.*

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Your financial package is final

No, it isn’t. You can write to the college’s financial aid office and explain your circumstances, whether you are appealing for more funds, or less. If a college can accommodate your request, they will.

Use College Raptor’s free Student Loan Finder to compare lenders and interest rates side by side!

 

 

Lender Rates (APR) Eligibility
Citizens logo.
5.50%-16.12%* Variable
3.99%-15.61%* Fixed
Undergraduate and Graduate
VISIT CITIZENS
Sallie Mae logo.
5.54% - 15.70% Variable
3.99% - 15.49% Fixed
Undergraduate and Graduate
VISIT SALLIE MAE
Credibe company logo.
4.63% - 17.99% Variable
3.49% - 17.99% Fixed
Undergraduate and Graduate
VISIT CREDIBLE
Lendkey company logo.
6.00% - 13.75% Variable
3.99% - 13.75% Fixed
Undergraduate and Graduate
VISIT LENDKEY
Ascent company logo.
5.66% - 14.72% Variable
3.69% - 14.56% Fixed
Undergraduate and Graduate
VISIT ASCENT
3.70% - 8.75% Fixed
Undergraduate and Graduate
VISIT ISL
Earnest company logo.
5.62% - 16.85% Variable
3.69% - 16.49% Fixed
Undergraduate and Graduate
VISIT EARNEST
5.00% - 14.22% Variable
3.69% - 14.22% Fixed
Undergraduate and Graduate
VISIT ELFI
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.

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