For two million-plus college applicants, how to pay for college is always top-of- mind – particularly during today’s tough economic times. Competition for much-coveted financial aid remains as fierce as the college admissions process itself, so it’s imperative that applicants and their parents know fact from fiction. Below are two common myths about the college financial process, followed by advice for students and their parents.

• Myth #1: “I won’t get any FAFSA (Free Application for Federal Student Aid) money because my parents earn too much, so there’s no point in applying.” Wrong approach. Billions of dollars from FAFSA – which includes everything from Pell Grants, to work-study opportunities, to Federal Stafford Loans, and more – are awarded to millions of students of all economic backgrounds. While it is needs-based and lower income students may benefit the most, students from varying financial situations can receive aid. However, since this is also a first come, first serve source, apply early – before the funding runs out. Applications just opened earlier this month and can be completed online at http://www.fafsa.ed.gov in about an hour or so. Our advice: Everyone should apply, and apply early. Submitting a FAFSA doesn’t guarantee that you’ll get college financial aid, but not submitting one guarantees you won’t. You have nothing to lose and the potential to gain.
• Myth #2: “I’m sort of an average student. Scholarships are just for students with the best academic records.” Not so. You don’t necessarily have to be a 4.0 student or have achieved a perfect 2400 on the SAT or 36 on the ACT – though that helps too! Our advice: Visit your school’s guidance office and sites like Findaid.com to see what’s out there. You can actually start banking scholarship money as early as freshman year. The more money you have by the time acceptance letters come, the more options you’ll have since your ability to pay will be less of an issue.

On Sunday, January 29, from 1:30 PM to 3:00 PM EST, Kaplan Test Prep will hold a live webinar, “21 Ways to Pay Less for College – Scholarships, Financial Aid & Saving Strategies,” where students and their parents can learn from experts how to lower the cost of college. To register, visit www.kaptest.com/saveforcollege.