The 7 myths of college financial aid (p.s. WSJ is free online today) [WSJ via AllFinancialMatters] (Photo: elle_rigby)

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  1. Marce says:

    Very good points, all correct.

    The item about not using preferred lenders has a downside: at some schools, the preferred lender list is part of a database with local lenders that allows the loan money to go through in a shorter time than if the student applies with an out-of-state lender or the like. And just because a bank prints the application forms for a school does not mean they’re the best choice for a particular student!

  2. phrygian says:

    This is just want I needed to read. My husband is in grad school and recently lost his job — and thus went more than a third of our income. Yet, the college aid people told him that the job loss wouldn’t be considered in our application for financial aid because they will only consider our 2006 tax return and not anything that happened this year.

    Guess who’s getting a call about The Higher Education Act this afternoon…