Financial Aid Myths and Misperceptions

Myth: My parents make too much money to qualify for financial aid.
Reality: There is no income limit to qualifying for financial aid. Many factors aside from income are taken into account when determining your eligibility. Albion students receive over $36 million in grant aid.

Myth: Only students with good grades get financial aid.
Reality: While a high GPA does help in qualifying for an Albion scholarship, good grades do not have any impact on your eligibility for need-based financial aid (grants, loans, work-study). 100% of Albion students receive financial support.

Myth: Only minorities receive financial aid.
Reality: Need-based financial aid funds are based on your financial eligibility, not on any other factor. The FAFSA doesn’t even ask for information regarding race or ethnicity.

Myth: The forms are too hard to fill out.
Reality: The FAFSA is easier than ever, especially if you fill it out online at There are detailed instructions for every question, step by step. For most families, it takes about 20-25 minutes to complete the application the first time and about 15 minutes for renewal FAFSAs.

Myth: If I take out student loans, I will graduate with major debt.
Reality: The average Albion student graduates with a loan balance around $28,880. Depending on your repayment plan, your monthly payment would fall between $104 - $300 month, which is about the cost of a new car.