College Money Myths and Facts

College Money Myths and Facts

BIG Ideas:

  • Financial aid, scholarships, and grants can make college possible and more affordable.
  • Having a college degree can increase your earning potential and lead to more employment opportunities.
  • College is a great investment, but attending a trade school can also lead to a successful and lucrative career.

Starting to plan your journey to college and independent life? Before you head too far down your college path, take a moment to pause and learn the facts about these pretty common college money myths: 

Myth: You can’t afford college.

Fact: Look, college is expensive, and having savings set aside or parents willing to help pay for it can make the cost of school a lot more manageable.

But even if you don’t have savings or are on your own, there are still some ways to make college affordable and possible, like applying for financial aid and looking into scholarships and grants.

You could also work part-time while you’re in school or attend a community college to start. Remember where there’s a will to go to college, there’s a way to pay for it.

Myth: College isn’t worth the investment.

Fact: Wrong! With the high price tag of college, you may be wondering if it’s even worth it. The answer is … YES! College can increase your earning potential and help you develop a range of skills that can lead to more employment opportunities.

It can also give you exposure to enriching opportunities, such as studying abroad or getting hands-on work experience through internships. Learn more about why an investment in college is a smart move.

Myth: If you go to an expensive private college, you’ll make more money later on.

Fact: A pricey school may look good on your resume or the sticker on your car, but it won’t guarantee that you’ll make more money after you graduate. Your success in college – and after – depends on how hard you work and the field of study you choose.

Your skill set, experience, work ethic, and ambition are also key factors that will determine your earning potential and career success.

Myth: You have to declare your major before you start college.

Fact: It’s great if you have a passion you want to pursue and already know your field of study but it isn’t necessary to know your major before school. College is a rare time for you to learn about yourself, your skills, and your interests. So don’t feel pressured to decide before you get there.

Myth: If you don’t study engineering, your degree won’t have value.

Fact: Nonsense. As we mentioned earlier, having a college degree in and of itself will open the door to opportunities.

Plus, there are a lot of other majors that can set you up for success, such as science, technology, mathematics, healthcare, and business, which are among the highest-paying fields.

Learn more about the economic value of college majors.

Myth: State colleges are always cheaper than private schools.

Fact: When you compare sticker prices for colleges, you’re not getting the full picture. Many private schools give merit scholarships and institutional aid that can bring down your cost of college.

To take advantage of institutional and other aid available with each school you apply to, you must fill out the FAFSA and complete a CSS profile.

Myth: Going to college is always the best path.

Fact: Not necessarily. College isn’t for everyone. You may, for example, be interested in attending a trade school and becoming an electrician, carpenter, or dental hygienist.

Learn the value of trade schools. If you’re not sure college is right for you, take the time to explore alternative pathways to a career.

Myth: You can’t work while you’re in school.

Fact: Not true. Working while in school will not only make college costs more affordable but also will help you build time management skills.

A study conducted by McPherson College in February of 2022 has shown that students who work 10-15 hours per week while in school gain valuable skills and, in some cases, earn higher grades than students who don’t work while in school. Learn more here.

Learn about the pros and cons of working in college and how to make extra money in school.

Fact: Brazos is here to help make your college journey possible!

For more than 40 years, Brazos Higher Education has been helping students build brighter futures. As a non-profit, we can offer you low rates on student loans to help you save money. Contact us today!