Myth #4: "Financial aid goes to the students who need it most."

As much as we would like to believe that were the case, it's just not true. "Money goes to people who know how the system operates and how to answer the questions on the applications to their best advantage," says Chany. That's why we want you to be aware of these myths.

Myth #5: "Scholarships are where the real money is."

Everyone would love for their child get a scholarship, but you've got to look elsewhere. Scholarships represent less than 5% of all the available aid, says Chany. You might have heard that billions of dollars in scholarship monies go unused every year. He says these claims are out of date and based on tuition money that companies and nonprofits, including universities themselves, made available to their employees–not necessarily to 18- to 21-year-old undergraduates.

Now you know the truth about financial aid. For the next steps in the process, be sure to read The Dolans' Guide to Qualifying for Financial Aid.

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