When families think about financial aid, assumptions often take the place of facts. Parents expect that good grades, strong test scores, and standout extracurriculars will automatically bring scholarships at any college. But the truth is that aid looks very different depending on where a student applies. Highly selective colleges tend to focus entirely on need-based aid, while many broad-access colleges use merit aid as their main tool to recruit students.



Let’s break this down by looking at three of the most common myths families believe—and the reality behind each one.