As the director of student financial aid at Union University — and as someone who talks with families from a variety of backgrounds every semester — I see a lot of anxiety and uncertainty when it comes to paying for college, especially private Christian higher education. For Classical Conversations Challenge families considering college options, I want to offer encouragement and clear up some of the most persistent misconceptions I encounter. Here are five key myths and the truths behind them.
Financial Aid Myth #1: “My family makes too much to qualify for financial aid.”
A lot of families tell me, “My parents make too much money, so I’m not going to qualify for aid.” But that’s simply not true. The FAFSA (Free Application for Federal Student Aid) uses many variables to determine eligibility — not just income. Family size, the number of siblings in college, and other factors all play a role. Even with a higher household income, you might be surprised at what you qualify for. The important thing is: apply anyway.
According to the National Center for Education Statistics, families earning $75,000-$110,000 annually received an average of $8,580 in financial aid during the 2020-21 academic year. Even families earning over $110,000 received an average of $6,050 in aid. Income is only one of 36+ factors the FAFSA formula considers.
Financial Aid Myth #2: “FAFSA is only for low-income or Pell Grant students.”
This is another common misconception I often hear. The FAFSA isn’t just for students hoping for a Pell Grant. Completing the FAFSA can also open doors to federal student loans, campus work-study jobs, and even university-based scholarships. At Union, we use information from the FAFSA to help determine institutional aid as well. So, even if you’re not sure you’ll get a Pell Grant, you should still complete the form, because it could connect you with other types of assistance.
Federal Student Aid data shows that only 34% of FAFSA applicants receive Pell Grants, but 85% of all FAFSA filers receive some form of financial assistance—including federal loans, work-study programs, state grants, and institutional scholarships.
Financial Aid Myth #3: “The FAFSA is confusing and time-consuming.”
The good news is, financial aid forms have gotten much simpler. Most families can finish the FAFSA in about 20 minutes now. The IRS Data Retrieval Tool lets you import your tax information directly into the application, so the process is more straightforward than ever before. And if you do need help, college financial aid offices are always happy to assist.
Financial Aid Myth #4: “I have plenty of time to apply for financial aid.”
While it’s true that the FAFSA opens every October, that doesn’t mean you can wait until the last minute. Many types of aid — including state grants and some scholarships — have early priority deadlines. For example, in my state, the Tennessee Student Assistant Award deadline is April 15, but some outside scholarships close as early as Feb. 1. Applying as soon as the FAFSA opens gives you access to the most resources possible and can make a big difference in both state aid and scholarships.
Financial Aid Myth #5: “The sticker price is what you’ll actually pay.”
Sticker shock is real, especially for families looking at private Christian colleges. I often talk to parents who look at the full “sticker price” and immediately think college is out of reach. The reality is, almost nobody pays that amount. At Union, 100 percent of our incoming students receive financial aid of some kind. Across the country, the majority of students receive grants, scholarships, and other support that brings their costs down significantly.
The National Association of College and University Business Officers reports that the average private college discount rate reached 56.2% in 2023, meaning students paid less than half the published tuition price after scholarships and grants. The average net price at private colleges ($27,000) is often comparable to out-of-state public universities.
Financial Aid Advice for Homeschool Parents and Students
- Go through the process. You might be surprised at what you qualify for. As the saying goes, “You miss 100 percent of the shots you don’t take.”
- Reach out to the financial aid office at schools you’re considering — every family’s situation is unique.
- Submit your FAFSA early to maximize your options for both scholarships and grants.
- Don’t count yourself out before you apply. Many families are surprised at the results.
- If your student is home schooled or takes classical curriculum, ask about scholarship options related to alternative standardized tests like the Classical Learning Test, a CC partner, as well as the ACT/SAT. At Union, we recognize the strengths of classically trained students and accept the CLT in lieu of the ACT or SAT.
Frequently Asked Questions: FAFSA for Homeschool Families
Do homeschool students qualify for financial aid?
Yes, homeschool students qualify for the same federal financial aid as traditionally schooled students. You must complete the FAFSA, provide proof of high school completion (diploma, transcript, or GED), and meet the same eligibility requirements. Many private colleges, including Union University, actively recruit homeschool and classically educated students.
When should I submit the FAFSA?
The FAFSA opens every October 1st for the following academic year. Submit as early as possible—ideally by December—to maximize eligibility for state grants and institutional scholarships. Many aid programs operate on a first-come, first-served basis after priority deadlines, which can be as early as February 1st.
What is the average net price at private Christian colleges?
While sticker prices at private Christian colleges average $40,000-$50,000 annually, the average net price (after scholarships and grants) is typically $20,000-$30,000. At Union University, 100% of incoming students receive financial aid, significantly reducing out-of-pocket costs for families.
Can homeschool transcripts be used for college financial aid?
Yes, colleges accept parent-created homeschool transcripts for admissions and financial aid purposes. Ensure your transcript includes course titles, grades, credit hours, and a graduation date. Many colleges also accept the Classical Learning Test (CLT) in place of the SAT/ACT, which can qualify students for additional merit scholarships.
What if my family’s financial situation changed recently?
If your family experienced job loss, medical expenses, or other significant financial changes after filing FAFSA, contact the college’s financial aid office directly. Most schools offer “professional judgment” reviews that can adjust your aid package based on current circumstances, not just prior-year tax information.
Does applying for financial aid hurt my chances of admission?
No. Most private colleges, including Union University, practice “need-blind” admissions, meaning financial aid applications don’t affect acceptance decisions. Additionally, many schools reserve institutional scholarships specifically for students who complete the FAFSA, so applying can actually increase your total aid package.
You can learn more about FAFSA at the Federal Student Aid website or through the YouTube videos:
Paying for college is a challenge, but it’s one you don’t have to face alone. At Union University and colleges everywhere, there are people whose job is to help you navigate the process. Start early, ask questions, and don’t let sticker shock keep you from pursuing your calling. The doors that open may surprise you.
Located in Jackson, Tennessee, and founded in 1823, Union University is a private, liberal arts-based university providing Christ-centered education that promotes excellence and character development in service to church and society. Learn more at uu.edu.
Read more about preparing for college with these helpful resources:
- Why Financial Education Matters: Teaching Kids About Money Through The Value Of Work
- Top 5 Common Sense Skills Every Student Should Learn Before College
- Preparing for College as a Christian: A Theological Mindset
Written by:
