Bad Information

Recently I had a conversation with a potential college student which proved to be distressing. She told me she had been accepted to a very good university but would not be attending soon. When I asked why she informed me that she was working on improving her credit score so she could qualify for Financial Aid. I asked her if she had a fafsa and she made a face and said, “Oh no.” I didn’t pursue this with this student. I could tell she was very reluctant to reveal personal information about herself or her family to a faceless bureaucracy. I can assume that she is working from incomplete or bad information. I can also assume that she had confused financial aid, which often includes student loans with consumer credit like credit cards. In fact, I have a hunch she has assumed that financial aid and consumer credit are one in the same thing. I can understand how anxiety provoking this can be. I can understand many students' concern about their credit score.

So, here is today's Planet College Bulletin: Your credit score is a totally separate issue from completing your education. This is the straight fact: Your ability to complete your higher education does not depend on your credit score. If you are a student and you need financial help go to your school’s financial aid office and tell them so.

Getting the best information you can get is critical in any endeavor. Especially, in the often confounding world of student finances. The best information usually comes from the best source. The best source for information about your student finances is not a bank, it is not a credit card company, it is not a loan company and it is not a pawn shop. Each of these will in their own way tell you what is best for them not necessarily you. The best source is on your campus. It is the financial aid office. Go there. Talk to them. Ask for help.