Students miss out on billions in college aid due to these 4 common FAFSA misconceptions

to CNBC Make It. As a vast majority of Americans make less than $250,000, Javice says, being too rich to get aid "only applies to less than 5% of the U.S. population."

Plus, lower-than-normal completion rates can be seen across a wide range of students — suggesting that many families are not even close to earning too much. According to Sallie Mae's report, 67% of low-income families, 70% of middle-income families and 66% of high-income families submitted the FAFSA.Another common misconception among students is that the FAFSA only determines student loans and that students must take out all of the loans they are offered.

She continues, "You don't need to accept all of the student loans you're offered, and in fact should try to minimize borrowing as much as possible so you don't end up with burdensome debt after graduation."whatever financial aid package they are offered to try to get more assistance.

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