Whether you call them the MyPod Generation, Multi-Tasking Generation, Generation M (for media), Generation D (for digital), or simply Millennials, college-bound high school students greatly depend on the Internet for information. This ever-growing dependence on the Internet has huge advantages such as mass access to information and the convenience of learning and researching at one's own pace. However, the knowledge families gain from the Internet is only as good as the source providing the information.

The latest numbers--estimates at best--place the total number of unique Web sites at around 100 million. To put that in perspective, if a user spent 30 seconds on each unique Web site, it would take that person over 95 years to view each and every site. Of course the total number of useful sites is much lower and the total number of both useful and accurate sites is lower still.

"When viewing information on the Web, it's tempting to assume that ‘if it's in writing, it must be right,' explains Linda Conard, director of communications with the National Association of Student Financial Aid Administrators (NASFAA). "But given the complexity of student aid and the potential for fraudulent or misleading information that can be a rather dangerous assumption."

While no official studies have been conducted to determine the total number of useful and accurate financial aid sites, parents and students need to understand the hazards of false and/or misleading financial aid information found on the Web. Quality of financial aid Web sites vary greatly and students and their families should consider the following when seeking student aid information:

Beware of Misinformation

Many Web sites are designed to be informative, but are maintained by individuals with limited understanding and expertise in student aid. Even sites developed with the best of intentions sometimes leave out important details that can make a world of difference to students. For example, in a quick online search, NASFAA found several bloggers dispensing misleading financial aid information. One blogger writes that "EVERY student should consolidate BEFORE their grace period ends." Another tells her readers, "And unless [your parents] make A LOT of money, chances are you will be eligible for a student loan."

Almost any financial aid administrator can explain why not every student should consolidate (e.g., losing current borrower benefits) and that the amount of money a student's parents make only determines loan subsidization, not loan eligibility. Students and parents need to be careful not to mistake an opinion on a Web site or blog as fact.

Suspect Ambiguous Affiliations

Students and parents should be aware of sites that dispense information without being upfront about how the site is funded. For example, some sites distributing loan information do not clearly note that they are being funded by a specific lender, and may link students toward certain products or services of that lender. NASFAA found several sites that provided information about student loans, only to be directed to a specific lender which was providing funding or sponsorship with that site inconspicuously.

NASFAA does not object to any entity, public or private, educating the public about federal, state, and other financial aid programs via the Web as long as that entity unambiguously states their purpose and affiliation on the Web site. When accessing a Web site, students and parents should identify the source of the site and, if possible, any affiliations that source may have that could bias the information the site contains.

Scholarship and Phishing Scams

There are a staggering number of scholarships available to students with qualifications ranging from culture to academic performance. However, families should be cautious about any scholarship site that requires up front fees for scholarship searches or matches. More often than not, scholarship Web sites that require up front fees, take the money and then offer little in return. Some scholarship sites operate as for-profit companies, using up front fees to award small scholarships to few students.

Even more dangerous are emails sent directly to students congratulating them for being eligible for some unknown scholarship that will not be disbursed until the student pays a fee. Any legitimate form of financial aid that requires administrative fees (i.e., student loans) are paid out of the disbursed funds, not out of the hands of students prior to disbursement. Parents and students should be wary about paying fees to redeem any scholarship that may not materialize.

Web Sites You Can Trust

The financial aid process can be complicated and daunting even without having to discern between correct information and false and/or misleading information. Although these are not the only sources of accurate student aid information on the Internet, NASFAA suggests that students, parents, and counselors use the following Web sites that provide accurate information:

• The US Department of Education's "Student Aid on the Web" (http://studentaid.ed.gov)
• Sites maintained and operated by an official state agency
• Web sites of colleges, universities, or other postsecondary institutions
• The National Association of Student Financial Aid Administrator's Web site (www.nasfaa.org)

Of course, there are other reputable sites that are maintained by student aid lenders, guarantors, and other financial aid partners that contain useful and accurate financial aid information. This list is mentioned as a starting place for students and families. What is important is that you understand who is providing the information, and remain aware that some groups may have an interest in providing information in a certain light, or linking you to certain lenders.

The best source of information is the financial aid office. Financial aid administrators are most familiar with federal, state, local and institutional aid and have the ability to accurately determine the needs of each student based on his or her unique circumstance.

"Financial aid administrators are most familiar with federal, state, local and institutional aid and have the ability to accurately determine the needs of each student based on his or her unique circumstance," said Dallas Martin, president of NASFAA.

Financial aid administrators spend countless hours in training, learning the ins and outs of state, federal and institutional financial aid programs. Financial aid administrators are also bound by laws, rules, and regulations and adhere to strict guidelines which give them a clear understanding of what can be done to help every student who needs financial assistance.

"No one has a more vested interest in seeing a student succeed than the school itself," said Martin. "Students and families should know that they can trust the financial aid office to give them the most comprehensive and up-to-date financial aid information to help them reach their postsecondary goals."

By Justin Draeger
NASFAA Assistant Director for Communications

Posted 12/04/06 to www.NASFAA.org. Redistribution to non-NASFAA institutions is prohibited. Please submit Web Site questions or comments to Web@NASFAA.org.