From Karen Schweitzer,
Your Guide to Business School.
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When it comes to financial aid, there are a lot of misconceptions. Here are some of the most common financial aid myths:

Financial Aid Myth #1 – You Shouldn't Apply for Financial Aid Until You've Been Accepted
Waiting to apply for financial aid until after you have been accepted to your school of choice is a big mistake. Financial aid application deadlines often precede actual admission deadlines. If you want to increase your chances of receiving the aid you need, it is imperative that you meet any and all financial aid application deadlines that have been established.

Financial Aid Myth #2 – Financial Aid is Only Available to the Most Needy Students
While financial aid is often need-based, you don't have to be that needy to get it. However, you do need to know how the financial aid system works. There is more than $125 billion in financial aid awarded to students on a yearly basis. Never assume you won't qualify for aid.

Financial Aid Myth #3 – Financial Aid Packages are the Same No Matter Where You Go
Just like tuition costs, financial aid packages vary from school to school. In some cases, it may cost you less to attend an Ivey League University than it would to attend a local or state college.

Financial Aid Myth #4 – Only U.S. Citizens Qualify for Financial Aid
Non-citizens who have permanent citizenship or a green card are eligible for financial aid. If you are worried about you parents citizenship—don't. Their status is not relevant to your eligibility in any way.