The world of college savings is filled with popular myths and misconceptions—and the misinformation can negatively (and unnecessarily!) impact the choices you make through the years.

Can you separate fact from fiction? Take this quick quiz and get in-the-know.

FACT or FICTION?

  1. A 529 Plan is always a good option.
  2. If your child has significant academic, athletic or creative gifts, it's likely he/she will win scholarship money.
  3. You should consider tapping into your home equity or 401K to help pay for your child's college tuition costs.
  4. You should fill out your Free Application for Federal Student Aid as early as possible for best results.
  5. You can appeal your financial aid award and receive more money.
  6. You should put as much money as possible in your child's name to maximize your family's financial aid eligibility.
  7. Even families with higher incomes can receive financial aid.
  8. It's never too late to start saving for your child's education.