Last week, the Department of Education's National Center for Education Statistics released a report on its study of college students who do not apply for financial aid.

The report – based on data from the 2011-2012 National Postsecondary Student Aid Study – examined the types of students who did not apply for aid as well as the reasons they gave for doing so.

For the study's purposes, financial aid included grants, loans, scholarships, fellowships, tuition waivers or discounts, veteran benefits and all other sources of funding other than gifts from friends or relatives. Unfortunately, the reasons students gave for not seeking aid were either untrue or had good solutions for them.

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On average across all school types, 20 percent of college students did not apply for any kind of financial aid while 30 percent did not apply for federal student aid, which includes both grants and loans. Students attending two-year public schools were least likely to complete the aid process, while those attending for-profit schools were most likely to apply for all types of financial aid.

The Student Loan Ranger hears these and other misconceptions from borrowers frequently. Many consumers we work with tell us they failed to file for financial aid for one or more of the following four reasons – and here's why they're incorrect.

1. I am ineligible for any financial aid. Based on the report's data, one of the top reasons students do not apply for financial aid is that they assumed they were ineligible for any aid. This simply isn't correct.

The truth is that just about every student who attends college at least half time will qualify, at the very least, for federal unsubsidized loans.

Although families and students with higher incomes likely won't qualify for need-based aid such as Pell Grants and subsidized Stafford loans, other forms of non-need-based aid may be available. In addition to the unsubsidized loans, Parent PLUS and Graduate PLUS loans are also available regardless of income.

Many schools and other organizations also offer merit-based aid, which is financial aid based on students' academic achievements. Finally, scholarships are available for all types of interests and reasons. Aid available if you need it, regardless of your family's income.

2. My grades or SAT scores aren't high enough for me to qualify. Federal financial aid programs, whether grants or loans, do no have any initial grade requirements.

In fact, most need-based aid programs do not have a grade component at all. With that said, federal aid requires students to maintain a minimum grade-point average and make consistent progress toward their credentials to continue receiving financial aid.

3. My parents or I haven't filed taxes yet. Many consumers don't file their taxes immediately after they receive their W-2s. In fact, many consumers file for an extension and wait to submit their tax forms until late summer or fall.

Because students need information from those filed taxes to complete the Free Application for Federal Student Aid form, many students assume they can't get aid if they or their parents haven't filed their taxes yet.

But that isn't the case. Even without completed taxes, you can still file FAFSA as early as possible and estimate the required tax information. After filing your taxes, you will then amend the estimates on your FAFSA application, as necessary.

A word of caution: Student aid fraud is a serious offense, and one that the federal government actively investigates and prosecutes. Do not ignore amending your FAFSA if you had a higher adjusted gross income than you initially reported. Penalties for lying on FAFSA include up to a $20,000 fine and five years prison time per offense.

By this fall, the issue of late taxes with FAFSA should be almost moot. The Department of Education will implement the new "prior prior year" FAFSA process.

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Under the new process, families will complete the aid application using tax information from two years ago, and they will know in October – rather than January or February – the amount of aid they qualify for. If their financial situation has significantly changed and that tax information is no longer accurate, they will be able to file an appeal with the school to amend the information to match their current situation.

4. I'm too old. Federal financial aid programs as well as most other types of aid have no age requirements.