Here's a eye-opening fact I recently discovered: 20 percent of families receiving need-based scholarship assistance from Harvard have incomes above $130,000.

This is yet another example of why you should always apply for financial aid. A great many families I've interviewed over the years qualified for substantial financial aid dollars when they thought they wouldn't get any (especially at expensive private schools).

Here's one more reason to apply: Some schools award "merit" scholarships only to students who actually fill out and submit the need-based financial aid forms. As a result, even if you don't qualify for financial aid, the act of applying for aid could put you in the running for a merit scholarship that you wouldn't otherwise get.