In Episode 15 of Drop In, Lisa and Josh are joined by Liane Crane of The College Dollar to tackle one of the most confusing—and important—parts of the college admissions process:
How are we actually going to pay for college?
FAFSA. CSS Profile. Financial aid. Scholarships. Grants. Loans. 529 plans. Net cost.
It can feel like an entirely different language, and families are often expected to figure it out while they are already juggling applications, essays, deadlines, and everything else that comes with senior year.
So we brought in an expert.
Liane has spent the last decade helping families understand college finances and how to make college more affordable. She joins Lisa and Josh to break down the financial aid process in plain English and help families understand what they actually need to know before the bills start arriving.
They start with the basics: What is the FAFSA? What is the CSS Profile? Who needs to complete them? And when are they actually due?
Then they tackle one of the questions families are sometimes afraid to ask:
Can applying for financial aid hurt my student’s chances of admission?
From there, the conversation gets into the real math behind paying for college—including how to compare financial aid offers, why loans and work-study are not the same thing as free money, why the highest sticker price does not necessarily mean the most expensive college, and why families should think about the cost over four years, not just freshman year.
Because the number on the college website is not necessarily the number YOUR family will pay.
In this episode:
What FAFSA means and what it actually does
• Which colleges require the CSS Profile
• When families should file financial aid forms
• How missing a deadline can cost you financial aid
• Does applying for financial aid hurt your chances of admission?
• Federal student loans and Parent PLUS loans
• Why families need a college budget BEFORE building the college list
• How to calculate your true out-of-pocket college cost
• How 529 plans can help families pay for college
• Why sticker price does NOT equal actual price
One of our favorite reminders from Liane:
The most expensive college is not necessarily the one with the highest sticker price. It’s the one that makes you borrow the most.
Parents, please have the money conversation early.
Know what your family can comfortably contribute. Know what you are willing—or not willing—to borrow. Understand the deadlines. Ask questions when something does not make sense.
You are making one of the biggest financial decisions your family may ever make.
You are allowed to need help understanding it.
And as Lisa says in this episode, the money piece is absolutely figure-out-able.
Want help from Liane?
Liane Crane works with families through The College Dollar, helping parents and students understand college costs, FAFSA, CSS Profile, financial aid, student loans, 529 plans, appeals, and strategies for making college more affordable.
If you have questions about your family's college finances, visit thecollegedollar.com and click the link to schedule a FREE introductory consultation with Liane.
Need help building a college list that fits both your kiddo and your family's budget?
Visit decisiondrop.com/contact to connect with Lisa and Josh at Decision Drop for help with college lists, applications, essays, admissions strategy, and navigating the college process from beginning to end.