The Truth About The Price You Pay For College - Ron Lieber
Oct 17, 2023
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Ron Lieber, bestselling author of 'The Price You Pay for College: An Entirely New Roadmap for the Biggest Financial Decision Your Family Will Ever Make' and New York Times 'Your Money' columnist, discusses understanding the financial aspects of college education, scandalous side doors and financial aid secrets, the importance of asking the right questions during the admission process, and the significance of self-reflection in the decision to pursue college.
Being proactive and understanding what's important to you is crucial in the college admission journey and prepares students for adulthood.
Families should actively seek out information about merit aid, which can potentially decrease the financial burden and align with their academic and financial needs.
Deep dives
The importance of being proactive in college admission
In this podcast episode, Ron Lieber emphasizes the importance of being proactive in college admission. He shares personal stories of his own college experience and highlights the need for students and families to advocate for themselves during the admission and financial aid process. Lieber stresses the significance of asking important questions about finances and being honest about what one can afford. He asserts that being proactive and understanding what's important to you is crucial in the college admission journey and ultimately prepares students for adulthood.
The significance of merit aid in the college search process
Ron Lieber discusses the importance of considering merit aid in the college search process. He encourages families to widen their net and explore different options to make college more affordable. Lieber acknowledges that many families are not aware of the existence and availability of merit-based scholarships. He urges families to actively seek out information about merit aid and consider schools that offer these opportunities. By doing so, families can potentially decrease the financial burden and find colleges that align with both their academic and financial needs.
Reimagining the conversation around college costs and value
In this podcast episode, Ron Lieber challenges the traditional conversation around college costs and value. He suggests that colleges should go beyond talking about return on investment and average salaries upon graduation. He urges institutions to focus on other returns, such as friendship, mentorship, and alumni engagement. Lieber proposes the idea of quantifying high-impact practices, such as internships and study abroad experiences, to provide a more holistic measurement of college value. He also suggests the implementation of net promoter scores to assess alumni satisfaction and engagement. By expanding the discussion on college value, families can make more informed decisions about their investments.
Asking important questions and advocating for transparency
Ron Lieber emphasizes the importance of asking important questions and advocating for transparency in the college admission process. He advises families to start by asking themselves defining questions about the purpose of college and their financial abilities. Lieber also encourages families to ask colleges the right questions that go beyond surface-level information. He highlights the need for colleges to be more transparent about factors like alumni engagement and outcomes, and urges institutions to create opportunities for open dialogue. By asking questions and seeking transparency, families can navigate the college admission process more effectively and make informed decisions.
Rick and Brennan this week welcome Ron Lieber, the bestselling author of “The Price You Pay for College: An Entirely New Roadmap for the Biggest Financial Decision Your Family Will Ever Make,” and New York Times “Your Money” columnist. The trio discuss how Ron got into the world of college financial aid, the secret of merit aid, and how he would approach defining success parameters for those making a college selection.