460 | Preparing for the Cost of College | Brian Eufinger
Oct 23, 2023
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In this episode, Brian Eufinger, financial aid and college planning expert, discusses ways to prepare children for college admissions and navigate changes to FAFSA and the CSS profile. They emphasize early education, standardized tests, and financial aid factors. They also highlight the importance of filling out FAFSA and CSS profile forms, recent changes to FAFSA, and exam preparation strategies. Lastly, they mention the ChooseFI community and valuable resources for beginners.
Start early and be aware of resources like FAFSA and CSS profile for college planning and financial aid.
Consider factors beyond rankings when choosing a college, such as fit, internship opportunities, and networking potential.
Improving test scores through dedicated studying can lead to financial benefits like scholarships and admissions to selective schools.
Deep dives
Preparation and Knowledge - the Key to College Success
The podcast episode features Brian Eufringer, a college expert, discussing the importance of preparation and knowledge for college planning. Brian emphasizes the need for parents and students to start early and be aware of resources such as financial aid forms like FAFSA and CSS profile. He explains that being well-prepared can help avoid costly mistakes and maximize opportunities. Brian also highlights the benefits of understanding merit aid and how it can significantly impact college affordability.
Choosing the Right College and Maximizing Merit Aid
Brian encourages families to consider factors beyond just college rankings and prestige when choosing a college. He advises assessing a student's fit and comfort level at different schools, as well as considering internship opportunities and networking potential. Brian also highlights the importance of exploring merit aid opportunities, where schools offer financial incentives based on SAT/ACT scores and GPA. He explains that many colleges have transparent merit aid grids, making it easier for families to understand their eligibility and budget accordingly.
Understanding FAFSA and CSS Profile
The podcast delves into the details of financial aid forms, specifically FAFSA and CSS profile. It emphasizes the upcoming changes in the FAFSA process, which aims to simplify the application and increase transparency. Brian provides an overview of these forms, highlighting that FAFSA is more commonly used, while CSS profile is primarily used by private and elite schools. He also mentions the importance of filling out these forms, even for families with higher incomes as some schools may require them for merit aid consideration. Additionally, Brian explains the relationship between family income, assets, and expected family contribution (EFC), which is now referred to as student aid index (SAI). He also touches on the impact of the removal of the multiple sibling discount on aid packages for families with multiple children in college.
Improving Test Scores Can Have Financial Benefits
One of the main ideas discussed in the podcast episode is the importance of improving test scores for financial benefits. The speaker emphasizes that it is possible to improve scores on standardized tests like the SAT and ACT with dedicated studying and practice. They debunk the myth that these tests are purely measures of intelligence and explain that content knowledge plays a significant role. By investing time in test preparation, students can potentially increase their scores and qualify for scholarships or gain admission to more selective schools. The speaker shares personal anecdotes and examples to illustrate the value of test preparation and the potential financial rewards it can bring.
Understanding the Complexity of Test-Optional Policies
Another key point highlighted in the podcast episode is the complexity and nuances of test-optional policies in college admissions. The speaker advises listeners to approach these policies with caution and not to assume that test scores are completely irrelevant. They explain that some schools, particularly those that have been test-optional for a long time, truly do not consider scores, while others still rely on them for determining merit aid or certain program admissions. The speaker stresses the importance of researching individual colleges and understanding the specific requirements and implications of test-optional policies. They also discuss the potential impact of test scores on internships and other non-admission-related factors. Overall, the episode encourages listeners to be well-informed about test-optional policies and not dismiss standardized tests entirely.
In this episode: financial aid, college planning, standardized tests, tests optional, need meeting, and preparation.
This week we are re-joined by Brian Eufinger to discuss ways to best prepare your children for college admissions, navigating the new changes to FAFSA and the CSS profile, and how you can maximize when prepping for your child’s higher education. While college prep can be stressful for students, from maintaining their GPA to taking multiple standardized tests, it can be just as stressful for parents to figure out financial aid and how to best set up their child for success before and after graduation. However, knowing the factors to consider early on and having the knowledge in advance can make this process far less daunting! While stressful as it may be, remember that there are many different resources available to you and your child that give you the knowledge that may alleviate the pressures that come with college prep and financial aid!
