The College Essay Guy Podcast: A Practical Guide to College Admissions

414: A Crash Course in Paying for College & Common Affordability Myths

Dec 28, 2023

Financial aid specialist Amanda Miller joins the host to discuss paying for college, winning scholarships, avoiding debt, and finding affordable colleges. They debunk myths about financial aid appeals and out-of-state tuition, providing valuable tips for navigating college affordability and financial planning.

56:05

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Quick takeaways

Exploring various avenues like scholarships, grants, and loans can make college affordable.

Understanding the types of scholarships and leveraging institutional financial aid are crucial for managing college expenses.

Completing FAFSA and CSS Profile can unlock potential aid opportunities, even for families unsure of eligibility.

Deep dives

Understanding College Payment: Scholarships and Financial Aid

Scholarships, financial aid, and paying for college are comprehensively discussed in this episode. The key point is that students can explore various avenues to make college affordable, including scholarships, grants, and loans. The importance of understanding the cost of attendance versus net cost is highlighted to manage college expenses effectively.

Introduction

2min

Navigating College Financing

9min

Understanding Financial Aid: FAFSA, Student Aid Index, and Pell Grant Explained

4min

Navigating College Affordability and Financial Aid

27min

Demystifying College Costs and Financial Aid

9min

Navigating Financial Planning for College: Practical Steps and Advice for Students, Parents, and Counselors

6min

On today’s episode, Ethan is joined by Amanda Miller, who got her start in financial aid through the College Advising Corps at Davidson College in 2014. A few thousand students, several resources, and dozens of financial aid presentations later, Amanda’s an independent financial aid specialist and college adviser who also serves as the financial aid go-to lady for the Matchlighters program and someone we consider to be a part of the extended College Essay Guy family.

Ethan and Amanda discuss:

How do people identify the best ways to pay for college?
What are some things that people who win scholarships do differently?
What’s the most important thing a student can do to make college affordable and avoid going into tons of debt?
How can you learn which colleges are likely to be affordable to you?
Myths on topics ranging from financial aid appeals to applying out of state

Play-by-Play

1:45 - Intro
2:49 - How do people pay for college?
4:39 - Where does most of the money come from when it comes to paying for college?
5:28 - What are the three types of scholarships?
7:28 - How do students win scholarships?
10:38 - How does the FAFSA help students pay for college?
15:21 - How do students avoid taking on too much debt?
19:23 - How do students figure out what kinds of colleges will be affordable?
27:30 - What are some of Amanda’s favorite affordability tools for students and parents?
29:43 - Amanda busts some college affordability myths
37:33 - How can families determine if college is truly worth the cost?
41:42 - What is the difference between “cost of attendance” and “net cost”?
44:04 - Why should most people still complete the FAFSA?
47:57 - What is a reasonable amount of debt to graduate with?
50:21 - What steps should students take to figure out their financial plan for college?
51:52 - Closing thoughts