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

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

Resources

• Crash Course on How to Pay for College (check back soon for the link!)
• How to Make College Affordable Mini-Course for U.S. Students and Families
• How to Make College Affordable Mini-Course for College Counselors and Educators
• College Scorecard – US Department of Education
• TuitionFit – Mark Salisbury 
• CollegeXpress
• The College Finder: Choose the School That’s Right for You! Fourth Edition – By Steven R. Antonoff, Ph.D.
• Podcast Episodes:
• 121: Which Schools Are the Most Generous With Financial Aid? (US Version) – Jeff Levy, financial aid expert
• 122: Which Schools Are the Most Generous With Financial Aid? (International Version) – Jennie Kent, international financial aid expert
• 411: Finding Your Why, What a Liberal Arts Education Really Is, and How to Figure out What You Actually Want – Ann Marano (Colleges That Change Lives)