Many different financial obligations and burdens face parents, but one of the most challenging is paying for college.
When you think about what it’s going to cost you to fund one education, it’s a daunting feeling. If you’re lucky, it’s going to cost you a nice sports car. It’s more likely that college will be the equivalent to buying a new home.
So how do you afford this?
Well, that’s the mission behind Community Educational Funding and what we want to discuss on our debut episode of the ABC’s of College Funding podcast. Jeff learned from personal experience that there a so many different hurdles to jump to put your child through college and a lot of difficult decisions to make.
We’ll identify some of the biggest mistakes – knowingly or unknowingly – people make when preparing for this major expenditure. The most obvious is failing to have any sort of plan for how you’ll finance this, and a big part of that process for many people is applying for financial aid. Unfortunately, the majority of people that do this will make mistakes on their forms.
And how do you determine how much you’re going to need?
For starters, you need to know that the average student takes 5.8 years to finish a standard four-year degree. Expect that the amount you think it’s going to cost will actually be greater because of this.
Plus, a lot of student are changing majors so we’ll talk about why it’s also important to choose a school that matches your goals and needs. Doing that could help save you time and money.
This only scratches the surface for what we discuss and what our business is all about, but you can see that there’s a lot to consider during this process. Most advisors won’t have the tools to equip you with a specialized plan for college funding but that’s what we’re all about.
So let’s get the show going with a little background on us and where we hope to go with the new podcast.
[0:25] – We’re excited to get this podcast started.
[1:06] – Why Jeff transitioned into this specific area of college funding.
[3:00] – How to connect with the show.
[3:55] – Realizing everything that you thought was true wasn’t.
[5:05] – The biggest worries. First, not having a plan for college.
[6:06] – Calculating college costs based on how the average student takes.
[7:17] – The second thing parents are worried about is doing things that will hurt their child’s financial aid awards.
[9:02] – Most people have other jobs and often make mistakes in the financial aid forms.
[10:22] – There’s a 3-year audition for college.
[11:38] – How did the recent college admissions scandal impact our job?
[13:37] – Families often don’t have an idea what type of school is best for their student.
[14:50] – An interesting thing Jeff learned during freshman orientation at NC State last year.