Education
Show Notes Summary Min 1 The application is free, but that doesn’t mean the student aid is free Min [1:15] This podcast offers information about student loans and doesn’t constitute legal advice Min 2 Colleges use the FAFSA to calculate each family’s expected contribution (the “EFC”) Min 3 Each family should assess its own personal financial situation to see if it can afford the EFC Min 4 Family’s unable/unwilling to save in advance of college are unlikely to be able to repay any loans advanced to them. Min 6-8 What you should consider if you have both low-interest credit card debt and savings and how you should treat retirement funds. Min 7-8 How much of your savings will the colleges expect as the EFC? Remember that any expected contribution is an annual contribution, not a one-time contribution Min 9-10 Colleges will seek to capture any savings of child to offset financial aid package Min 11 Parent PLUS Loans are expensive loans that may prove to be unaffordable for many families. Min [12:45] Your most important first step in college application/financing process is your family assessing for itself what it can afford to contribute towards each student’s college education.