Ep.131 – Heidi King – College Planning: The Impact of FAFSA Changes on Families
Today, we're diving into the second part of our insightful series with college planning expert Heidi King. If you thought college planning was just about selecting the right campus vibes for your kids, prepare to think again.
We continue unraveling the complexities of the modern financial aid landscape, a terrain changed by replacing the expected family contribution with the new student aid index, shifting how college costs are calculated and how families can prepare.
Get ready to dive into the nuances of the FAFSA (Free Application for Federal Student Aid), its role in college marketing, its simplification, and why even those who might not expect to qualify for aid should still fill it out.
Heidi brings us personal stories from the frontlines of college tours and campus visits, insights into the often-overlooked details of financial aid packages, and the finer points of scholarship stacking and its pitfalls.
Please enjoy my conversation with Heidi King.
ADDITIONAL RESOURCES YOU MAY LIKE
1 Big Idea to Think About
Understanding the Power of Strategic Financial Aid Planning
1 Way You Can Apply This
Take the time to explore different financial aid strategies and options available for college planning. Utilize resources like college planning software and seek expert advice to maximize your potential financial aid.
1 Question to Ask
How can families effectively negotiate or appeal for more financial aid, especially in light of institutional financial troubles or unexpected life events that alter their financial situation?
Key Moments From the Show
Financial Aid Misconceptions: Heidi King emphasizes the importance of filling out the FAFSA, even for families who may not initially think they qualify for need-based aid. (00:01:38)
Diversity in University Recruitment: Heidi discusses how colleges prioritize certain regions for merit packages, shedding light on the nuances of college recruitment strategies. (00:07:53)
College Financial Planning: Heidi emphasizes the importance of considering financial fit in college planning discussions and budgeting well in advance. (00:13:13)
FAFSA Strategy in College Admissions: Heidi highlights the strategic importance of filling out the FAFSA, both to potentially secure more financial aid and to signal to colleges that a family is full pay if needed. (00:15:04)
Financial Aid Impact on Families with Multiples: Heidi discusses changes in financial aid policies, such as the elimination of multiples discounts, and how families with multiple children in college can adapt. (00:26:34)
FAFSA Application Advice: Heidi provides practical tips for navigating the FAFSA process efficiently to avoid delays and maximize aid opportunities. (00:35:31)
Choosing the Right College: Heidi reflects on the excitement and significance of helping a child choose the right college fit for their future. (00:44:13)
College Preparation Timelines: Heidi stresses the importance of starting the college planning process early to avoid last-minute stress and ensure a smooth transition. (00:45:26)