Ep. 460 — Preparing for the Cost of College | Brian Eufinger

Most families think eighth grade is too early to worry about college costs. Chris Terrell, co-founder of Edison Prep, proves otherwise — and shows how early preparation can save tens of thousands of dollars.

Preparation and knowledge are vital for minimizing college costs. Chris emphasizes being proactive as early as eighth grade, focusing on GPA and preparing for the SAT and ACT. Transparency in merit aid has improved, with many colleges now providing grids that clearly outline the scores needed for financial aid. Understanding the FAFSA and CSS Profile is crucial, as these forms play a critical role in funding education. Upcoming changes to the FAFSA aim to simplify the process, and understanding these intricacies can significantly influence the aid received. Creative strategies such as becoming a resident advisor or utilizing grandparent 529 plans can also alleviate costs.

Key Takeaways

• Start Early: Begin preparing for college as early as eighth grade to establish a strong GPA and understand college admissions processes. 00:02:51
• Merit Aid Transparency: Many colleges now provide transparent merit aid grids showing necessary scores for financial assistance. Knowing these can help families budget effectively. 00:06:20
• FAFSA & CSS Profile: Understand and fill out the FAFSA and CSS Profile as they determine financial aid eligibility. FAFSA set to change to "Better FAFSA" in December 2023. 00:39:02
• Creative Cost-Reduction Strategies: Explore options like becoming a resident advisor or leveraging grandparent 529 plans to save on college expenses. 00:56:20

Chapters

• 00:00:00 Introduction to College Planning
• 00:02:51 The Importance of Early Preparation
• 00:05:22 Merit Aid Transparency
• 00:39:02 Navigating FAFSA and CSS Profile
• 00:56:20 Creative Cost-Reduction Strategies
• 00:58:20 Conclusion and Resources

Action Items

• Start preparing for college costs as early as eighth grade to maximize opportunities
• Utilize merit aid grids to understand what you need for financial assistance
• Fill out the FAFSA every year, even if you think you won't qualify for aid
• Research net price calculators for different colleges to assess potential financial aid
• Consider options like becoming a resident advisor to save on room and board

Resources

• Edison Prep

Key Quotes

• "The best time to plant a tree was 10 years ago. The second-best time is today." 00:02:51
• "Early college information is like yeast; it just makes the dough rise." 00:02:51
• "The elimination of the multiple sibling discount is a big change." 00:48:18
• "The more complex your family situation is, the less you should rely on quick articles." 00:52:23

Terminology

• FAFSA: Free Application for Federal Student Aid, a form to determine eligibility for student financial aid. 00:39:02
• CSS Profile: A financial aid application used by many private colleges to assess family finances. 00:39:29
• Merit Aid: Financial aid awarded based on academic achievement or other achievements, not financial need. 00:05:22
• Net Price Calculator: An online tool provided by colleges to estimate the net price of attendance after financial aid. 00:51:43
• Student Aid Index (SAI): Replaces the Expected Family Contribution (EFC) in the new FAFSA process. 00:43:05