Co-Founder
460 | Preparing for the Cost of College | Brian Eufinger
Episode Details
In this episode: financial aid, college planning, standardized tests, tests optional, need meeting, and preparation.
This week we are re-joined by Brian Eufinger to discuss ways to best prepare your children for college admissions, navigating the new changes to FAFSA and the CSS profile, and how you can maximize when prepping for your child’s higher education. While college prep can be stressful for students, from maintaining their GPA to taking multiple standardized tests, it can be just as stressful for parents to figure out financial aid and how to best set up their child for success before and after graduation. However, knowing the factors to consider early on and having the knowledge in advance can make this process far less daunting! While stressful as it may be, remember that there are many different resources available to you and your child that give you the knowledge that may alleviate the pressures that come with college prep and financial aid!
Brian Eufinger:
- Free diagnostic mock SAT and ACT tests (each weekend): www.edisonprep.com/mocks/
- Free information sessions on college admissions (6-7x / year, including one on 11/14 @ 7pm EST): www.edisonprep.com/infosession/
- How to self-prep for the SAT/ACT: www.gettestbright.com/self-prep-for-the-sat-act/
- Edison Prep Bios: www.edisonprep.com/bio/
Timestamps:
- 1:06 - Introduction
- 4:53 - The Impact of Merit Aid
- 11:49 - When, Where, and How to Think About Standardized Tests
- 18:33 - The Intersection of The School, Price, Opportunity, and Comfort
- 25:20 - Standardized Tests and The Reality of Preparation
- 31:08 - Tests (Not) Optional
- 37:32 - Governmental Forms and Financial Aid
- 46:43 - The Variance of Need Meeting and Aid Changes
- 51:13 - Preparation and Knowledge With College Planning
- 55:23 - Non-Academic Path to Savings
- 58:14 - Conclusion
Resources Mentioned In Today’s Episode:
- Demystify College Scholarships | Brian Eufinger | Edison Prep | ChooseFI Ep 114
- Hacking The FAFSA | Brian Eufinger And Seonwoo Lee | ChooseFI Ep. 154
- Major Financial Aid Changes Coming: What Families Need to Know
- FAFSA Changes Are Coming: What You Need To Know
- Big J’s Very Brief Guide to the FAFSA and CSS Profile
- How the FAFSA Simplification Can Impact Your Financial Aid
- Summary of Changes to the 2024-2025 FAFSA
- The $100K Glorified Sleepaway Camp | Millionaire Educator | ChooseFI Ep 386
- Subscribe to The FI Weekly!
More Helpful Links and FI Resources:
- Earn $1,050 or More With These 3 Cash Back Cards
- Share FI by sending a friend ChooseFI: Your Blueprint to Financial Independence
- Find a new side hustle with one of our Educational Courses
- Commission-Free Investing with M1 Finance
In this episode of Choose FI, Brad Barrett and Jonathan Mendonsa discuss the topic of leveraging financial opportunities and strategies related to higher education funding, with a particular focus on merit aid and standardized tests. They recount a story about a father who made a calculated gamble by paying his son not to work a summer job and instead to study for standardized tests. Recognizing the significant difference test scores could make in merit aid awards, often thousands of dollars per point, the son dedicated his time to improve his score. This decision paid off handsomely and is presented as an illustration of how understanding and navigating the education system can be likened to a high-stakes betting game with the potential for a huge return on investment. Additionally, the episode tackles the complexities of financial aid, specifically the FAFSA and CSS profile, and the evolution of the college application process. The hosts lament the arbitrary nature of merit aid distribution and college admissions in the past and appreciate the current, more analytical and transparent methods in place. They offer insights on the perfect timing for high school students to start preparing for their SATs and the importance of focusing on academic achievements and extracurricular involvement, especially during the first two years of high school. The discussion spotlights the necessity of strategic planning and understanding one's strengths when approaching standardized tests and college admissions to maximize outcomes.【9†source】.