Smart College Buyer

Secure Today’s Tuition Rates with a Private 529 Plan | Jonathan Sparling | Ep 10

Planning for your child's college education can be a daunting task, but utilizing a 529 plan can make it a little easier. These tax-advantaged savings plans are specifically designed to help families save for future education expenses. One option within the 529 plan umbrella is the College Well Private College 529 Plan, which offers its own set of unique advantages. 
529 Plans: A Potential Long-Term Solution for Educational Expenses 
College Well’s prepaid plan allows you to lock in today's tuition rates at eligible colleges and universities. This can be a great option if you know where your child will be attending school and want to avoid future tuition increases. 
"The good news is if you're saving in the plan, not only are you locking in and saving for all of the close to 300 schools in the plan at the same time, if you're actively saving and we happen to add a school, you would also be locked into their tuition and fee rates based on when you were saving." - Jonathan Sparling 
 
Preparing for College Costs: A Family Financial Strategy 
(00:03:11) 529 Plans: Locking Tuition vs Investment Options 
(00:12:11) Maximizing Benefits: Qualified Expenses in 529 Plans 
(00:15:44) Versatile 529 Plan Legislation for Education 
(00:21:06) 529 Plan Tax Benefits Across States 
(00:29:41) Proactive Financial Strategies for College Success 
 
Jonathan Sparling serves as a knowledgeable advocate for College Well and emphasizes the critical role of early discussions about college planning and costs, urging families to engage children in conversations about the value of higher education and to visit college campuses to demystify college life and financial aspects.  
Jonathan highlights the unique benefits of College Well's prepaid 529 plan, which allows families to lock in current tuition rates at nearly 300 private colleges, offering a safeguard against future tuition inflation. He sees College Well as an essential resource for families, particularly those with children in middle or high school, providing them with the necessary tools and knowledge to make informed decisions about college savings and financial aid. 
 
Key Tips on 529 Savings and College Expenses: 
Learn the difference (and varying benefits) of state-sponsored 529 plans versus private 529 plans like that at collegewell.com 
Determine which savings or prepaid tool is best for your family’s college planning based on your income, which school your child wants to attend, and what specific costs you’ll incur as your child goes to college 
529 savings plans involve after-tax contributions and investment options 
Qualified expenses in 529 plans include tuition, fees, room and board, and certain travel expenses 
The evolving landscape of 529 legislation now includes K-12 expenses, student loan repayment, and apprenticeship programs 
State income tax breaks for college savings contributions vary by state 
 
Connect with Jonathan Sparling:  
CollegeWell: https://www.collegewell.com/authors/jonathan-sparling/ 
LinkedIn: https://www.linkedin.com/in/jonathan-sparling-pc529/ 
 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*be sure to send a connection request with a message saying Hello! 
 
Navigate college funding with me at www.smartcollegebuyer.com 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 
 
Podcast video editing & management provided by podcastabundance.com 

College Financial Aid: How It Really Works | Ep 9

How do factors like major, gender, and ethnicity influence whether your child receives financial aid? 
Understanding the typical college business model is crucial. The college financial aid formula is a multifaceted and strategic system that determines how aid is distributed to students. It comprises loans, scholarships, and other forms of gift aid. Highly competitive schools prioritize need-based aid over merit scholarships.  
"The more a student helps the college meet its needs, the more aid you generally get." - Jack Wang 
This is important to remember when applying to colleges, as demonstrating financial need may be more beneficial than having a high GPA or test scores. Navigating financial aid for college can be like a strategic game, with scholarships, loans, and FAFSA all in play. Understanding the rules and playing smart is key to securing the best aid package for your education journey. 
 
Crack The College Financial Aid Code 
Look for scholarships and gift aid to minimize loans 
Understand the criteria and requirements for different types of aid 
Consider the business model of colleges in the financial aid process 
Differentiate between highly competitive schools and smaller schools in terms of aid 
Recognize the importance of factors like major, gender, location, and ethnicity in aid distribution 
 
Crucial Insights: Understanding College Financial Aid Dynamics 
(00:02:56) Variety of College Financial Assistance Options 
(00:05:18) Scholarships: Balancing Merit and Financial Need 
(00:10:00) Student Selection Strategies in College Admissions 
(00:21:40) Financial Aid Strategy at Competitive vs. Smaller Schools 
(00:26:29) Major-based Financial Aid Allocation in Colleges 
 
College Aid Blueprint: Demystifying Merit, Need, and Strategic Allocation 
There are various types of financial aid available for college students, with loans being the most common, but scholarships and other forms of gift aid are preferred as they do not require repayment. Scholarships often blend merit-based and need-based elements, and the FAFSA is sometimes essential for eligibility, illustrating the complexity of financial aid.  
Colleges, functioning like businesses, strategically distribute aid to attract students who align with their institutional goals, similar to an NFL draft, which influences the financial aid process. Additionally, factors like major, gender, and ethnicity play a role in financial aid decisions, with colleges investing in specific programs or facilities to attract desired student demographics, underscoring the importance of understanding these dynamics in securing aid. 
 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*be sure to send a connection request with a message saying Hello! 
 
Navigate college funding with me at www.smartcollegebuyer.com 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

Empowering Teens Through Financial Literacy | Ep 8

Financial education in youth sets the stage for a lifetime of financial responsibility. 
Teaching teens to save for emergencies is vital for unexpected costs. Unfortunately, most teens don’t want to listen to their parents...that’s where a financial coach who specializes in budgeting for teens and young adults comes in.  
Colleen Salchow of Salchow Coaching patiently works with teenagers to set aside money for unexpected expenses can help them develop a safety net for emergencies and learn the importance of being financially prepared for the unexpected. 
Setting Up Teens for Financial Success in the Future 
(00:04:15) Early Financial Empowerment for Teens 
(00:09:36) Building Financial Safety Nets for Teens 
(00:15:15) Empowering Teens Through Intentional Financial Planning 
(00:18:04) Instilling Responsible Money Attitudes in Children 
(00:19:12) Financial Literacy Through Teen Budgeting Apps 
(00:26:14) Financial Management Foundation for Students 
 
Financial Management Foundation for Students 
Colleen Salchow is an accredited financial counselor dedicated to improving financial literacy among teenagers and young adults. After graduating from Western Michigan University in 2007 with a degree in special education, Colleen witnessed firsthand the financial struggles faced by families during her time as a middle school special education teacher in Detroit.  
Her personal experiences with financial challenges after moving to North Carolina further fueled her passion for financial literacy. In 2019, she launched her business as a financial coach, focusing on helping teens develop sound financial habits and understand critical financial concepts. Colleen leverages her teaching background to effectively communicate and engage with young people, empowering them to make informed financial decisions for a secure future. 
Instilling Responsible Money Attitudes in Children 
Start conversations about financial literacy early on to instill valuable money management skills 
Encourage teens to save at least 20% of their income for various purposes such as emergency funds or specific goals 
Guide teenagers in creating a plan to save for emergencies by identifying key expenses they rely on the most 
Teach children to save, donate, and spend wisely to develop healthy money habits 
Introduce budgeting to children by giving them an allowance and guiding them on how to allocate portions for different purposes 
Start high schoolers and college students with one savings account to understand its rules before considering multiple accounts 
 
(00:02:58) "I saw at my own kitchen table the importance of paying off debt and learning how to talk to my spouse about finances." - Colleen Salchow 
 
Follow Colleen Salchow: 
LinkedIn: https://www.linkedin.com/in/colleensalchow/ 
Salchow Coaching: https://salchowcoaching.com/ 
Instagram: https://www.instagram.com/csalchow1/ 
 
 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*be sure to send a connection request with a message saying Hello! 
 
Navigate college funding with me at www.smartcollegebuyer.com 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 
 
Podcast video editing & management provided by podcastabundance.com 

Thinking Differently About Other College Costs | Ep 7

Paying for college extends beyond the simple calculation of tuition and fees, encompassing a range of hidden expenses that many prospective students and their families often overlook. Jack Wang offers a nuanced perspective on this topic by highlighting the often-ignored costs such as taxes, interest, and opportunity costs, which can significantly inflate the overall financial burden of obtaining a college degree.  
(00:23:56) "The question is not about right or wrong. The question is, do you want to do better and do you want to pay for college in a way that can help support the rest of your finances?" - Jack Wang 
Drawing from his analysis, Jack advocates for strategic financial planning to navigate these hidden costs, emphasizing tax-aware strategies and the importance of considering long-term financial implications.  
 
Optimizing Financial Decisions for College Funding 
Identify the total amount of gross income you need to cover college tuition 
Explore income tax saving strategies for your tax bracket 
Consider owning a business or being self-employed for tax advantages 
Understand opportunity cost in spending decisions 
Minimize taxes, interest costs, and opportunity costs when paying for college 
Use debt strategically for major purchases 
 
The Real Price of a College Education 
(00:02:57) Hidden Costs in College Financing 
(00:06:34) Tax Savings for College Financial Planning 
(00:13:25) Compound Interest Impact on Financial Decisions 
(00:16:53) Optimizing Financial Decisions for College Funding 
(00:21:35) Opportunity Cost in Strategic Debt Usage 
 
Getting Creative About How to Afford College for Your Student 
With insights into innovative approaches like Merrimack College's fixed-cost model for humanities majors, Jack Wang encourages a more intentional and strategic management of college expenses to enhance financial well-being both during and after the college years. 
 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*be sure to send a connection request with a message saying Hello! 
 
Navigate college funding with me at www.smartcollegebuyer.com 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

Maximizing Academic Success Through Early Test Preparation | Ep 6

With the right strategies and early preparation, you can maximize your child’s chances of getting into your (or their) dream school and securing scholarships. Students should begin preparing for standardized tests like the SAT or ACT well in advance, paying special attention to their grades even as a Freshman in High School. This will allow you and your student to have time to review content, practice test-taking strategies, get tutoring, and improve scores.  
Strategic Test Prep: Leveraging Individual Strengths 
(00:01:02) Empowering Students for Bright Academic Futures Through Test Prep 
(00:09:16) Strategic Approach to GPA and AP Courses 
(00:13:07) Testing Policies Impacting College Admissions Success 
(00:15:20) College Fit Importance in Avoiding Overmatching 
(00:21:33) Strategic Test Prep: Leveraging Individual Strengths 
(00:25:46) Mock Test Analysis for College Admissions Success 
(00:28:30) Financial Opportunities Based on Academic Performance 
 
Test-Blind, Test-Mandatory, Test-Optional: Understanding College Policies 
When applying to colleges, research their admissions policies and consider your own strengths and weaknesses to determine the best approach for your application.  
Test-blind colleges do not consider standardized test scores as part of their admissions process, focusing instead on other aspects of your application like GPA, extracurricular activities, and essays. 
 Test-mandatory colleges require students to submit standardized test scores as part of their application, and these scores play a significant role in the admissions decision.  
Test-optional colleges give students the choice of whether or not to submit test scores, allowing them to showcase their strengths in other areas if they believe their scores do not accurately reflect their abilities.  
Empowering Students for Bright Academic Futures Through Test Prep 
- Finding the right college fit based on major, academic stats, and overall student success helps prevent overmatching and financial burdens in the future. 
- Choosing between the SAT and ACT based on individual strengths, taking mock tests early, and excelling in one test rather than both are key strategies for standardized test preparation. 
- Strategic planning when taking college admissions tests, identifying strengths and weaknesses early on, and prioritizing the PSAT for National Merit Scholarship consideration are important factors in academic success. 
- Using the Merit Aid Grids website can help students understand college funding opportunities based on GPA and test scores, providing valuable information on financial assistance for college. 
 
 
 
 
 
 
"Our mental mindset of what a 3.5 meant in 1994 is unrelated to a 3.5 in 2024. It just really is so different." - Brian Eufinger 
 
Follow Brian Eufinger:  
His Test Prep Business: https://edisonprep.com/start/ 
His summer passion project: https://meritaidgrids.com/ 
LinkedIn: https://www.linkedin.com/in/eufinger/ 
 
 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*be sure to send a connection request with a message saying Hello! 
 
Navigate college funding with me at www.smartcollegebuyer.com 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

Tax-Efficient College Savings Options for Families | EP 5

Do your college funding goals entail covering private tuition or a portion of in-state tuition? The answer could be the key to your “best” saving strategy.  
"You can save using almost anything. There is the easy option and then there is the right or best option for your family." - Jack Wang (00:19:53) 
There are various opportunities for tax-sheltered college savings account like 529 plans and IRAs, plus unconventional options like real estate investments. For families aiming to balance the financial demands of higher education with other long-term financial goals, college savings can be a daunting task. In this episode, you’ll learn about the types of savings accounts & funds, what to look for in a plan for college savings, and some options other families have found useful. 
Intentional Financial Planning for College Savings and Long-Term Goals 
Tailoring college savings strategies to specific financial goals is crucial, such as covering private college costs or in-state tuition. 
College savings should be versatile to be used for other purposes like retirement without facing unnecessary taxes or penalties. 
Consider tax implications when saving for college, as different accounts have varying penalties and restrictions on fund usage. 
Balancing funding college savings with retirement savings is a challenge for many families, highlighting the need for strategic financial planning. 
Jack Wang shares insight on the potential tax benefits of saving in a child's name and warns against the pitfalls of overly rigid savings strategies, drawing from experiences where families have found themselves constrained by overfunded accounts. He advocates for intentional and flexible planning to ensure that families can meet their educational financial goals without sacrificing their future financial security. 
Maximizing Savings: Innovative Approaches to College Funding 
(00:02:10) Tailoring College Savings to Specific Financial Goals 
(00:04:28) Multi-purpose College Savings Strategies 
(00:07:47) Savings Strategy: Minimizing Taxes for College 
(00:12:50) Balancing College and Retirement Savings Strategically 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*Be sure to send a connection request with a message saying Hello! 
Navigate college funding with me at www.smartcollegebuyer.com 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 
 

Making Savvy Student Loan Decisions & Repayment Plans | Ep 4

Did you know there are over 80 student loan forgiveness programs in the US?  
While student loan forgiveness programs are great, it’s imperative to understand the eligibility requirements and have open discussions about the costs and value of higher education expenses. Federal and Private student loans should be treated differently, and all student loans should be treated differently than other consumer, car, or home debt.  
Robert Farrington, the founder of the College Investor, is recognized as America's millennial money and student loan debt expert. His platform, born from personal tribulations with student loan servicers, has become a beacon for those grappling with college investing and student loan issues. 
Our conversation underscores the necessity of open, transparent conversations about the financial realities of higher education, emphasizing the importance of strategic management of student loans, savings, and investments to ensure long-term financial stability. By advocating for decisions based on return on investment and net present value, you're empowered to make informed choices and navigate the complexities of college financing to secure the best, wealthiest future financial picture possible. 
*All statements are accurate at the time of this recording – September 2024 
 
Financial Empowerment: Strategies for Funding Education 
(00:02:49) Navigating Student Loans for College Wealth 
(00:09:39) Public Service Loan Forgiveness Incentives 
(00:19:51) Parent Plus Loan Interest Rates Influence Borrowing 
(00:22:57) ROI-Focused Approaches to Student Loan Decisions 
(00:27:00) Empowering Financial Discussions for Educational Choices 
(00:27:30) College Investment Decision-Making 
 
Tackling Student Loan Debt: Practical Tips for Families 
- Start investing early to leverage the power of compounding over time 
- Evaluate college choices based on ROI to avoid overpaying for education 
- Have open discussions about the financial aspects of education choices 
- Consider net present value and ROI of college expenses for informed decisions 
- Understand loan forgiveness options for student loans 
- Avoid overextending financially by making informed decisions about private student loans 
 
"The biggest enemy of long-term investing is time. It's also the biggest ally of long-term investing." - Robert Farrington 
 
Follow Robert Farrington: 
His website: www.robertfarrington.com 
LinkedIn: https://www.linkedin.com/in/robertfarringtonmba/ 
His work on Forbes: https://www.forbes.com/sites/robertfarrington/ 
 
 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*be sure to send a connection request with a message saying Hello! 
Navigate college funding with me at www.smartcollegebuyer.com 
 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included. 

Realistic College Cost Planning with 3 Key Numbers | Ep 3

The topic of college affordability has become increasingly pressing as tuition costs continue to rise, leaving many families grappling with the challenge of financing higher education. 
The best thing you can do for your college-bound teen is plan for college expenses using 3 critical financial figures:  
What colleges expect you to pay 
What you can realistically afford 
What you are willing to spend 
 
"The reason these three numbers are important because after all, for most people, money doesn't grow on trees." - Jack Wang 
Distinguishing Affordability vs. Willingness to Pay: A Guide to College Costs 
Learn the critical numbers for college planning: what college thinks you can afford, what you can afford, and what you are willing to pay 
Distinguish between what a family can afford and what they are willing to pay for college education costs 
Emphasize budgeting, savings allocation, and trade-offs when planning for college expenses 
Consider college financial aid when applying to dream schools to avoid financial constraints 
Set clear financial goals and understand how colleges calculate family contributions 
Looming college tuition expenses can be the scariest thing you’ve faced as a parent OR the entire college admissions experience can become the parenting milestone you’re most proud of. A clear budget and long-term strategic planning prevent the emotional and financial strain that often accompanies the college decision-making process, allowing you to truly enjoy the last few years your child is still home. 
 
Budgeting for College: Striking a Balance for Success 
(00:02:11) Critical Numbers for Successful College Planning 
(00:05:02) Navigating Costs: Understanding College Affordability Complexities 
(00:09:45) Balancing College Costs with Financial Goals 
(00:12:05) Strategic Budgeting for College Financial Success 
(00:19:46) Dream School Financial Aid Awareness 
 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*be sure to send a connection request with a message saying Hello! 
 
Navigate college funding with me at www.smartcollegebuyer.com 
 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.

Timelines for College Financial Aid Eligibility | Ep 2

Don’t JUST rely on your child’s high school counselor for advice on college admissions and financial aid.  
Planning for college should begin early, ideally in the freshman year of high school, with a focus on understanding the financial aspects that influence financial aid eligibility. Junior year is a pivotal time for taking the PSAT and exploring college options, while senior year is dedicated to completing applications and financial aid forms.  
Financial decisions, such as selling assets or managing income levels, significantly impact aid eligibility, emphasizing the need for strategic planning well before the base year. Learn about the strategic use of debt, like student loans, to maintain financial stability while managing income for aid eligibility. 
 Additionally, transferring assets to a child's name can help with gift tax exclusions and aid eligibility, though it requires careful, long-term planning, with the help of a financial professional. 
 
The Importance of Early College Financial Planning 
(00:02:36) Strategic Planning for College Success Timeline 
(00:09:54) Strategic Financial Planning for College Transition 
(00:13:52) Strategic Timing for Financial Aid Eligibility 
(00:16:10) Strategic Debt Management for Financial Stability 
(00:17:21) Strategic Asset Gifting for Financial Planning 
 
College Preparation Timeline for Completing Applications and Financial Aid Forms 
Planning for college should start early, ideally during freshman year of high school. 
Understanding how financial decisions affect aid eligibility is crucial. 
Taking on debt strategically can act as a bridge to manage income levels and aid eligibility. 
Certain financial decisions, such as selling stocks to pay for college, can inadvertently impact financial aid eligibility. 
Intentionally gifting assets, like stocks, to children's names can help manage gift tax exclusion limits and financial aid eligibility. 
 
"What I'm trying to point out here is that in most of the timelines that you might get from, again, your guidance counselor or see online is they don't talk about the financial aspect till typically about senior year...” - Jack Wang 
 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*be sure to send a connection request with a message saying Hello! 
 
Navigate college funding with me at www.smartcollegebuyer.com 
 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.

Maximize College Financial Aid with these Formulas | Ep 1

Financial aid formulas can often feel like a daunting and mysterious process when applying for college. With terms like FAFSA, CSS, and need-based aid eligibility floating around, it's easy to feel overwhelmed. However, understanding how these formulas work is crucial for securing the financial assistance you need to pursue higher education. 
Jack Wang advocates for early and strategic financial planning, emphasizing the importance of understanding these formulas to optimize aid reception. His perspective, shaped by a deep awareness of financial strategies, underlines the necessity of making informed financial decisions to either maintain eligibility for need-based aid or leverage the flexibility of not qualifying for it, thereby maximizing financial options during the college planning process. 
 
Strategic Financial Decisions: A Guide to College Planning 
(00:02:18) Financial Aid Calculation and Eligibility Factors 
(00:06:48) Financial Aid Determined by Cost and Assistance 
(00:12:44) Impact of Asset Treatment on Financial Aid 
(00:15:33) Financial Aid Eligibility Factors: Income vs. Assets 
(00:20:12) Strategic Financial Decisions for Maximizing Financial Aid 
 
Optimizing Aid Eligibility: The Importance of Strategic Planning for College Admissions 
Financial aid forms are crucial to demonstrate need for colleges to determine institutional aid. 
Colleges calculate need-based financial aid eligibility by considering cost of attendance and subtracting the Student Aid Index or expected family contribution. 
FAFSA and CSS treat assets differently, impacting financial aid eligibility and amount. 
Income and assets play a crucial role in determining eligibility for need-based financial aid. 
Strategic financial decisions are important to maintain or increase eligibility for need-based financial aid. 
 
Navigating the college admissions process is like playing a strategic game, where you need to have a well-thought-out plan to succeed. Understanding the intricacies and complexities involved can help you make informed decisions and increase your chances of admission. 
"If you don't qualify for need based aid, it actually gives you the most financial flexibility." - Jack Wang 
 
Connect with host, Jack Wang: https://www.linkedin.com/in/thejackwang/ 
*be sure to send a connection request with a message saying Hello! 
 
Navigate college funding with me at www.smartcollegebuyer.com 
 
The content of this podcast is for educational and informational purposes only and should not be considered financial, tax, or legal advice. Nothing in this podcast is a recommendation or solicitation to buy or sell any financial product or service. Every family’s financial situation is unique, so always consult with your own financial or tax professional before making any decisions. While we do our best to provide accurate and up-to-date information, we can’t guarantee its completeness or accuracy. Past performance is not indicative of future results. Your mileage may vary. No warranties, express or implied. Batteries still not included.