Episode 15: FAFSA, CSS Profile, and Financial Aid Explained

Episode Description:

Paying for college can make even the most organized family want to shut the laptop.

What exactly is the FAFSA? What is the CSS Profile? Does your family need to complete both? When are they due? Can applying for financial aid affect a student’s chances of admission? And once a financial aid offer arrives, how do you figure out what college will actually cost your family?

In Episode 15 of Drop In, Lisa and Josh welcome Liane Crane of The College Dollar, who has spent the last decade helping families understand college finances and make smarter decisions about paying for college.

Liane breaks down the FAFSA, CSS Profile, scholarships, grants, student loans, 529 plans, financial aid deadlines, and real college costs in language families can actually understand.

Families can complete the Free Application for Federal Student Aid to be considered for federal student aid and other forms of financial assistance. Some colleges also require the CSS Profile when awarding their own institutional aid, so families need to check the requirements and deadlines for every college on the student’s list.

Lisa, Josh, and Liane explain why financial aid deadlines may differ from admission deadlines and how overlooking a form or scholarship deadline could cost a family thousands of dollars.

They also tackle the question families quietly worry about: Can requesting financial aid hurt a student’s chances of admission?

As usual, the answer depends. Liane explains the difference between need-blind and need-aware admission, why families who genuinely need aid should request it, and why getting admitted to a college your family cannot afford does not solve anything.

Once financial aid offers arrive, families need to distinguish actual free money, including scholarships and grants, from loans and work-study. Then they need to calculate the amount the family will really be responsible for paying.

And they cannot stop with one year.

The better question is not simply, “Can we afford freshman year?” It is, “Can we afford this college for four years?”

In this episode:

• What FAFSA means and what it actually does
• How the CSS Profile differs from FAFSA
• How to determine which financial aid forms each college requires
• When families should submit financial aid forms
• Financial aid and scholarship deadlines families frequently miss
• Whether applying for financial aid can affect admission
• The difference between need-blind and need-aware admission
• Scholarships, grants, student loans, and work-study
• How to calculate a college’s real out-of-pocket cost
• Why families need a college budget before building the college list
• How 529 plans can help families prepare for college expenses
• Why a college’s sticker price may not reflect what your family will pay

One of Liane’s most important reminders is that the most expensive college is not necessarily the one with the highest published price. It may be the one that requires your family to borrow the most.

Have the money conversation before building the college list. Know what your family can reasonably contribute, identify every required form and deadline, and compare financial aid offers using the actual numbers.

For an additional breakdown, read our companion article, FAFSA, CSS Profile & Financial Aid: What Families Need to Know.

Liane works with families through The College Dollar, helping parents and students navigate financial aid, college costs, student loans, 529 plans, appeals, and strategies for paying for college. Her website offers a free introductory consultation.

If your family needs help building a balanced college list, managing applications and essays, tracking deadlines, or incorporating affordability into the larger admissions strategy, contact Lisa and Josh at Decision Drop.

The right college needs to fit both your kiddo and your family’s budget.

🎙️ Also available on: Apple Podcasts | Amazon Music | iHeart

Top Questions Answered in this Episode

What is the FAFSA, and what does it do?

The FAFSA, or Free Application for Federal Student Aid, collects information about a family’s finances to determine a student’s eligibility for federal financial aid. Colleges and state agencies may also use FAFSA information when awarding grants, scholarships, work-study, and other forms of aid. Completing the FAFSA can also give eligible students access to federal student loans.

What is the difference between the FAFSA and CSS Profile?

The FAFSA is a free federal form used to determine eligibility for federal student aid. The CSS Profile is administered by the College Board and is used by participating colleges and scholarship programs to award nonfederal institutional aid. The CSS Profile generally requests a more detailed picture of a family’s finances and may require a fee unless the family qualifies for a waiver.

Does every family need to complete both FAFSA and CSS Profile?

No. Many colleges require only the FAFSA, while participating institutions may also require the CSS Profile. Families should check each college’s financial aid website and maintain a list of the required forms and deadlines. A student applying to several colleges may need the FAFSA for every school and the CSS Profile for only some of them.

When should families submit FAFSA and CSS Profile forms?

Families should follow the financial aid deadline published by each college. Admission, financial aid, and scholarship deadlines may be different, so families should not assume the regular application deadline applies to everything. Submitting the required forms by each college’s stated deadline helps ensure the student receives an aid decision on time and remains eligible for available funding.

Can applying for financial aid hurt a student’s admission chances?

It depends on the college. Need-blind colleges do not consider a student’s ability to pay when making admission decisions, while need-aware colleges may consider a family’s financial need. However, families that need assistance should request it. An acceptance without enough financial support does not make the college affordable.

How can families calculate the real cost of a college?

Begin with the direct costs, including tuition, required fees, housing, and meals. Subtract scholarships and grants, which generally do not need to be repaid. Do not treat student loans, parent loans, or work-study as discounts. The remaining amount is a better estimate of the family’s out-of-pocket cost, and families should consider how that amount may change across all four years.

Are scholarships, grants, loans, and work-study all financial aid?

Yes, but they do not affect a family’s cost in the same way. Scholarships and grants are generally considered free money. Loans must be repaid, often with interest. Work-study allows a student to earn money through eligible employment, but it is not an upfront reduction in the tuition bill. Families should separate these categories when comparing financial aid offers.

Should families discuss their college budget before building a college list?

Yes. Parents should determine what they have saved, what they can contribute from current income, and how much debt they are willing to consider before a student becomes attached to particular colleges. Affordability should be part of college fit from the beginning, alongside academics, campus environment, location, and personal preferences.

Chapters

• 00:00 – Paying for College: FAFSA, CSS Profile & Financial Aid

• 04:41 – FAFSA vs. CSS Profile: What Families Actually Need to File

• 07:15 – Financial Aid Deadlines & Costly Mistakes to Avoid

• 11:07 – Can Applying for Financial Aid Hurt Admission Chances?

• 15:02 – How to Calculate the REAL Cost of College

• 18:03 – 529 Plans, College Savings & Planning Ahead

• 21:21 – Hot Take or Hard Truth: Have the Money Conversation FIRST

• 24:44 – Drop the Mic: Sticker Price Is NOT What Your Family Will Pay

Read the Full Episode Transcript

Josh (00:21): Every week we drop the noise.

Lisa (00:23): Drop the stress.

Josh (00:24): And drop some knowledge.

Lisa (00:25): Welcome to the Drop In, the College Admissions podcast by Decision Drop. If you want to learn more about our services or have Josh and I guide your family through this process personally, please head over to decisiondrop.com and check us out. and remember, do not forget to like and subscribe.

Josh (00:43): Josh.

Lisa (00:43): I'm Lisa. Let's go.

Josh (00:46): That one actually so was pretty good. so you you were able to get some

Lisa (00:48): Was it?

Josh (00:49): di you were able to get some closeness to the screen without actually seeming like you were gonna come through it. So so so that was

Lisa (00:55): I see because I don't watch myself when we do this. So I'm excited when I start editing to see that.

Josh (00:59): So that's so that's good. That's good. So we'll try that when moving forward. Okay. All right, Lisa. So hey, episode fifteen one five. so we're back again. And today we're gonna tackle a subject that can cause families a lot of discomfort in the college process.

Lisa (01:15): Yes, we are going to tackle the money portion of this fun roller coaster ride that we call college admissions.

Josh (01:23): Yes, the money, financial aid, FAFSA, CSS profile, the whole alphabet soup that shows up right about this time when families are already starting to get tired of filling things out.

Lisa (01:34): And this is one of those parts of the process that families get very overwhelmed really fast. Because nobody teaches you this stuff. We get it. what am I supposed to file? When am I supposed to file? What do I file? What does the school want that another school doesn't want? Y'all, we are to the already portion of it depends part of the podcast, and we just started. I mean, even If you think about what in the world am I actually supposed to do with all of these numbers, so many families panic and that's okay, but then so many other families avoid it because they don't even know where to start.

Josh (02:08): Yeah. And unfortunately that part ignoring it doesn't make the tuition bill disappear.

Lisa (02:14): No, no, it does not. I mean, wouldn't it be nice though, Josh, if it did make it disappear?

Josh (02:19): You know, I would I would love to live in that kind of world that if you ignored bills and things like that, they just go away. But

Lisa (02:24): Same, same. Mm-hmm. Mm-hmm.

Josh (02:27): for most families, you know, paying for college is one of the biggest financial decisions that they're ever gonna make. So today on this episode, we're breaking this whole process down in plain English. So for example, what is the FAFSA? What is the CSS profile? Do you need both of them? When do you actually need to file these things? And then the question families ask us all the time, but are sometimes just a little bit nervous to say out loud.

Lisa (02:54): If we apply for financial aid, can it hurt my kiddo's chances of getting in?

Josh (02:59): Yes. And because this stuff can get complicated very quickly, we didn't want to pretend that we're the financial aid office, because we're not. So we brought in somebody who actually knows this stuff inside and out.

Lisa (03:11): Mm-hmm. Y'all, We have another special guest. That is three episodes in a row. I mean, Josh, we are truly doing something right, I think. we are

Josh (03:20): That's right.

Lisa (03:21): so excited to welcome Liane Crane to the drop-in. Liane has spent the last decade Helping families understand how to pay for college, and she knows just how confusing the process can be. She has put three kiddos of her own through college and learned along the way how bananas, complicated and expensive it can get. Before focusing on college finances, she worked in K through 12 education, law, and nonprofit management. she is a board member at the National College Affordability Group and HECA and a certified college. Funding and student loan officer. Woo, y'all, that was a lot. That was a mouthful. I mean, basically, if it involves FAFSA, the CSS profile, 529s, appeals, or even just figuring out how to actually pay for this thing, Liane is who you want in the room. And we are so excited that she is joining us today. So thank you, Liane for coming on the drop-in.

Liane Crane (04:15): Thank you both. Congrats on your fifteen episodes and I am very excited to be here. Yes.

Josh (04:21): Excellent. Liane we are so glad to have you. okay, so we're just gonna dive right in because families have so many questions about this topic, and most of them have never had anyone really explain it to them plainly. So here is my first question for you. And we're gonna start at the beginning. Just keep it plain and simple. What is the FAFSA and what does it actually do for a family?

Liane Crane (04:41): Yes, so it stands for free application for federal student aid. So basically, we are gonna take an overview of a family's finances in this application and determine if the federal government, state government, and mostly the college are gonna give you any money to help you with the costs. So we can call them discounts or grants or free money, need-based aid. They kind of all mean the same thing. But basically we wanna see based on a formula is somebody gonna help us pay for college.

Josh (05:13): Excellent, good. And and what is the CSS profile and how does that differ from the FAFSA?

Liane Crane (05:18): So the CSS profile, if you've ever heard me talk before, you'll hear it again. I call it the FAFSA on steroids. So it can be up to 200 questions. I call it financially invasive. And it really wants an entire financial picture of your family before mostly the top 300, top-tier private colleges are gonna go into their endowment and give you some of this money to help with the cost.

Josh (05:44): Okay, excellent. And now, Leanne, I noticed that the CSS profile doesn't start with an F. So the first F in FAFSA stood for free. Is the CSS profile free?

Liane Crane (05:54): It is not. when you fill it out, there are nuances to the profile form, but you do need to check which colleges accept it. So again, like it said previously, College Board keeps the list. You can just Google it, CSS Profile Schools, and it will tell you. which colleges require it and then, when the deadlines for those forms are.

Lisa (06:15): Now, y'all, for those who've been listening, we're gonna circle back to a few episodes ago. This would be good to add to your spreadsheet. So when you're

Liane Crane (06:23): Who

Lisa (06:23): putting all of your listen, Liane we love, and by we,

Josh (06:26): The spreadsheet returns.

Lisa (06:27): would by we, I mean me, probably more so than Josh. Fortunately, he has now had to come to the spreadsheet side,

Liane Crane (06:33): Yes.

Lisa (06:33): because I've make all of our lives a spreadsheet. but if you think about it, y'all, if you put your schools down, your deadlines, go ahead and add that CSS profile column because it might be a school that you have to fill it out. So sorry. Just Mm-hmm. Mm-hmm.

Liane Crane (06:45): Correct. Yes, there should be that nope, should be that FAFSA deadline and the CSS right there, right after the application deadline. Correct.

Josh (06:52): Right. Well thank you for that, Liane And just to recap there, it's possible based on the schools that the students apply into that they'll need both forms.

Liane Crane (07:00): Correct.

Josh (07:00): and you mentioned that there's a list that you can Google whether or not your college actually accepts the or takes the requires you to do the CSS profile. Okay.

Liane Crane (07:09): Correct. Yes. It will also be listed on every college website under all the admission requirements.

Josh (07:15): All right, so let's talk a little bit about timing. seniors, for example, they're neck deep in the application process right now. when should families start pursuing this financial aid process? When should families file? is there an advantage to getting started early on this?

Liane Crane (07:28): we have our spreadsheet with our deadlines. we really should, I tell most families, get your applications in first. I know October 1st, my email inbox just goes crazy because everybody wants to get it in because they open October 1st. But you can file it, but they're kind of hanging in the cloud if the application isn't there. There's really nothing to connect it to quite yet. but I do understand, the need to want to get that done. Filing early, the advice you'll probably find online is file early because they're gonna run out of money, whoever that is. The only one I've really seen that I know this is an issue, which is California State Grants. California has lots of students, limited funds, and those state grants can run out at a certain point. But anybody getting them in with those deadlines set by the school should be fine to do that. Oddly enough, the FAFSA isn't really due for a year after the year they've completed school. So if you've finished your fall semester and your spring semester, you can still submit the FAFSA for that year. It's a very long deadline. You want to submit it to the school by their deadline so you can get an answer in a timely manner if you are waiting on that need-based aid, that financial aid, to help you with the costs.

Josh (08:38): Excellent. But I just want to make sure that emphasize something that you said was you the importance of getting your applications done first because if you're getting if you're filing financial aid without the submitted application, that information is just kind of hanging in the air with nothing connected to it. So it is imperative for students and families to make sure they they take care of the application part first.

Liane Crane (08:56): Yes, absolutely.

Josh (08:58): Okay, good. what are the deadlines families most often miss? and if you miss a deadline, does that cost you anything? can that be a costly mistake?

Liane Crane (09:06): It can be. So this is where again, you know, reading those websites and having your spreadsheets and your deadlines, because you want to make sure that you understand what the deadlines are for. So most deadlines are required. They want you to submit these forms, applications, financial forms by a certain date so you can get an answer in a timely manner. Some schools, if you don't submit by that deadline, you cannot submit again. So it's very imperative that you understand this. I will say there's one big flagship state school that has a November 1 deadline for a $10,000 scholarship, yet the financial forms and the application aren't due until December 1 So I get many kids who miss out on $10,000 because they didn't read and understand they have to apply earlier than they think in order to get that scholarship. So again, I hate to keep you referring to that page, but really understanding the requirements, whether scholarships are you know included in the application and automatic, or if there's extra materials required to get them. Really important to understand those pieces.

Lisa (10:10): actually thank you for talking about that piece of the website because I think what we hope to do with this podcast is really give tactical information. thank you so much because that just it helps us hear it. It helps our listeners and our families hear it. So thank you, thank you.

Liane Crane (10:23): Well, I hope maybe

Josh (10:24): Yes.

Liane Crane (10:24): some colleges are listening too, because I do find that finding finding the information on the website is not quite as easy as one would think. So I really do hope

Lisa (10:27): yes Mm mm Tad bit hard Mm Yes, yes

Liane Crane (10:35): they take it from a parent or student perspective and make this information easier to find.

Lisa (10:40): Yes, I also

Josh (10:40): Amen to that.

Lisa (10:41): colleges, please listen. Tune in, lock in, okay.

Liane Crane (10:42): Please listen Exactly.

Josh (10:44): Exactly. Exactly. All right, Leanne. So now we're gonna get to the big one. the one that everyone sort of quietly whispers, you know, maybe they make sure that no one's around can see them or hear them. The question Does applying for financial aid hurt a student's chances of getting in? what's the real answer there?

Liane Crane (11:03): Okay, Josh, if I knew, the real answer, I would be retired on a beach. So it depends. I gotta steal it from Lisa. It depends. Sorry. But here, let me

Lisa (11:11): Listen. No, steal away. Steal away.

Liane Crane (11:16): but let me kind of explain that. If you need financial aid to afford a school that you, you know, the student wants to apply to, you need to check the financial aid box. You can't go back later. That is taboo in the college world. You can't play that game. And what would be the benefit of being admitted and not being able to afford it because you did not check the box? That's really what it comes down to. If you need the financial aid, check the box. Now, most people who need, minimal financial aid or qualify for minimal financial aid, it's probably not moving the needle on admissions that much, we're looking for certain types of students, you know, to admit to our freshman class with this profile. And if you fit it, you know, you're getting admitted. And if you need aid, the school is going to help you. So, it kind of comes down to what school are you applying to, what is your financial aid need look like? And kind of go from there. I hate to say it depends, but it really does.

Lisa (12:12): Yep. Psst. Yeah.

Josh (12:13): Yeah, it it does. And you know, and kind of going back to what you were saying about making sure to read the website, making sure to read the resources the colleges are putting out and even asking colleges questions because colleges will say things like they're need blind or need aware and really kind of making sure that you're understanding what position the school is taking that you're applying to. So that's good that's super important.

Liane Crane (12:34): Exactly. And in order to understand what's affordable to you, you know, there are different strategies. Do we apply to need blind? Do we apply to need aware? Do we apply to FAFSA only schools? Do we have multiple students maybe apply to CSS profiles? All these things come into the strategy on how to get those affordable for your family schools.

Josh (12:54): another question here. So in terms of turning the focus a little bit on parents, there there's an option for parent plus loans. and I know that there've been some, changes. there have been a lot of changes in higher education lately. But more specific to this, can you talk a little bit about the new parent plus loans and the different limits and those kinds of things that are now in place?

Liane Crane (13:11): Yes, very important. So to go back kind of to the original question, the FAFSA, when you fill that out, every family, whether you have need or not, can then qualify for federal student loans from the government when you've completed the FAFSA. So the student themselves or parents. And the parent loans used to be up to the cost of attendance. So when you got that tuition bill and the financial aid package and your, eyes bug out of your head and you're like, holy cow. The parent plus loans were kind of there to, step in if you were able and willing to take on that debt. The limits are now at sixty-five thousand for the four years. And unfortunately, that's almost the cost of one year at many, many schools. So there has to be a lot of planning done ahead of time. You can't just, hope and pray and, come February, March, you're reading financial aid packages that are not affordable at all.

Josh (14:00): And that kind of ties back to some conversations that we've had previously on our podcast and on the blog that we publish on our website. You know, it's really about having students and parents sit down and have those early and honest conversations about what's realistic. Right.

Liane Crane (14:13): Yes.

Josh (14:14): So that way you can minimize maybe not completely eliminate, but maybe minimize some of the situations where it gets to a a student really is in love with the school and then the aid package comes back and it's not what's in the family's budget or what's in their reality. And then of course that leads to a pretty tough conversation, with the student. So getting those honest conversations in early, I think will be super helpful.

Liane Crane (14:36): Very key, exactly. Budget and have those conversations. Very key when you're starting your college search.

Josh (14:42): Excellent. Well speaking of budget, I'm glad you mentioned that. Nice little segue into you know the the next couple of questions about in terms of making it affordable. So once these aid offers come in, so you you've done the FAFSA, you've done the CSS profile, you've met the deadlines and you've done everything that the schools need you to do. So the aid offers to come in. how does a family figure out their true, real out-of-pocket costs when they're trying to decipher what's in front of them?

Liane Crane (15:09): So you're gonna bring out Lisa's spreadsheet again, and we're gonna yep, just for you, and we're gonna put in tuition, room, board, fees, and we're gonna total that, and we're gonna take away scholarships and grants. We are not gonna worry about indirect costs, and we are not gonna worry about work study and the loans. Those are those are not how we're paying for college. And then we're gonna get to that true number. We're gonna multiply by four. And see how close that comes to our budget and those conversations we're gonna have. And that's how we can tell. There's a lot of noise in those. Unfortunately, there's not a lot of transparency in those financial aid letters. So we need to break it down to actually what it's gonna cost you. And those are understanding what those direct costs are, less any of that free money scholarships or grants to get to that true cost for that year. And then we have to multiply by four because we do wanna graduate in four years. Very important too.

Josh (16:02): Yes, hopefully. Yeah, yeah.

Lisa (16:02): Yes.

Josh (16:03): Fingers crossed, yes. Actually. It it it is. Yeah. We and we we might have you back for that one.

Liane Crane (16:03): Yeah, that yeah, that's that that's key. That's a whole nother podcast.

Lisa (16:09): Yeah. We might. Mm-hmm. Mm-hmm.

Josh (16:12): so thank you for that. And what would you wish that every family understood about paying for college before they ever started this process? So kind of piggybacking off of, you do the real math on the spreadsheet, which again made its return, and and then you multiply that times four. But What do you wish families would understand about paying for college before they even started this whole process? Like going back to the early, planning and conversations.

Liane Crane (16:33): I think there's really two things. And one is just kind of reiterate actually what you said, Josh, is that really having that budget before we start the college search and those conversations with their students. I'm very passionate about that affordability. And it's really hard to do if the parents can't even start somewhere determining what they're able and willing to pay and then not translating that to the student as they start the search. So just really quick, for your audience out there, you can pay for college anything you have saved. If you're willing and able to alter cash flow or if you're willing to take on debt. And that's it. You need to take those numbers and translate that into what is that budget now. And the other thing I think is really important when you're starting your search is there are 3,000 colleges out there, over 3,000. And I would say most people, when they start their search, know the colleges in their state and D1 football teams. And then of course the US News Top 20. There are so many schools out there that will educate your student. affordably and put them on that trajectory of a career. I mean the goal is to get them out of our basement. You know, this is what college is. This is what we want. So we got to kind of start with that in mind and broaden the search. And I see that I think the most when people come to me about the affordability is they're just limiting that search and not trying to find those schools that can reward the student for all their successes and give them those scholarships, to help with that cost.

Josh (17:56): You know, Liane I wonder if you could say a little bit about 529 plans. I know we sort of mentioned that in the intro in terms of your, familiarity and expertise with those, because I know that sometimes we get a lot of questions about, 529 plans, how transferable they are, the different rules for different states. could you talk a little bit about just first of all, just in general about 529 plans and then maybe how you've work with families to kind of use those as their Looking to finance a college education for their students.

Liane Crane (18:25): Yeah, so anybody that wants to save for college, so whether it's the parents or even grandparents, 529 is a great savings vehicle. They are administered per state. So there are little nuances different, but the overall purpose is the same. And most of the time, if you're getting the tax credit for contributing to a 529, that's the reason to do it. If you don't have a 529 or don't want a 529, some families maybe don't qualify for the tax credit. Any type of savings is going to help you. It doesn't matter what it is. It's basically that money is now you're not taking out at an interest rate to afford college. So 529s are a great vehicle, but if you don't have one, just save. and then when it comes time to use it, with my families, we have an affordable school and now we're gonna figure out how to pay. The 529 we have to decide, are we dividing by four? Are we using it just the first year? Do we need to save some for the second student? So there's a lot that goes into, the 529. There's also different things about paying debt with it, rolling it over to a Roth. there's even things now that you can do for extra graduate school. if the student doesn't go to college, there's different avenues you can use it for. So they are a really great way to help out your family, but you do have to understand kind of all the rules and the best way to use it once you get to that point.

Josh (19:41): Okay, excellent. And as we sort of close the conversation, if you could say one thing to that parent who's lying awake at night terrified about

Liane Crane (19:49): You think that

Josh (19:50): how they'll pay for college, what would that be?

Liane Crane (19:53): you know, I think the thing with parents is that we are, we love our children. We're trying to give them the best we can. And we want maybe what we didn't have or what we did have, depending on our college experiences. but I think kind of goes back to what I said before, is it we really kind of miss the boat sometimes on understanding that this is starting their career. what degree are we paying for? We don't want to pay for them to find themselves. it doesn't mean they can't change majors or go different directions, sometimes it it makes sense to invest in, what is our career major? let's do some test prep. Like all these things we kind of bypass is not the means to an end. And there's reasons for them and the reasons they help. And I think if we can just kind of slow down a little bit and remember what the end goal is, it might help us with that pieces in between.

Josh (20:40): Excellent. Thank you for that. Liane this has been so helpful. But before we let you go,

Lisa (20:42): Yes. Mm-hmm.

Liane Crane (20:43): Okay. Yes.

Josh (20:46): we've got one more segment that we pull all of our guests into. And it's a it's a drop-in staple that we've established. It's a segment we call Hot Take or Hard Truth. so we each take a turn to decide and put out there our hot tech for for this particular episode. and since you're here, you're gonna get one as well. So we want you to think about that. So while you and I think of our hot takes, we're gonna have Lisa kick us off.

Lisa (21:11): Okay, I'm gonna give y'all a few seconds to think. parents. Please, please hear me on this one. The money conversation, that needs to happen before you build that college list. Not after the acceptances come in. We understand this is not the fun part. Nobody wants to start a college conversation with, okay, here's what we can afford. But you have to, because the worst time to figure out that a school does not work financially is after your kiddo has fallen completely

Liane Crane (21:43): Yes.

Lisa (21:44): in love with it. Talk about it as a family. Know what you're comfortable paying for. Know what you are and are not willing to borrow. And please do not let fear or embarrassment or the feeling like you should have already known this keep you from asking the questions. All three of us talk about this. We would rather you ask the questions. Also go to Liane she's the expert, But please ask us the questions before. don't feel embarrassed. You are making one of the biggest financial decisions your family is ever going to have to make. And you are allowed not to understand it completely. So remember that. this does not take away options away from your kid.

Josh (22:29): Yeah, bingo, bingo. Thank you, Lisa. so my hot take is very simple. parents, don't assume you make too much money to bother with the FAFSA. The FAFSA is free, as we established that first F, to file. And families sometimes can talk themselves out of it because they've already decided we're not going to qualify for anything. You may be right about need-based aid, but some colleges and scholarships may still want FAFSA information. And filing it also gives your student access to federal student loans if you end up needing them. So don't

Liane Crane (22:58): Exactly.

Josh (22:59): make the decision for the college before you even fill out the form. Look at what your schools require, know the deadlines. We mentioned that before. And unless you have a specific reason not to file, get it done.

Liane Crane (23:10): Very

Lisa (23:11): Josh, you also just made that sound so easy. So I I love that. Get it done.

Josh (23:14): I know I did. I I wish I w I wish the process were as easy as I as I just made it sound. And I know that, it can be you know different for families. But use that spreadsheet and get it done.

Lisa (23:25): Use that spreadsheet, y'all. Remember, spreadsheets are our best friends. Remember? all right, Liane Are you ready? Okay. Okay, bring Love it. Please

Liane Crane (23:33): I'm ready. Hard act to follow, but I'm gonna sum up this affordability here. Okay.

Lisa (23:38): bring us home.

Liane Crane (23:39): So the most expensive college is not necessarily the one with the highest sticker price. It is going to be the one that makes you borrow the most.

Josh (23:50): Mmm Wow.

Lisa (23:51): Woohoo!

Liane Crane (23:51): Okay. Does that work?

Lisa (23:52): Liane yes! For the win! I love that. And wow,

Liane Crane (23:57): Yes.

Lisa (23:58): like just to sit and think about that, because it's it's so true. And I know I'm kind of going off topic a little, but to to go back to what you were saying on how, some families don't even look at some colleges because of the sticker price, and then it ends up being sometimes a little cheaper based on. Scholarships so good. Great hot take. Mm-hmm. Mm-hmm.

Josh (24:18): Yeah. Definitely couldn't have said it any better.

Lisa (24:21): Straight from the expert, y'all. Love this. Love it.

Josh (24:22): That's right. All right. All right, Leanne. surprise I know I said we were on the one, but since you're here, we have another segment called Drop the Mic. And you're gonna be doing this one with us too. So we're gonna give you some time to think about something. So I'll go first on this one to give you and Lisa time to come up with yours. here's my final thought for students and parents. So an acceptance letter. Doesn't tell you what college is going to cost you. The sticker price doesn't tell you. The big scholarship number and the congratulation email doesn't necessarily tell you either. You have to look at the actual financial aid offer. What is free money? What is a loan? What is work study? What is your family really responsible for paying? And is that number going to look roughly the same for four years? Because two schools that look completely different on paper can end up costing your family almost the same amount. And two schools with similar sticker prices could end up being tens of thousands of dollars apart. So when those offers come in, slow down, read everything as we've already talked about, compare the real numbers using that spreadsheet. And if you do not understand something, ask like someone like Liane this is too much money to get to make a

Liane Crane (25:32): Way.

Josh (25:32): guess.

Liane Crane (25:34): Absolutely.

Lisa (25:35): Yes. and parents, I know we're going to go back to this again. Please do not let the money piece intimidate you to avoiding it completely. We know this stuff is confusing, but it is absolutely figure -out-able. I don't think that's a word. It's not a word. You know what? We're making it a word.

Josh (25:50): Is that a word? I don't I don't th I don't think that's a word.

Liane Crane (25:51): We're gonna make it a word.

Lisa (25:54): It it is today. It is today. It is figure-out-able. File.

Liane Crane (25:59): It is.

Lisa (26:00): Forms, know the deadlines, ask the questions, and make sure you understand the difference between what a school says it costs and then what it's actually going to cost YOUR family. Because those are two different things. Because the right college has to fit, there's that word again, it has to fit your kiddo and your family's budget. You do not have to sacrifice one to get the other.

Liane Crane (26:25): Absolutely. Hard act to follow there.

Josh (26:26): There you go. Yeah. All right, Liane Liane bring us home.

Liane Crane (26:29): All right, so I just want to say kind of a little pet peeve of mine, but let's stop using the word dream school. Cause the people who are asking students about dream schools are not the ones paying. Okay. It cannot be your dream school if you cannot afford four years of it. So let's

Lisa (26:46): Fair. Mm-hmm.

Liane Crane (26:47): let's kind of change that word into, what school fits, what school's affordable, where it's good am I excited to go to and start my career.

Josh (26:55): Now that is a drop the mic moment. Nice. Yeah. And see, Lisa,

Lisa (26:55): Mm-hmm. Mm-hmm. That yep. Yep. I mean

Liane Crane (26:57): Well

Josh (27:00): that would have been a perfect moment for our sound effect. But anyway, it's an ongoing discussion, Liane Yeah. It's an ongoing discussion. well, Liane

Liane Crane (27:03): I

Lisa (27:03): I'm still working on it. I know it is.

Josh (27:08): Crane thank you. Thank you so much for joining

Liane Crane (27:09): Thank you both.

Josh (27:11): us here on the drop-in. This was exactly the conversation that families need. And for anyone who wants to reach Liane with their college finance questions, we'll point you to her way after the show.

Liane Crane (27:21): Thank you very much. Yes. Always happy to answer questions for you guys, your families. I'm very passionate about the affordability piece and want to help anyone I can.

Josh (27:30): Awesome. Well, thank you again. Well, so

Liane Crane (27:30): Thank you guys.

Josh (27:32): alrighty, so next week on Drop In, we're gonna talk about college interviews, what they actually are, who offers them, and how to

Lisa (27:38): Ooh. Hmm.

Josh (27:39): walk in feeling prepared instead of completely freaking out.

Lisa (27:42): because the second a family sees interview in an email that your child has been given, everybody's heart rate goes up, Is it required? Does it really matter? What are they gonna ask? What if my kiddo says the wrong things? So we're gonna break down the whole thing: alumni interviews, on-campus interviews, the most casual coffee chat versions, because there's a lot to unpack here, y'all. And talk about how to prepare without sounding like you memorized every answer in the car on your way over or in your room right before you had that virtual interview. No.

Josh (28:19): Nobody does that. so yeah, so we'll get into the questions students should be ready for, the questions they should be asking back, and how to make a strong impression without trying to turn yourself into some version of somebody you think the college wants. Because the goal is not to sound perfect, right? It is to sound like you, but just you being prepared.

Lisa (28:38): Right, This all needs to sound like you. So remember, we are Decision Drop, making your journey collaborative, simple, and most importantly, yours. And if you want us in your corner to help your family navigate this whole process, the list, the applications, the strategy behind paying for all of it, head to decision drop.com and check us out. And remember to head over to thecollegeollar.com And reach out to Liane if you have any other college financial questions or sign up for your free consultation.

Josh (29:10): Yeah. Thanks

Liane Crane (29:10): Thanks.

Josh (29:11): for dropping in y'all. We'll see you next week.

Lisa (29:13): Bye.