284: Saving for College, Reframing the FAFSA, and Securing Scholarships with Heidi King

Heading off to college is a milestone event for students and parents, but navigating the admissions process and financing a degree is not a simple undertaking. Post-secondary education is one of the largest investments people make in life, and today’s guest on Love, your Money® is here to explain how getting a little help through the process can lead to better outcomes.

Heidi King is part of the team at College Inside Track, an organization that helps families navigate the college process, find the right fit, and get the best price at the schools they’re considering.

Heidi is no stranger to the college process, as she recently went through it herself with her two sons. She is considered a national subject matter expert on college planning, and provides valuable advice to thousands of families.

In this conversation we talked about who should apply for FAFSA, myths or common mistakes that make college pricier, and some of the questions our clients at Hendershott Wealth Management® typically ask about college planning.

Whether you’re barely starting to think about college or you’re elbows deep in applications, we hope this episode sheds some light on the process–and maybe helps your kid secure a few more scholarships!

Here’s what you’ll learn in this week’s episode of Love, your Money:

• 02:41 First, notes from our Director of Financial Planning, Jen Rupp, on 529 accounts: The benefits of a 529, what the money can be used for, how we recommend funding a 529, options for how the money can be used if not for education, and age-based investment options within a 529 
• 08:33 Who’s actually planning for college–parents or students?–and when to start thinking about the application process
• 10:08 The cost of going to college (including the most expensive universities out there), how much parents should consider saving, and the potential of flexibility in admission fees
• 12:53 How College Inside Track works with parents and students to consider academic, social, and financial fit–and improve outcomes in the admissions process
• 16:02 When the FAFSA becomes a consideration, who should fill it out (hint: pretty much everyone!), and how colleges use FAFSA data
• 20:48 Determining key criteria in targeting schools to apply to, why finding the right fit can prevent transfers, and the biggest predictors of students’ success in school and life (Spoiler: it’s not pedigree or the degree) 
• 25:41 The single best source of scholarships, plus the myths and misunderstandings that cause families to leave money on the table
• 31:13 The challenges of the college application process once you’re past the football games and campus visits

Show Notes
To get access to the full show notes, including all the resources mentioned, visit: https://hendershottwealth.com/podcast/heidi-king

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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.