How to pay for college
#90: It’s back to school season, and that means it’s also the time of year for high school seniors to start agonizing over college applications.Applying to college is an anxiety-filled rite of passage for high school seniors, but it’s often just as anxiety-inducing for parents who bang their heads on how to pay for it.That’s because paying for college is, for many families, the biggest single expense they’ll have for their child. It’s also often the second biggest life expense a family will incur, right behind buying a home. Paying for college is like buying a Tesla Model Y and giving it away. Every year, for four years.So this week, I chat with my friend Ann Garcia about how to pay for college. She just wrote a new book on this topic, which we discuss in detail, along with important new updates to the federal financial aid process (FAFSA) + key things to know about 529 plan rules.We discuss:Why Ann decided to write this book now, what makes it differentThe mind-boggling cost of college today; forecasted cost in 15 yearsWhy college costs so much now, what’s driven up the cost in recent decadesGoals that colleges are trying to accomplish with their financial aid awardsThings parents should do to prepare their child and finances for the cost of college from birth to high schoolWhy it’s important for your child to do the official campus tour for colleges they’re interested inRecent key changes and updates to the FAFSA processDifference between 529 savings plans vs. pre-paid tuition plans vs. Private College 529Mechanics of 529s: roll-over-ability, qualified expenses, taxes & penalties for non-qualified expenses, how scholarships are handled, changing beneficiariesCheck it out here:https://hackyourwealth.com/how-to-pay-for-collegeHave you been through (or will soon go through) the college financial aid process? What’s been the most confusing or frustrating aspect? Let me know by leaving a comment.Don't miss an episode, hit that subscribe button...If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!Apple PodcastsSpotifyI need your help, please leave a listener review :)If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!Related links:Book: How to Pay for College: A complete financial plan for funding your child's educationOnline course: The College Financial Plan Masterclass - 20% discount exclusively for HYW subscribers (use code: HYW20)TheCollegeFinancialLady.com529 college savings plans: rules, tax benefits, & qualified expenses (HYW026)College financial aid tips and strategies, with Ann Garcia (HYW053)College student financial aid changes coming to the FAFSA application (HYW079)Schedule a private 1:1 consult with meHYW private FB communityIntro/Outro: Old Bossa by Twin Mus