Learn Speak Teach Episode #126 with Kelly O’Connor.

Is college money a scam?

In this episode, Ben Albert and Kelly O’Connor seek to elaborate the complexities of college pricing and financial aid. Kelly explains that college costs are not a scam but rather a business influenced by government policies and the FAFSA system, which inflates tuition through guaranteed loans.

They discuss strategies to reduce college expenses, emphasizing the importance of ignoring sticker prices, targeting schools where the student is above average, and appealing financial aid offers. Kelly shares real-life examples and highlights his College Money Academy, which helps families navigate the financial aid process.

Listen to learn more.

Timestamp:

[00:00] Introduction

[07:40] Financial Planning for College Parents

[09:16] Affordable college access explained

[14:37] Choosing colleges: target affordability

[18:13] Becoming a desirable student

[22:59] Student aid index explained

[27:01] Financial aid disparity highlighted

[29:14] University tuition and aid dilemma

[33:25] College admission strategy game

[39:12] College money academy success story

[43:28] College cost reduction strategies

[46:44] Education savings breakthrough

[48:29] Prioritize involvement over grades

Key Takeaways:

• Once we understand the internal workings, it becomes a different ballgame in terms of how we can leverage a school for more money, and when we do, the results are drastic. ~ Kelly O’Connor [06:59]

• "If you think just your grades and just your test scores are all you need, good luck." ~ Kelly O’Connor [21:09]

• Expected Family Contribution is confusing, but the Student Aid Index isn’t. ~ Kelly O’Connor [23:45]

• Take high school seriously. Do as well as you can. I mean, grades are important, but they aren’t the number one thing. It’s the quality of the kid. ~ Kelly O’Connor [48:30]

• "If they say, 'We want two letters of recommendation,' do not send one and do not send four. More is not better." ~ Kelly O’Connor [50:02]

People Mentioned and Other Resources:

1. My Financial Caffeine Webinar: https://wealth.financialcaffeine.com/webinar-register

Keep In Touch with Kelly O’Connor:

Website: https://collegemoneyacademy.com/

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