The College Financial Lady

As a high school guidance counselor, John McMichael has a lot of conversations with students about borrowing for college. That's in no small part because about two decades into his career, he's still paying off his own student loans. His experience with student loans is instructive: how not planning for college costs led to borrowing, graduate school's impact on his debt, the challenges of Public Service Loan Forgiveness, balancing his student loan obligations against saving for his own children's educations, and so much more. Fortunately for his students and for all of us, he's very generous in sharing his story. 

Paying for college has emotional and practical components. As parents we want to provide opportunities for our kids, but the practical realities of college costs can make it seem like we're not doing enough even when we're doing all we can. Megan deBoer of Tended Wealth shared some strategies for both coming up with a practical savings plan that works for your family, and managing the emotions associated with this monumental financial undertaking. 

Planning and paying for college is confusing and complicated. As coordinator of Student Financial Literacy and Advising at the University of Southern Connecticut, Lew de Luca helps families navigate the college funding process from financial aid and scholarships to payment plans and cost-saving strategies. Lew shares a wealth of information on managing college costs and making good financial decisions. 

As test-optional admissions gain steam, many are questioning the place of standardized testing in the college admissions process and even whether or not to take the SAT or ACT. Scott Clyburn of North Avenue Education walked me through the ins and outs of test optional and test-taking in general. Should your student test? Listen and learn!

What's it like to be a college student during the pandemic? A lot depends on where you're going to school. I caught up with three current college students-- from Gonzaga, the University of Chicago and the University of Michigan-- and heard three really different stories. Each student has a different perspective and experience. What do they have in common? They all feel good about what their schools have done to address the pandemic. 

As a professor of organic chemistry at Reed College, Alan Shusterman teaches a hard class to smart students. Over the years, as both a professor and a parent, he's learned some valuable lessons about succeeding academically in college, and was gracious in sharing them with me. 

Student loan borrowers have a dizzying array of loan and repayment options. If you're borrowing for college, Bill's guidance on how to borrow and how to repay may well save you a bundle. Bill is a fee-only financial advisor who works with young professionals and specializes in student loan repayment strategies. 

As financial advisors, we often give clients guidance on college funding strategies. In this episode I talked with fellow NAPFA advisor Rich Feight about how he's planning and saving for his children's college. With his oldest in 8th grade now, it's starting to get real!

Olivia Pura is a first-generation college student who just graduated with magna cum laude from Northwestern University and is now beginning a Ph.D. program in Biochemistry & Biophysics at the University of Chicago. She shares her journey through the college admissions process and undergraduate years: lessons learned, mentors who helped her out, and what she wants other high school students navigating this journey to know ahead of time. Olivia is also Miss Illinois USA, where she gives back by using her title to advocate for female equality in S.T.E.M. fields. 

Sarah Dougherty attended college on partial athletic and merit scholarships, then pursued her dream of becoming a veterinarian. Now more than 10 years into her career as a vet, she owes more than three times her annual salary in student loans. Here she talks about how she got to this debt level and how it has impacted her career and adult life, from big picture items like home ownership and supporting her children's educations to everyday choices to getting into an income-driven loan repayment plan. 

Got questions about 529s? I went straight to the top and had Richard Ellis, Executive Director of Utah's my529, answer questions about how 529s work, how to get the most out of them, choosing a plan and investment options, and more. 529s can be the cornerstone of your college funding plan, and Richard's insights will help you get the most out of your college savings dollars.