College financial aid tips and strategies, with Ann Garcia

#53: No matter how you cut it, the cost of college these days is pretty crushing.And getting into your top choice college is well and good and all, but it doesn’t matter much unless you can afford to attend!How can parents and families afford college (potentially for multiple kids) without ravaging their retirement savings?This week, I invited my friend Ann Garcia, aka the “College Financial Lady,” back to the podcast to explain the intricacies of how college financial aid works. She shares insights and wisdom on how to plan for the cost of college, the different types of aid available, and strategies for maximizing financial aid.We discuss:A big picture framework thinking about college financial aidThe overall financial aid process, timeline, and key datesThe role each type of aid (need-based, merit, government, and college aid) plays in a family’s financial aid strategyHow FAFSA works, the 4 buckets of money that must be reported, what money can be excludedWhat federal EFC is, how it’s calculated, and how it’s usedWhat the CSS Profile is, key differences vs. FAFSA, and what money must be reported on itHow CSS Profile schools calculate EFC and differences vs. FAFSA methodologyWhen it might be useful to leverage a grandparent-funded 529 plan + tradeoffsStudent loan options and key types of loans available to studentsTips for negotiating / appealing your financial aid packageFinancial strategies related to the “prior-prior” year once January of sophomore year arrivesFinancial strategies in the years BEFORE your child applies for college financial aid to maximize aidCheck it out here:https://hackyourwealth.com/college-financial-aidHas your child (or children) attended college with financial aid? What surprised you about the financial aid process? What do you wish you had known that you know now? What other questions do you have about financial aid? Let me know by leaving a comment when you’re done.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 PodcastsOvercastSpotifyStitcherI 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!Links mentioned in this episode:The College Financial LadyCollege DataFederal housing multiplier index for financial aid529 college savings plans: rules, tax benefits, & qualified expenses (HYW026)College financial aid strategies to optimize your assets, income & EFC (HYW025)HYW private Facebook community Intro/Outro: Old Bossa by Twin Musicom.

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As a lawyer / engineer / MBA, how can you achieve FIRE (financial independence, retire early) rapidly to quit the rat race, pursue your passions, and live life on your own terms? Andrew Chen – founder of the Hack Your Wealth Blog and lawyer, financial expert (CFA graduate), and tech industry veteran – shows you strategies and tactics to (1) earn, (2) save, (3) invest, and (4) protect as a high earner so that you can build massive wealth and create a portfolio that’s a FIRE machine. Through solo lessons, expert interviews, and side hustle profiles, you’ll learn about tax strategies, retirement account optimization, asset allocation & rebalancing, passive income (real estate investing, side hustling, online business, digital nomading), family finances (e.g., strategizing college education costs), travel hacking, estate planning, and career transitions. Andrew podcasts about the big picture concepts, then adds step-by-step implementation guides downloadable from the Hack Your Wealth website to help you FIRE strategically, methodically, and rapidly.