Grants, loans, and scholarships…OH MY! – Deb Sutliff & Sue Tripp

In today’s episode, I had the honor to interview Ms. Susan Tripp, Director of Financial Aid emeritus from Herkimer College. Also appearing on the episode is Ms. Deb Sutliff, Bursar Emeritus at Herkimer college as well. I had the absolute pleasure and honor to work directly with Deb and Sue at Herkimer College and saw firsthand the care and concern they provided to individual students, and it was just unparalleled. Their baseline was beyond the best that I've seen in my career and was simply a part of the fabric of who they are. I want to mention to you that this episode will not cover all that is paying for college, I intend to have future episodes dedicated to this critical and complex topic. Episode Timeline: [00:56] Introducing today’s guests to the show [03:30] Deb’s and Sue’s roles in helping students be college-ready [06:15] What all parents should know about high school to college transition [12:03] Taking advantage of the local community college [13:10] What is financial aid and how can students apply for it? [16:09] The financial aid application process [20:30] Stigma around the FAFSA [25:46] When to file for the FAFSA [27:18] Looking into the financial aid letter [34:32] Common mistakes students and parents make related to FAFSA packages [39:19] What role should financial aid play in a student’s decision to apply to a school vs another school? [43:21] Justin’s 5 takeaways from the episode Five things I learned from my talk with Deb & Sue! 1. Begin to learn about the financial aid process with your student prior to attending college! This will make the process much less stressful when it’s time to actually apply for financial aid. There is a wealth of resources available including your high school guidance counselor, admissions representatives that visit your high school, or contact your local community college bursar and financial aid offices to learn more about financial aid programs and workshops they may provide. They may also have staff and services available to help you navigate the process. 2. Do not be quick to dismiss your local community college. There are potential monetary savings, similar general education courses are offered in the first two-years at both a community college and four-year institution, and some of the community college faculty may even work in the field they are teaching. 3. To apply for federal financial aid students must fill out the FAFSA or Free Application for Federal Student Aid annually. This means every year a student is attending or considering attending a college. Filing the FAFSA will determine a student’s eligibility for grants, loans, and work-study. Individual states may offer financial aid as well, please visit your state education department website to see if your state offers financial aid. 4. After a student completes the FAFSA and supplies any supplemental information required by a respective campus in a timely fashion. The campus will send the student a financial aid award letter. Some awards are given to the student such as grants and scholarships. Grants and scholarships generally don’t need to be repaid. Some awards are offered to the student such as loans. There are limits to how much a student can borrow. Also, students can borrow less than what they are offered. If there’s a difference between how much financial aid is offered and the cost of attendance, it is up to the student and their family to determine how to pay this expense. 5. There is a difference between the financial aid award package and the bill a student receives from a respective campus. The financial aid package is based on average costs of items such as room and board and indirect costs. The bill reflects actual costs charged to the student. Resources Future College Parent Podcast website: https://www.futurecollegeparent.com/ Future College Parent Network: The Future College Parent Network is here for you to post what you learned by listening to this episode and ...