Episode 78: Navigating FAFSA with John Hupalo
In this episode of the “Stuff About Money” podcast, host Erik Garcia, CFP®, CHFC®, BFA®, welcomes back his good friend John Hupalo from mycollegecorner to discuss college financing. This is part one of their conversation, where they tackle FAFSA season and share insights, tips, and a few laughs about the sometimes overwhelming process of financial aid applications. They also explore common misconceptions about financial aid and how to best prepare for the application process. Erik humorously suggests that having a therapist on speed dial might be a wise choice for families navigating these financial waters together!
Join Erik and John as they explore the rising costs of college tuition and the various ways families can prepare financially. From the complexities of federal loans to the realities of saving for college, this episode is packed with valuable information—and a few light-hearted moments about the emotional rollercoaster that comes with planning for higher education. In part two of their conversation, they will discuss the different loan options available to students. Whether you’re a parent with a college-bound child or just curious about the financial aid landscape, this conversation is sure to enlighten!
Episode Highlights:
- John explains why FAFSA opens each year and its importance for families with college-bound students. (1:07)
- John discusses FAFSA’s purpose in determining eligibility for federal grants, loans, and work-study programs. (5:55)
- John advises high-income families on why completing FAFSA can still matter for scholarships and federal loans. (11:02)
- John explains contributor roles in FAFSA and how separated or divorced parents should provide financial information. (19:00)
- John breaks down the Student Aid Index (SAI), its difference from the Expected Family Contribution (EFC), and its implications for aid eligibility. (25:00)
- John explains the value of federal student loans for students and contrasts them with the pitfalls of Parent PLUS Loans. (30:15)
- John emphasizes the importance of early financial conversations with students to set realistic college expectations. (35:10)
- John advises families to leverage professional judgment if their financial circumstances change significantly after FAFSA submission. (41:00)
Key Quotes:
- “Saving a dollar today is better than borrowing one tomorrow. We actually registered that trademark. We love that.” – John Hupalo
- “Every single student is eligible, like Bill Gates’ kids, you know, they’re all eligible for federal student loans.” – John Hupalo
- “Financial fit is important because academically and socially, it might be a great fit, but you have to know what’s realistic financially.” – John Hupalo
