Exploring the Frustrations of College Search and Affordability with Liane Crane

Get Down to College Business

Sarah Holtan, PhD interviews Liane Crane, owner of The College Dollar, about the realities of college costs and the steps we can take to demystify them. With first-hand experience guiding her own children through college and assisting countless families, Liane's insights shine a light on the often murky world of college finance.

Many parents and students face an uphill battle understanding college affordability. Liane highlights the need for clarity on scholarships, the muddle of financial aid jargon, and the challenge of decoding award letters. The frustrations felt by families can sometimes deter them from considering certain colleges. But what if colleges could be more transparent and proactive in their communication? Would this change the narrative for prospective students?

Curious how straightforward financial advice can ease the college search process? Liane Crane shares her expertise and suggests practical changes colleges can make to better serve families in today's episode.

Episode Highlights:

03:03 - The question I get most often is really the unclear definition of scholarships. I think everybody maybe has their own definition. You hear from your neighbor, "Sally got a full ride." And you hear from your cousin, "Jack got $40,000 from this college." I think it just perpetuates this understanding of colleges giving money to everybody out there. We know that most families don't pay sticker price, but what does that scholarship really mean? I think parents confuse need-based aid with merit aid. What do those terms mean? We've never heard them before. What's a private scholarship versus not? And even loans get confused with scholarships or a discount to the college price.

15:44 - I've had arguments and discussions with parents who really thought they owed nothing to a college, only to find that there were loans built in there that they didn't understand. I even had one family who somehow, there was a Parent PLUS Loan that he never knew he signed. So I think, again, that transparency, which is such a buzzword, but I really think that there should be a lot more onus on the college to own the cost, own what parents need to pay, and just be upfront about it. I don't think it will be as negative as maybe they think.

19:25 - There are experts like us who really are trying to help parents, and it's not to sway them from one school or another. It's really just educating them on these terms. Is it affordable for you? If you're going to take out that debt, how are you repaying it? So I think schools could look into using people like this to help them, like that one school did, reaching out to parents and saying, "Look, we know there's this gap. Here's how we're going to help you," and offer resources to them.

Sarah Holtan, PhD

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Liane Crane

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