In today's episode, I talk about financial aid and the comically high cost of college. What's the difference between need-based aid, merit-based aid, and how Tier II colleges intentionally inflate their cost of attendance only to offer big discounts (disguised as a merit or academic scholarships) to make parents and students feel good about themselves and about paying $60K/year to attend. Learn how to not let such "enrollment management" practices entice you into paying more than you should.
0:00:31 Need-based financial aid
0:03:10 Merit-based aid
0:07:33 Fordham case study
0:10:00 Extracting max money
0:12:00 Pick off the slow deer
0:14:20 Everybody's happy, right?
0:16:15 Not worth $80K
0:17:00 Summary insights
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Podcast Host: PrepWell Academy's Founder, Phil Black, has spent a lifetime cracking the code on the world's most competitive programs: Yale University, Harvard Business School, Navy SEALs, Goldman Sachs, Entrepreneurship, Shark Tank (2X), etc. Inside PrepWell Academy, Black teaches students everything they need to know about the college admissions process in a series of expertly-timed, 3-5-minute, weekly training videos starting in 9th grade and continuing through 12th grade [Note: this program can only be joined in 9th or 10th grade]. My specialties include military service academies, ROTC scholarships, Ivy League, and student-athletes.