Welcome to Money Mile. Today’s guest is Howard Freedman. Howard holds an MBA and has worked in various fields, including industrial engineering, consulting, education, payroll systems, and writing. He transitioned into mentoring the younger generation, prioritizing honest financial guidance over profit-driven sales. His focus is on helping others make informed decisions with compassion and integrity.
You will want to hear this episode if you are interested in…
- Welcome to Money Mile (00:00)
- How Howard got started in the financial aid business (06:05)
- What Howard considers underrated in college aid decisions (08:45)
- Details on how Howard’s book can help families with the aid process (11:40)
- Finding purpose versus passion (18:25)
- How Howard defines success (20:28)
- Is FAFSA always necessary? (24:30)
- What is the Professional Judgement process? (35:05)
- How to reach Howard (37:45)
Tips for Families to Consider College Costs
Ultimately, financial aid is not guaranteed and requires effort, strategy, and collaboration to secure the best possible outcome. Howard discusses financial aid eligibility and strategies, emphasizing that all families, regardless of income level, should explore financial aid options.
- FAFSA & Loans: Filling out the FAFSA form is essential because it qualifies students for federal loans, which can help build credit and provide partial funding for education. Loan amounts range from $5,500 to $7,500, offering students a small financial stake in their education.
- Need-Based Aid: Colleges determine financial aid based on a Student Aid Index (SAI), which reflects the family’s ability to pay. If a college costs $80,000 and a family’s SAI is $20,000, their unmet need is $60,000, which schools may cover using a mix of grants, scholarships, work-study, and loans.
- Merit-Based Aid: Students with strong academic records or unique talents may receive merit-based aid, which is not tied to financial need. Scholarships and grants can come directly from colleges or external sources.
- Financial Planning & Decision-Making: Families should clearly communicate financial expectations with their children. How much can they realistically afford? This helps students determine their funding options. Parents must balance college costs with long-term financial goals, such as retirement.
- Alternative Paths to College: Families should consider cost-effective options, such as attending community college for two years before transferring, instead of pursuing expensive schools outright.
- Early Preparation: High school students should take AP courses, network with counselors, and develop strong academic profiles to increase scholarship opportunities.
How the Professional Judgment Process May Benefit Borrowers
Professional judgment allows schools to adjust a student’s aid eligibility beyond the standard FAFSA process. If a family’s financial situation has drastically changed since the prior year’s tax filing, they can appeal their financial aid assessment by providing proof of hardship (e.g., loss of income, medical bills). Schools also use judgment to verify discrepancies. Every student has the right to appeal, but they must prepare solid documentation to support their request.
Recently, the Department of Education has made professional judgment appeals more transparent, requiring schools to inform students about their right to appeal. Ultimately, financial aid is flexible, but students must provide clear evidence and navigate the process strategically.
Resources & People Mentioned
Connect With Justin Waller
- https://WallerFC.com
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