Josh Mitchell

speaker

438 appearances 7 recordings 1 series first heard Jul 2017 last heard Feb 2022

Josh Mitchell’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Want to Get a Lower College Tuition? Try Asking. · 2 Jul 2020 podcast

where the family doesn't need the aid per se because they have a lot of money, but yet they're still getting a discount because the school wants to ensure that they choose them over other schools.

Now, if it's a wealthy family where the student does not have good academic credentials, they might not get any aid because it doesn't really serve the purposes of the school trying to make money.

However, in some ways it might be if that family is more likely to give them alumni donations down the road, then they might calculate that into how much of a discount they're offering.

So there's a lot of different variables that the school is considering when it determines how big of a discount it wants to offer each student.

Yeah, you still fill out a financial aid form, although a lot of families don't do that.

They're either too scared to, they're intimidated by the amount of paperwork that's involved.

But in general, if you want financial aid, you have to fill out this form, the Federal Application for Student Financial Aid.

You still do that.

So what happens is you fill out that form, the college looks at that form, they decide whether, number one, they want to accept you, and then they decide how much of a discount are they going to give you.

Then once they make that offer, it's called an award letter that each family gets, they say, look,

Here's our sticker price.

We're going to offer you a discount of X. So this is the net price.

This is the out-of-pocket price you're going to pay with this discount.

Then what happens is the families have an opportunity to appeal and say, wait a minute.

I like the fact that you gave me a discount, but it's not quite as big as I thought it would be.

Can you give me an even bigger one?

And so then sometimes the schools come back, as they did with a lot of the families that I talked to, and said, OK, yes, sure, we'll give you another discount.

And even then the family can, you know, haggle a little more and say, okay, why don't you lower it a little more?

So there's this bargaining slash haggling process.

It's kind of like when you're buying a car, when you're buying a house, you know, you, you sort of, you have one initial offer, then you do a counter offer and this can go on for a while.

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