Module 3 of College Afforability Project: A Tutorial for College Aid Pro™"-Video #3: Creating the College Budget in CAP

Video #3: Creating the College Budget in CAP

Video Transcription

Video Summary

In this video, the speaker discusses the importance of budgeting for college expenses. They emphasize the idea of preapproval for college, similar to a mortgage, where all four years of expenses, including student loans and loan payments, are planned out. The speaker highlights the need to understand what schools think a family can afford, using accurate Expected Family Contribution (ESC) projections, which impact financial aid. They recommend reviewing the asset allocation of a family's 529 savings plan and discuss the importance of having a conversation about college experiences and funding philosophies as a family. The speaker also breaks down a sample budget, including savings, cash flow, and outside help from grandparents.

Keywords

budgeting

college expenses

preapproval

student loans

loan payments