Latest / Ready Set Collaborate with Wanda Pearson / A Smarter College Funding Plan with Latonja Muhammad that Starts Years Before FAFSA

Transcript

A Smarter College Funding Plan with Latonja Muhammad that Starts Years Before FAFSA · Ready Set Collaborate with Wanda Pearson

• 0:08
  SPEAKER_03: Welcome to Ready Set Collaborate with Wanda Pearson.
• 0:11
  SPEAKER_03: This is where ideas spark, connections grow, and collaborations fuse success.
• 0:16
  SPEAKER_03: Tune in for inspiring stories, expert insights, and game-changing conversations.
• 0:21
  SPEAKER_03: Let's build, connect, and thrive together.
• 0:23
  SPEAKER_03: Remember, collaboration is the key to success.
• 0:30
  SPEAKER_01: Welcome to another empowering episode of RadioSet Collaborate with Wanda Pearson.
• 0:35
  SPEAKER_01: Today's guest is Tanja Mohammed, founder of College Cost Cutter and author of the College Funding Playbook: Seven Proven Methods for Funding Your Children's Education Without Breaking the Bank.
• 0:47
  SPEAKER_01: I love that.
• 0:49
  SPEAKER_01: A lot of people need to hear about this going to college here.
• 0:52
  SPEAKER_01: Yes.
• 0:53
  SPEAKER_01: So Latanja is on a mission to help families navigate college planning with clarity and confidence so that they can avoid unnecessary debt and build a smarter financial future.
• 1:03
  SPEAKER_01: If you're a parent, grandparent, or someone who cares about the next generation, this conversation is for you.
• 1:09
  SPEAKER_01: Welcome, Latanja.
• 1:12
  SPEAKER_02: Thank you so much.
• 1:13
  SPEAKER_01: Yes, I'm so glad to have you here.
• 1:14
  SPEAKER_01: And I'm happy to have you tell us about what you do and how we can actually not get into debt with everything.
• 1:22
  SPEAKER_02: So that's the goal.
• 1:24
  SPEAKER_02: That's the goal.
• 1:24
  SPEAKER_01: Yes, yes.
• 1:25
  SPEAKER_01: So say hello to the audience, Latanja.
• 1:28
  SPEAKER_02: Hello, everyone.
• 1:30
  SPEAKER_02: Thank you again, Ms.
• 1:31
  SPEAKER_02: Wanda, for having me on the show.
• 1:33
  SPEAKER_02: As Wanda mentioned, I'm Latanja Mohammed, founder of College Cost Cutter and author of the College Funding Playbook.
• 1:40
  SPEAKER_02: The playbook is being revised and updated.
• 1:43
  SPEAKER_02: So the next edition will be available starting the end of April.
• 1:49
  SPEAKER_02: So I've started the pre-sale launch and I'm excited about it because there have been some changes with the current administration.
• 1:58
  SPEAKER_02: So I needed to revise the edition that was written in 2023.
• 2:03
  SPEAKER_02: So I'm excited about the updates.
• 2:05
  SPEAKER_01: That's awesome.
• 2:06
  SPEAKER_01: That's because everybody needs to hear it, especially when you have colleagues.
• 2:09
  SPEAKER_01: It's so expensive to go to college these days.
• 2:12
  SPEAKER_01: Yes.
• 2:12
  SPEAKER_01: And try to get loans and everything else you can get there.
• 2:15
  SPEAKER_01: So I appreciate you coming on the show.
• 2:17
  SPEAKER_01: But I also want to say a little bit more about your bio.
• 2:19
  SPEAKER_01: Okay.
• 2:20
  SPEAKER_01: She helps families navigate the complex world of college admissions, financial aid, and scholarship strategies to significantly reduce the cost of higher education.
• 2:30
  SPEAKER_01: So the key focus is student positioning, faster strategy, which I love.
• 2:36
  SPEAKER_01: My daughter and them just did that last week, so they could have used your help.
• 2:39
  SPEAKER_01: And award-led analysis and appeals.
• 2:42
  SPEAKER_01: This is just a little smart, but I'm since 2016, Latinja has presented workshops and educational programs in Metro, Detroit, and beyond, including United Way of Southeastern Michigan, Ford African Ancestry Network.
• 2:57
  SPEAKER_01: I didn't know they had that.
• 2:58
  SPEAKER_01: Ford African Ancestry Network.
• 3:03
  SPEAKER_01: Is that how you say it?
• 3:04
  SPEAKER_01: Salantis.
• 3:05
  SPEAKER_01: Salantis, African Ancestry.
• 3:07
  SPEAKER_01: I don't know how to say this one.
• 3:10
  SPEAKER_01: Diaspora.
• 3:11
  SPEAKER_01: Diaspora Network, Detroit Economic Growth Corporation, numerous parents networks, and community groups.
• 3:17
  SPEAKER_01: Pontiac Public Schools, a six-week onsite program at Western International High School in Detroit and more, as well as appearances on Fox 2, Detroit Morning News, and numerous podcasts.
• 3:30
  SPEAKER_01: She is a proud mother of two amazing sons.
• 3:33
  SPEAKER_01: Oh, I love that.
• 3:34
  SPEAKER_01: Amazing sons, boy.
• 3:35
  SPEAKER_01: I tell you when you say that.
• 3:36
  SPEAKER_01: Now, how old lady Lasandra?
• 3:38
  SPEAKER_02: My older son just turned 30 on Monday.
• 3:42
  SPEAKER_02: And my younger one is 27.
• 3:44
  SPEAKER_02: He'll be 28 in June.
• 3:46
  SPEAKER_01: Okay, okay, cool.
• 3:47
  SPEAKER_01: Wow, that's great.
• 3:49
  SPEAKER_01: That's great.
• 3:49
  SPEAKER_01: Yeah, it's nice when they get older and you can get them out the house.
• 3:51
  SPEAKER_01: They own their own.
• 3:53
  SPEAKER_02: They've been gone for a minute.
• 3:55
  SPEAKER_01: Yeah.
• 3:55
  SPEAKER_01: I'm so happy to have you on the show here.
• 3:58
  SPEAKER_01: And I'm gonna start off with some questions.
• 3:59
  SPEAKER_01: And this is really impressive as far as your uh what you do and how you've gotten.
• 4:03
  SPEAKER_01: And how long have you been doing this?
• 4:04
  SPEAKER_02: Since 2016.
• 4:06
  SPEAKER_02: So this is year 10.
• 4:08
  SPEAKER_02: Okay.
• 4:08
  SPEAKER_01: Happy anniversary.
• 4:10
  SPEAKER_02: Thank you.
• 4:11
  SPEAKER_01: It's amazing.
• 4:12
  SPEAKER_01: So tell us a little bit about the college funding playbook.
• 4:15
  SPEAKER_01: And you were talking about that.
• 4:16
  SPEAKER_01: Why did you write it and what can readers expect to learn from it?
• 4:20
  SPEAKER_02: So I wrote the college funding playbook to reach more people.
• 4:24
  SPEAKER_02: So what happens is we've done workshops for groups, churches, schools, then individual families, one by one, one by one.
• 4:35
  SPEAKER_02: And I wanted something that would at least introduce more families to these concepts that a lot of people just aren't aware of.
• 4:44
  SPEAKER_02: I always say families just don't know what they don't know.
• 4:47
  SPEAKER_02: And so the book is designed to at least open families' eyes, the students and the parents, open their eyes to some of the mistakes, myths, and misconceptions that people have about college funding and just to give people a smoother road because there's so much mystery to the system.
• 5:07
  SPEAKER_02: And there's just a lot of praying and hoping and not enough strategy, you know, that most families take on.
• 5:14
  SPEAKER_02: So that's why I wrote the book.
• 5:16
  SPEAKER_02: I wanted to reach more people.
• 5:17
  SPEAKER_02: I wanted something they could get in their hand that was affordable, that would at least start them thinking differently about the process and making better choices.
• 5:27
  SPEAKER_01: I love that.
• 5:27
  SPEAKER_01: I love that.
• 5:28
  SPEAKER_01: What inspired you to start the college cost cutter?
• 5:31
  SPEAKER_02: College cost cutter came out of, it was born out of initially my own experience with my two sons.
• 5:39
  SPEAKER_02: So 10 years ago, my younger son was a senior in high school.
• 5:45
  SPEAKER_02: And I went to an event, and a gentleman was there that I had heard before a couple times, and he said things that I had never heard before.
• 5:56
  SPEAKER_02: It was actually a FAFSA night.
• 5:58
  SPEAKER_02: He said so many things I had never heard before and never thought of.
• 6:02
  SPEAKER_02: And I realized that night how late I was, that I was late learning all these things.
• 6:09
  SPEAKER_02: And I really got mad.
• 6:10
  SPEAKER_02: I said, why isn't somebody telling us this sooner?
• 6:14
  SPEAKER_02: And so he was having workshops and seminars, and I was telling other parents, go see this guy, go see this guy, go see this guy.
• 6:21
  SPEAKER_02: And finally he said, You're sending all these people to me, help me.
• 6:24
  SPEAKER_02: I can't do this by myself.
• 6:26
  SPEAKER_02: Okay.
• 6:26
  SPEAKER_02: So that's how I got started in the college planning space.
• 6:30
  SPEAKER_02: And years down the line, I branched off and started college cost cutter ultimately.
• 6:37
  SPEAKER_01: I love it.
• 6:37
  SPEAKER_01: I love it because a lot of us don't know what we don't know.
• 6:40
  SPEAKER_01: Right.
• 6:40
  SPEAKER_01: About educating and empowering our people and how to be able to afford college to be.
• 6:46
  SPEAKER_01: Because a lot of students want to go to college, but it's very expensive.
• 6:49
  SPEAKER_01: Yeah, that's when I went, it was expensive.
• 6:51
  SPEAKER_01: I can imagine what it is now.
• 6:52
  SPEAKER_01: I don't even know what it is now.
• 6:54
  SPEAKER_02: And it keeps going up.
• 6:55
  SPEAKER_02: Keeps going up.
• 6:56
  SPEAKER_01: Yeah, it is.
• 6:57
  SPEAKER_01: It is.
• 6:57
  SPEAKER_01: So what is the student positioning and why is it important for that?
• 7:01
  SPEAKER_02: So student positioning is so important.
• 7:04
  SPEAKER_02: A lot of people, when they choose colleges, whether it's the student or their parents, you'll be surprised at some of the criteria that people use to pick a college.
• 7:14
  SPEAKER_02: I remember sitting with one family, and the son wanted to go to a specific college because of the football team.
• 7:21
  SPEAKER_02: He wasn't a football player, mind you.
• 7:23
  SPEAKER_02: He was a football fan.
• 7:25
  SPEAKER_02: And so he wanted to go to this particular college because of the football team.
• 7:30
  SPEAKER_02: Sometimes people choose college based on where someone else in the family went.
• 7:36
  SPEAKER_02: A student might say, Oh, I want to go out to California.
• 7:39
  SPEAKER_02: It's so beautiful out there.
• 7:41
  SPEAKER_02: I love the weather.
• 7:42
  SPEAKER_02: Just so many arbitrary, random ways that people decide which college to use.
• 7:48
  SPEAKER_02: And I don't want to insult anybody because some people really do research.
• 7:52
  SPEAKER_02: They look at the majors, they look at the costs, they look at a lot of things.
• 7:56
  SPEAKER_02: But for a lot of families, they don't know how to match the student to what we call the best fit college.
• 8:03
  SPEAKER_02: And best fit means academically.
• 8:07
  SPEAKER_02: So the student needs to go to a college not only where their academic strengths will get them in, a high probability of admission, but once they get there where they will thrive and be successful.
• 8:19
  SPEAKER_02: Sometimes students pick trophy colleges and they get into those colleges and they're stressed out and they struggle.
• 8:26
  SPEAKER_02: Sometimes they may pick a college that's too rigorous.
• 8:30
  SPEAKER_02: Sometimes they may pick a college that's not rigorous enough and they find themselves hanging out too much or partying too much.
• 8:37
  SPEAKER_02: So there's an academic match.
• 8:39
  SPEAKER_02: There is a social match.
• 8:41
  SPEAKER_02: Some students pick a college where they don't feel like they fit in.
• 8:45
  SPEAKER_02: They feel isolated.
• 8:46
  SPEAKER_02: They feel alone.
• 8:47
  SPEAKER_02: They feel like there are not enough people like them, whatever that means.
• 8:53
  SPEAKER_02: And so a social match is really important.
• 8:56
  SPEAKER_02: And then geography is important too.
• 8:58
  SPEAKER_02: And then, of course, the finances are important.
• 9:02
  SPEAKER_02: Families need to know how to pick the college that will give them the most possible money, free money to attend.
• 9:10
  SPEAKER_02: And so the proper research and the proper matching will help the student check all those boxes.
• 9:16
  SPEAKER_02: So that's what student positioning is about.
• 9:18
  SPEAKER_01: Okay, and you help students do that with the parents?
• 9:21
  SPEAKER_01: Okay.
• 9:22
  SPEAKER_01: Oh, that's awesome.
• 9:23
  SPEAKER_01: That's awesome because you everything you just said, yeah, you're right.
• 9:26
  SPEAKER_01: Because I remember I went to SIU in Carbon, Illinois, and that was considered the partying school person.
• 9:32
  SPEAKER_01: And I was only 16 when I went to college.
• 9:34
  SPEAKER_01: I didn't know, but I knew when I went, I did not want to waste my parents' money.
• 9:39
  SPEAKER_01: I recorded a party.
• 9:40
  SPEAKER_01: So my parents were happy.
• 9:41
  SPEAKER_01: Oh, you got a C.
• 9:42
  SPEAKER_01: They were happy with the C.
• 9:43
  SPEAKER_01: I said, I'm trying to get the B and the A.
• 9:45
  SPEAKER_01: And I ended up going up to B and A, but I knew it was important because I did not want to waste my parents' money for going to college.
• 9:53
  SPEAKER_01: So thank you for saying that.
• 9:54
  SPEAKER_01: Really, I really wish you were around a lot earlier during that time here, but now you can help the future generation.
• 10:01
  SPEAKER_01: Let's put it that way, right?
• 10:03
  SPEAKER_01: So why has college become so expensive?
• 10:07
  SPEAKER_02: So that's an interesting topic.
• 10:09
  SPEAKER_02: So one thing about things becoming more expensive in general, I think that a lot of people don't think about is the dollar is losing purchasing power.
• 10:18
  SPEAKER_02: So that's number one.
• 10:20
  SPEAKER_02: Every dollar we have is buying less and less.
• 10:22
  SPEAKER_02: It is being devalued.
• 10:24
  SPEAKER_02: If you know anything about the history of money, that's just what happens.
• 10:28
  SPEAKER_02: All these empires, they devalue their currency, it buys less and less, it becomes more and more worthless.
• 10:34
  SPEAKER_02: That's one thing that's happening in the economy, period.
• 10:37
  SPEAKER_02: But another reason that college is becoming more and more expensive, I have seen a lot of information suggesting that because of the easy availability of loans, that has pushed up the cost of college.
• 10:56
  SPEAKER_02: And sometimes you will see colleges really pushing loans, really pushing the federal loans and pulling back on some of the funds that they have to offer, they're using the loans.
• 11:08
  SPEAKER_02: And so we've got this student loan that that's just spiraling.
• 11:12
  SPEAKER_02: So if people knew more about how they could get more free money, and even if you have to get loans, minimize the amounts of loans that you get, that would be really helpful.
• 11:24
  SPEAKER_02: But that's one of the things that people are saying is increasing the cost of college.
• 11:29
  SPEAKER_02: But colleges, like every other business, they have a budget.
• 11:34
  SPEAKER_02: They have huge, tremendous overhead.
• 11:37
  SPEAKER_02: And so the same factors that affect other businesses affect colleges too.
• 11:41
  SPEAKER_02: So costs are going up, just the cost of business is going up as well for them, like everybody else.
• 11:49
  SPEAKER_01: I I love that.
• 11:50
  SPEAKER_01: And I said that was my next question about why are student loans not the only option?
• 11:54
  SPEAKER_02: I think the student loans should be the last resort because there are primarily four places where money comes from for undergraduate students.
• 12:04
  SPEAKER_02: And I'll give those to you in order of the largest pool of money down to the smallest pool of money, the federal government.
• 12:18
  SPEAKER_02: Number one, highest, largest pool of money, federal government.
• 12:23
  SPEAKER_02: Number two, the colleges.
• 12:27
  SPEAKER_02: Number three, states.
• 12:32
  SPEAKER_02: Number four, private scholarships.
• 12:37
  SPEAKER_02: And most people go after the private scholarships, that's all they think about.
• 12:41
  SPEAKER_02: Private scholarships, private scholarships, private scholarships.
• 12:44
  SPEAKER_02: That's the smallest pool of money.
• 12:45
  SPEAKER_02: It's a lot of money, but it's the smallest pool.
• 12:48
  SPEAKER_02: And so our student positioning program, as well as what we also call financial positioning, are our primary focus.
• 12:58
  SPEAKER_02: Yes, look for scholarships, add that on, but scholarships are not a good plan.
• 13:03
  SPEAKER_02: You can't plan to go to college around scholarships.
• 13:07
  SPEAKER_02: They're so competitive.
• 13:09
  SPEAKER_02: The average student who gets a scholarship only gets around$76,000,$7,800.
• 13:15
  SPEAKER_02: That's not enough to cover college costs.
• 13:18
  SPEAKER_02: Back to student positioning.
• 13:20
  SPEAKER_02: The looking to the largest pool of money other than the government is where we help families get a lot of free money.
• 13:32
  SPEAKER_02: Wow.
• 13:32
  SPEAKER_02: Yeah, so loans are not loans, should be the last resort.
• 13:38
  SPEAKER_01: Wow.
• 13:38
  SPEAKER_01: So you help that's interesting because actually my uh grandson, I told you he was going into a fact school.
• 13:44
  SPEAKER_01: Do you help with that as well?
• 13:47
  SPEAKER_02: Yes, because even the trade schools and two-year colleges, those students are eligible for Pale Grants.
• 13:54
  SPEAKER_02: So those students can still get Pale grants.
• 13:57
  SPEAKER_02: Those the two-year colleges don't necessarily always offer all of the same types of law of scholarships and grants as four-year colleges and universities.
• 14:07
  SPEAKER_02: And the four-year colleges and universities are my focus.
• 14:11
  SPEAKER_02: But when students complete the FAFSA, the financial positioning side of things, that planning benefits the two-year and vocational students as well, because the FAFSA is required for those schools.
• 14:24
  SPEAKER_02: So from that standpoint, we can help those students more too.
• 14:29
  SPEAKER_02: Okay, that's good.
• 14:30
  SPEAKER_02: That's good to know.
• 14:30
  SPEAKER_01: Qualify for more financial aid.
• 14:33
  SPEAKER_01: Because FAFSA, that's the first thing they should be doing.
• 14:35
  SPEAKER_02: Is that the first thing or it's not the first thing, but it's important.
• 14:40
  SPEAKER_02: And one of the things that families don't do, they don't start thinking about the FAFSA and planning to complete the FAFSA sooner.
• 14:52
  SPEAKER_02: Most families think about the FAFSA once it's open and time to fill it out.
• 14:59
  SPEAKER_02: But there are strategies that families can use to influence the outcome.
• 15:06
  SPEAKER_02: What you get when you complete the FAFSA is called the student aid index.
• 15:10
  SPEAKER_02: That number is what gets sent to the colleges to let them know your eligibility for financial aid.
• 15:17
  SPEAKER_02: They use it in the calculation to determine how much demonstrated need you have.
• 15:21
  SPEAKER_02: If we can get families to start planning freshman year, sophomore year, just like business owners with a good accountant can plan ahead to reduce their tax liability, there are strategies that families can use if they plan ahead so that those numbers that they put on the FAFSA, and they will be truthful.
• 15:44
  SPEAKER_02: We do not lie or exaggerate on the FAFSA, but the numbers will be truthful.
• 15:50
  SPEAKER_02: We can help the families strategize and plan how to maneuver their income and assets to increase eligibility.
• 16:00
  SPEAKER_02: So that's so it's I think one of the biggest mistakes that families make in the process is waiting too late to start thinking about the FAFSA.
• 16:09
  SPEAKER_02: And they just don't understand.
• 16:11
  SPEAKER_02: They just don't know what the FAFSA entails and how and how the output works.
• 16:18
  SPEAKER_01: So that's good.
• 16:19
  SPEAKER_01: You actually answered a lot of the questions that I was gonna ask you.
• 16:22
  SPEAKER_01: So thank you for doing that.
• 16:23
  SPEAKER_01: I appreciate it.
• 16:24
  SPEAKER_01: So how does college planning affect long-term finances?
• 16:28
  SPEAKER_01: I'm sure that you see that a lot.
• 16:31
  SPEAKER_02: One of the things that we really try to help parents avoid is rating their retirement to pay for college.
• 16:39
  SPEAKER_02: And sometimes when the families don't get the financial aid that they need and they have to come out of pocket, they'll borrow from their 401k or take distributions or liquidate stocks or different things.
• 16:54
  SPEAKER_02: And we really don't want parents to do that.
• 16:58
  SPEAKER_02: It shouldn't be necessary.
• 17:00
  SPEAKER_02: But definitely paying for college can impact long-term finances, especially if there are excessive loans involved.
• 17:10
  SPEAKER_02: A student with a lot of loans can end up burdened with those loans for the rest of their lives.
• 17:14
  SPEAKER_02: And if the loans do not have favorable repayment terms, sometimes those payments can continue to increase.
• 17:24
  SPEAKER_02: Those rates, they might get variable rates if they don't get fixed loans for the federal government.
• 17:30
  SPEAKER_02: If they end up defaulting due to some sort of hardship, it can impact their credit, which impacts other areas of life.
• 17:40
  SPEAKER_02: So paying for college has a huge impact on long-term finances.
• 17:47
  SPEAKER_01: Yeah, yeah.
• 17:48
  SPEAKER_01: I can believe that because actually my daughter, she's still paying for hers from when she went to college.
• 17:54
  SPEAKER_01: Just adds on and then it doesn't go down.
• 17:56
  SPEAKER_01: You keep adding on.
• 17:58
  SPEAKER_01: No, thank you for saying that.
• 17:59
  SPEAKER_01: So what are two or three steps parents can take today?
• 18:03
  SPEAKER_02: Today.
• 18:04
  SPEAKER_02: Right now, it's the season that students are looking at their award letters.
• 18:11
  SPEAKER_02: So the award letters, the colleges, you get your acceptance letter, yay, I got in.
• 18:16
  SPEAKER_02: Then in a lot of cases, the award letter will be separate.
• 18:19
  SPEAKER_02: And that award letter will tell them this is what the college will offer you freshman scholarship, Pell Grant, all the diff from the government, all the different things that the college will offer, and then there'll be a balance due.
• 18:32
  SPEAKER_02: A lot of people look at the award letters like, oh, this is my bill.
• 18:38
  SPEAKER_02: They don't look at the award letters as a negotiable offer, which is what they are in most cases.
• 18:46
  SPEAKER_02: So I think families need to learn how to.
• 18:53
  SPEAKER_02: I talk about it in the revised and updated edition of the book.
• 18:56
  SPEAKER_02: Families can learn how to appeal those award letters and get more money.
• 19:02
  SPEAKER_02: That's an important thing for students who are seniors right now looking at those letters.
• 19:07
  SPEAKER_02: There's a way to get more money.
• 19:10
  SPEAKER_02: I can't guarantee how much you'll get because it really setting up an effective appeal starts before the letter shows up.
• 19:18
  SPEAKER_01: And that's the education part about people because they don't think, okay, we got the they don't think to to challenge it, to to revise it.
• 19:26
  SPEAKER_02: Unless you get a full ride.
• 19:29
  SPEAKER_01: Yeah.
• 19:29
  SPEAKER_02: Or you get enough and your parents are just like, we got it, don't worry about it, which is not the case for most people.
• 19:36
  SPEAKER_01: Yeah.
• 19:36
  SPEAKER_02: Appeal.
• 19:38
  SPEAKER_02: It does not hurt to it does not hurt you to ask.
• 19:41
  SPEAKER_02: They won't say, oh, since you're asking for more, are we going to take back what we offered?
• 19:45
  SPEAKER_02: There's no penalty for appealing for more.
• 19:48
  SPEAKER_02: There's no penalty.
• 19:50
  SPEAKER_02: So it's worth it to give it a try.
• 19:53
  SPEAKER_01: Okay, that's good to know.
• 19:54
  SPEAKER_01: So how can lower income families prepare?
• 19:58
  SPEAKER_02: I think lower income families in some cases are in an even better position than most families, which are middle-income families.
• 20:08
  SPEAKER_02: And I say that because especially if there are high-performing students that are low income.
• 20:15
  SPEAKER_02: A low-income student who's also high performing can benefit from both sides of the financial aid picture.
• 20:22
  SPEAKER_02: They can benefit from demonstrating a lot of financial need.
• 20:26
  SPEAKER_02: And so those colleges that have large endowments and a lot of money to give, they can benefit from applying to those colleges.
• 20:35
  SPEAKER_02: They can also benefit from the colleges that have generous merit aid packages for their great test scores and excellent talents and abilities and GPA.
• 20:46
  SPEAKER_02: So the lower income families can, with a strong student especially, can really benefit.
• 20:53
  SPEAKER_02: And I I think those families should really, in some cases, consider if you've got a really brilliant, talented student from a low-income family, you'll be surprised at how colleges like Harvard and other Ivies and other highly competitive colleges will pay that student to come there.
• 21:16
  SPEAKER_02: They will pay, if not all, most of their expenses.
• 21:21
  SPEAKER_02: That's awesome.
• 21:22
  SPEAKER_02: Huge endowments.
• 21:24
  SPEAKER_02: Yeah.
• 21:25
  SPEAKER_02: And they will pay.
• 21:26
  SPEAKER_02: The acceptance rates are very low.
• 21:29
  SPEAKER_02: Wow.
• 21:30
  SPEAKER_02: Very low.
• 21:31
  SPEAKER_02: But the cream of the crop students can get in.
• 21:34
  SPEAKER_02: And it doesn't matter if you're low income.
• 21:36
  SPEAKER_02: If you're a cream of the crop student, I would go for those kind of colleges.
• 21:42
  SPEAKER_01: Absolutely.
• 21:43
  SPEAKER_01: And that that's good to know because a lot of things, oh, I can't get into Harvard.
• 21:46
  SPEAKER_01: I can't do this.
• 21:47
  SPEAKER_01: But no, this it really is how you and people need to talk to you to get advice as far as what's going on.
• 21:55
  SPEAKER_02: So what I'll tell you, for example, my so I'm an engineer by profession and I'm divorced.
• 22:01
  SPEAKER_02: So when I when we were applying, my younger son, his dream school was always Harvard and he got in.
• 22:08
  SPEAKER_02: I was afraid that it wouldn't be affordable.
• 22:11
  SPEAKER_01: Okay.
• 22:12
  SPEAKER_02: But because only my income was considered, uh, a huge portion of the bill was covered.
• 22:18
  SPEAKER_02: And so he ended up going to Harvard at a cost over four years.
• 22:24
  SPEAKER_02: Wow.
• 22:25
  SPEAKER_02: Over four years, it probably added to added up to the cost of one semester out of power.
• 22:30
  SPEAKER_01: Wow.
• 22:31
  SPEAKER_01: What a blessing.
• 22:32
  SPEAKER_01: So that is a blessing.
• 22:35
  SPEAKER_01: Congratulations, especially going to Harvard and getting in there.
• 22:38
  SPEAKER_01: And it's true.
• 22:38
  SPEAKER_01: When you are a single parent, you actually end up getting more than if you're married or a double household.
• 22:45
  SPEAKER_01: So that's good to know.
• 22:46
  SPEAKER_01: I wanted to ask you about your seven proven methods, but your book is coming out, so I don't want to ask you too much about that unless you want to say I want them to get your book.
• 22:54
  SPEAKER_01: Seven proven methods.
• 22:55
  SPEAKER_01: So let me ask you something.
• 22:56
  SPEAKER_01: We're winding down here, but I definitely have to have you back on my show here.
• 23:00
  SPEAKER_01: How does education break generational cycles?
• 23:02
  SPEAKER_01: We always talk about generational cycles.
• 23:04
  SPEAKER_01: How does that break when you have an education?
• 23:07
  SPEAKER_02: I think it can help.
• 23:09
  SPEAKER_02: Number one, from an income standpoint, the there's data out there that shows the lifelong earning potential of the average student who does not complete high school versus the average student who completes a four-year degree.
• 23:25
  SPEAKER_02: We know that there are students who don't go to college who do very well.
• 23:29
  SPEAKER_02: Maybe they go to trade school, maybe they go to beauty school.
• 23:32
  SPEAKER_02: We know that.
• 23:33
  SPEAKER_02: We know that some students, some young people will excel in other entrepreneurial type careers that don't require a degree.
• 23:42
  SPEAKER_02: We know that.
• 23:43
  SPEAKER_02: But in general, a degree increases lifetime income for a student versus one who does not.
• 23:52
  SPEAKER_02: And even coming right out of college, what you can earn versus your counterparts getting a job from high school.
• 24:00
  SPEAKER_02: And people say with the loans, you end up paying loans for the rest of your life.
• 24:06
  SPEAKER_02: Not if you extract the most amount of money from the system, which is what we, which is what we teach.
• 24:12
  SPEAKER_02: So I think income, I think income is a huge game changer in a lot of cases, where a student is able to change their lifestyle and change and provide more opportunities when they have a family for their children.
• 24:28
  SPEAKER_02: And then it starts to go on.
• 24:30
  SPEAKER_02: And quite often, the first generation college student, it has to start somewhere.
• 24:35
  SPEAKER_02: It starts somewhere with a first generation college student, and then it goes on from there.
• 24:40
  SPEAKER_02: So I think I think it can be, and in many cases it is, life-changing.
• 24:47
  SPEAKER_02: And it changes a cycle.
• 24:49
  SPEAKER_02: Yeah.
• 24:50
  SPEAKER_02: For many people.
• 24:51
  SPEAKER_01: Yeah, I love because actually I was the first one that went to college.
• 24:57
  SPEAKER_01: My husband and our daughters, I told them that not going to college is not an option.
• 25:01
  SPEAKER_01: Came here.
• 25:03
  SPEAKER_01: You didn't get no choice.
• 25:04
  SPEAKER_01: Even though my daughter, she had my grandson in her junior year in college, that's okay, that happened.
• 25:09
  SPEAKER_01: But that don't mean you're gonna stop.
• 25:10
  SPEAKER_01: You're gonna continue to go.
• 25:12
  SPEAKER_01: And now you'll be 21 tomorrow.
• 25:14
  SPEAKER_02: Both of my sons wanted careers that required a degree.
• 25:18
  SPEAKER_02: If they had wanted to do something specific that did not, I would not have forced them to go to college just for the sake of going to college.
• 25:27
  SPEAKER_02: Like, for example, my sister, who's just over me, she was always very smart in school, very good grades.
• 25:34
  SPEAKER_02: Both of us did very well in school, good grades and everything, but she always loved beauty and hair.
• 25:40
  SPEAKER_02: And she went straight to cosmetology school and had a wonderful career as a hairstylist.
• 25:48
  SPEAKER_02: She's owned her own salons in different cities around the country.
• 25:52
  SPEAKER_02: She's done very well for herself.
• 25:55
  SPEAKER_02: So I would never say you can't have a successful life or earn a decent income if you don't go to college.
• 26:04
  SPEAKER_02: I would never say that.
• 26:06
  SPEAKER_02: I work with those students who want to go to college and need to go to college to achieve their career goals.
• 26:13
  SPEAKER_01: Yeah.
• 26:14
  SPEAKER_01: No, and that's so true.
• 26:15
  SPEAKER_01: Because I remember my daughter, my older daughter, she actually wanted to be architecture engineer.
• 26:21
  SPEAKER_01: And her counselor told her, well, because you didn't do good in math, then that's not going to be an option for you.
• 26:27
  SPEAKER_01: I went to that school and I told you, how dare you tell my child what she can't do?
• 26:32
  SPEAKER_01: Because she was like, Mommy, I can't do it.
• 26:34
  SPEAKER_01: No, you should never tell a student this is something that they have a vision of doing.
• 26:38
  SPEAKER_01: And she ended up being my younger one's graphic design, and she actually did go for architecture.
• 26:42
  SPEAKER_01: No, what it was the interior design.
• 26:44
  SPEAKER_01: She did interior design.
• 26:45
  SPEAKER_01: Okay.
• 26:45
  SPEAKER_01: But that's her protein.
• 26:47
  SPEAKER_01: That's what she loves doing.
• 26:48
  SPEAKER_01: But yeah, but just the counselor, you know, you got to stay on top of sometimes.
• 26:53
  SPEAKER_01: You do.
• 26:54
  SPEAKER_01: Never tell a student that they can't do this because they're not doing good in this class.
• 26:59
  SPEAKER_01: Because I was very forceful and told her she apologized for doing that, but still, I didn't want my daughter to feel like she didn't have enough brains to go and do what she wanted to do.
• 27:09
  SPEAKER_01: So let me ask you this.
• 27:10
  SPEAKER_01: So we actually rind it down, girl.
• 27:11
  SPEAKER_01: I tell you.
• 27:12
  SPEAKER_01: That went by fast.
• 27:14
  SPEAKER_01: Talk about.
• 27:15
  SPEAKER_01: Really?
• 27:16
  SPEAKER_01: So tell me, and you already had a success story that stands out, like your son who went to Harvard.
• 27:22
  SPEAKER_01: But do you have anybody else that you can say that stands out with a success story of what you've done with college cost cutters?
• 27:29
  SPEAKER_02: Sure.
• 27:30
  SPEAKER_02: Okay, I'll use a success story related to the time period that we're in right now, which is the award appeal process.
• 27:37
  SPEAKER_02: Okay.
• 27:38
  SPEAKER_02: This is a parent who came to us late stage, we call it, because the they actually the family actually had three students.
• 27:47
  SPEAKER_02: And so the oldest student, it was senior year for the oldest student.
• 27:51
  SPEAKER_02: So there were applications already in, award letters were coming.
• 27:56
  SPEAKER_02: And so we did the award appeal process for this older student.
• 28:01
  SPEAKER_02: And we have a whole process for what we look for in each letter and how we find the holes and where maybe there's money left on the table.
• 28:09
  SPEAKER_02: And so we helped the parent write a letter to the school to request an appeal.
• 28:18
  SPEAKER_02: And they quickly responded with an increased offer by$7,500.
• 28:24
  SPEAKER_02: So they added$7,500 to their package.
• 28:27
  SPEAKER_01: Wow.
• 28:27
  SPEAKER_01: That's awesome.
• 28:28
  SPEAKER_01: And you helped them write that letter to appeal.
• 28:32
  SPEAKER_01: That's great.
• 28:33
  SPEAKER_01: That's awesome, I tell you.
• 28:34
  SPEAKER_01: So do you do this for all 50 states or is it just in Michigan, or do you do it all over?
• 28:40
  SPEAKER_02: All over the U.S.
• 28:42
  SPEAKER_02: Because we can work like this on Zoom with families that are from other cities and states.
• 28:48
  SPEAKER_02: So yes, all over.
• 28:50
  SPEAKER_02: We've worked with families in Texas and Georgia and Florida and other states.
• 28:55
  SPEAKER_01: So yes.
• 28:57
  SPEAKER_01: That's awesome.
• 28:58
  SPEAKER_01: I because I've never heard of college cost cutters.
• 29:00
  SPEAKER_01: You really brought something that's great to know.
• 29:04
  SPEAKER_01: And a lot of people don't know this exists.
• 29:06
  SPEAKER_01: So thank you for sharing your story.
• 29:08
  SPEAKER_01: So what final encouragement would you give families?
• 29:12
  SPEAKER_02: I would just encourage families, especially those families of students that are freshmen, sophomores, start thinking about the process sooner and seek to be more proactive and buy the book.
• 29:33
  SPEAKER_02: Open your mind to some of the concepts that that you may not realize that you're not thinking about.
• 29:40
  SPEAKER_02: And even have the students start to go and talk to the counselors about information that they have from colleges and encourage your school to.
• 30:30
  SPEAKER_02: It's there.
• 30:32
  SPEAKER_02: People just need to learn how to get it.
• 30:34
  SPEAKER_01: Wow, that's awesome.
• 30:35
  SPEAKER_01: Now, our daughter actually should be moved to Georgia, and Georgia has a Hope Scholarship.
• 30:40
  SPEAKER_01: She was already on the dean's list per se.
• 30:42
  SPEAKER_01: So she was able to get the Pope Scholarship and also get money from our church.
• 30:46
  SPEAKER_01: So different things that she was able to get.
• 30:48
  SPEAKER_01: I still had to have.
• 30:49
  SPEAKER_01: But see, my daughter, she actually did not want to have four roommates.
• 30:53
  SPEAKER_01: She only wanted to have one roommate.
• 30:54
  SPEAKER_01: So I said, okay, you're going to pay for your housing as far as that.
• 30:59
  SPEAKER_01: So she still would say she and I almost paid it on.
• 31:01
  SPEAKER_01: This is my younger daughter, but she's almost got it paid off.
• 31:03
  SPEAKER_01: But that's another thing as far, and but I'm the same with her.
• 31:06
  SPEAKER_01: I don't want to have four.
• 31:08
  SPEAKER_01: Because I went to Ohio State and it was eight of us in that little dome area that I said, oh my God, this is just too much.
• 31:14
  SPEAKER_01: The bathroom's fighting over.
• 31:16
  SPEAKER_01: So I'm, yeah, she's a lot like me.
• 31:18
  SPEAKER_01: But now she's paying for it.
• 31:19
  SPEAKER_01: I said, I'm not paying for that.
• 31:20
  SPEAKER_01: I help you with the Baron Plus loan.
• 31:22
  SPEAKER_01: But uh that that other stuff is something.
• 31:24
  SPEAKER_01: But no, thank you so much.
• 31:26
  SPEAKER_01: So tell me, how can people get in touch with you?
• 31:30
  SPEAKER_02: Okay, so very easy.
• 31:31
  SPEAKER_02: My website is collegecostcutter.com.
• 31:36
  SPEAKER_02: Collegecostcutter.com.
• 31:38
  SPEAKER_02: And from that website, you can also access the page to order the playbook from my website and just get a little insight on what we do.
• 31:47
  SPEAKER_02: My socials are on the website.
• 31:50
  SPEAKER_02: So you can check me out on Facebook, LinkedIn, and YouTube from the website as well.
• 31:54
  SPEAKER_02: Okay.
• 31:55
  SPEAKER_02: Everything is there at collegecostcutter.com.
• 31:59
  SPEAKER_01: Awesome.
• 32:00
  SPEAKER_01: Awesome.
• 32:00
  SPEAKER_01: That makes it even easier here.
• 32:02
  SPEAKER_01: So I see your Facebook, your LinkedIn, your YouTube, and I see your email.
• 32:06
  SPEAKER_01: So just send me, shoot me their website so I can actually add that.
• 32:08
  SPEAKER_01: That's going to be on our show notes.
• 32:10
  SPEAKER_02: Okay.
• 32:12
  SPEAKER_01: So I appreciate you coming on here.
• 32:14
  SPEAKER_01: Girl, you taught me a lot of stuff here.
• 32:15
  SPEAKER_01: I was like, wow.
• 32:16
  SPEAKER_01: Geez, what could what should have been my life 10 years ago?
• 32:20
  SPEAKER_01: Well, Mike, thank you so much for having me.
• 32:23
  SPEAKER_01: Oh, I'm so glad you are because actually I have grandkids that actually can utilize this.
• 32:26
  SPEAKER_01: So I'm sending this to our two daughters.
• 32:29
  SPEAKER_01: Say, make sure you listen to this podcast because Latinja has a lot of great information to share with you.
• 32:36
  SPEAKER_01: It's just something that we don't know what we don't know.
• 32:39
  SPEAKER_01: So just educating them and then doing that.
• 32:41
  SPEAKER_01: That's a price right there.
• 32:42
  SPEAKER_01: Yes.
• 32:43
  SPEAKER_01: So thank you so much, Latanja, for sharing your expertise and empowering families to take control of their future.
• 32:50
  SPEAKER_01: I really appreciate you coming on.
• 32:52
  SPEAKER_01: So this episode is sponsored by WD Pearson Associates, educating, empowering, and consulting families and business.
• 33:00
  SPEAKER_01: Until next time, remember collaboration is the key to success.
• 33:04
  SPEAKER_01: Thanks again, Latanja.
• 33:05
  SPEAKER_02: Thank you.
• 33:06
  SPEAKER_01: Appreciate you being on my podcast.
• 33:08
  SPEAKER_01: And we're gonna have to have a repo.
• 33:09
  SPEAKER_01: When your book comes out, we're gonna have to have you back on again.
• 33:12
  SPEAKER_01: Sounds good.
• 33:13
  SPEAKER_01: Thank you so much.
• 33:20
  SPEAKER_03: That wraps up another episode of Ready Set Collaborate with Wanda Pearson.
• 33:24
  SPEAKER_03: I hope you found inspiration and valuable insights to help you build meaningful connections and successful collaborations.
• 33:31
  SPEAKER_03: If you enjoyed today's conversation, be sure to subscribe, share, and stay tuned for more great discussions.
• 33:39
  SPEAKER_03: Until next time, keep collaborating and making an impact.