How To Pay For College Without Losing Your Mind

College planning hits differently when you’re looking at it from both sides of the kitchen table. We sit down as a family team: me, Jason Taylor (certified financial planner), and my daughter Olivia, a high school junior staring straight at the “what comes next” moment. We talk honestly about what parents worry about, what students actually think about money, and why the best college savings plan is the one you can follow consistently.

We get specific about the decisions that drive the real cost of college: how much parents might cover, how to build financial responsibility without turning support into pressure, and why budgeting matters even if tuition is handled. We also dig into the strategies families lean on when the numbers feel huge, including scholarships, grants, and the value of getting expert help with FAFSA and applications when the process is overwhelming. We touch on education tax deductions and why they help, but rarely “solve” college costs.

Olivia shares what she sees among her peers, from students working jobs and saving to students spending freely, and what it feels like to watch inflation and the economy shift right as adulthood gets close. We also call out the hidden expenses families forget to plan for, like SAT and ACT fees, prep courses, and those smaller costs that stack up fast. If you’re looking for college planning, 529 plan ideas, FAFSA guidance, scholarship motivation, and real-world budgeting habits, this conversation gives you a grounded place to start.

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Transcript

SPEAKER_00 0:03

Welcome to My Pocket FP, the podcast where your wallet finally meets its financial planner and they actually get along. Join your host Jason Taylor, certified financial planner, money sensei, and your guide to financial freedom. Whether you're planning for retirement or just trying to figure out where all your money went last weekend, we've got you covered. Get ready to take control of your financial life with smart tips, surprising insights, and yes, an app that fits right in your pocket. This is My Pocket FP, because your future deserves more than guesswork.

SPEAKER_03 0:46

Today we're exploring how families can approach college planning from both the parent and student point of view. Welcome everyone. I'm Julie Schwenzer, co-host and producer with Jason Taylor, a certified financial planner and the creator of My Pocket FP, and his daughter, a junior in high school, Olivia Taylor, who is preparing for that exciting time of life beyond high school. So, Jason, if we can start with you, we're diving into perspectives on planning for college as a parent and a financial planner. What are the first considerations that hit you when you're planning for college for your daughters?

SPEAKER_01 1:24

Well, you know, obviously it depends what age they are. And you know, at this point, it's more about you know what we can do to get additional funds for college, you know, with scholarships and grants and different things like that that could possibly help out. And being nice to the grandparents now, right? And always trying to figure, you know, you know, any shortfalls we might have, how to make it up now.

SPEAKER_03 1:47

And how do you balance wanting to support your child financially, but also teach them responsibility, which we know that you do instill that, you know, regularly anyway, but how do you do all that together?

SPEAKER_01 2:00

One thing that every every couple uh needs to discuss with you know when their kids are going to college, some parents like to pay 100% of college, some 50%. Every family is a little different. But as far as far as teaching them, you know, responsibility for money, I've heard different ways of doing it. Um you know, some pay a percentage based on grade. 100% of college if you get all A's, 80% if you get all B's, uh, and just based on your average is what how they pay for the the kids' college. Um, you know, it's also a good opportunity to help them with budgeting, but even if you are paying 100%, you can give them a monthly allowance and make them stick to that allowance as their budget for the month.

SPEAKER_03 2:42

And do you use My Pocket FP, like in this case, or are there other tools or strategies that help you feel more confident about these very high long-term college costs?

SPEAKER_01 2:55

Uh you know, any um full financial plan will help you with college planning in the in the long run. In the short term, it is a lot about the cash flow and things that you would find um with elements the app will use for with MyPocket FP.

SPEAKER_03 3:12

And then if we could talk to you, Olivia, thank you again for joining us. Really excited about this. So, what do you think about like the idea of college finances? Do you find it confusing? Do you feel like you're getting enough information from resources? In addition to your parents, of course.

SPEAKER_02 3:27

Yeah, I mean, it's like something I like always think about like a lot. It's like one of the main things I think about when I think about college because like it's like a big factor. But um, yeah.

SPEAKER_03 3:38

And then what do you think about your peers too? You and other students, like, do you feel like everybody is kind of taking ownership of their financial future and you know, looking into what they might need to do in these adult years?

SPEAKER_02 3:53

I really see like both sides. I have some friends who have like jobs and they are saving a lot of money for college. And I have other friends who are like applying to a lot of scholarships. Then I there's like the other side where I have friends who just like go shopping and like spend money on food every weekend. So there's really both sides, but I think it just depends.

SPEAKER_03 4:11

Yeah, so that shows a lot of like the differences right now that have always been there, right? And what kind of conversations do you think have been helping you with your parents to understand the real cost of college?

SPEAKER_02 4:25

Um, I think it helps a lot knowing that they support me and my education. And I know that they'll support me with like whatever I decide, and they also want me to like um work on it individually to like have do make it my own, you know.

SPEAKER_03 4:41

And what are you interested in right now? Are you pretty open to a major?

SPEAKER_02 4:47

Um, I haven't like fully decided what I want to do yet. I'm still open to a lot of things. I think like if I had to go to college like right now, I'd probably go for business just because like it's a good stepping stone for a lot of different things.

SPEAKER_03 4:59

Are you into real estate like your sister?

SPEAKER_02 5:03

Um, I don't think so. I mean like it's interesting, but yeah, I don't know if I'd go into it.

SPEAKER_03 5:10

And for the listeners and and viewers too, because we stream on audio platforms and on video platforms, your sister Violet um talked about some pretty grand plans for some real estate ventures, and that was really exciting. So, I mean, you both have seem to have a very good head on your shoulders. So awesome job to you guys and your parents. Um, is there anything else that you think about when it comes to college, like the other expenses in addition to, you know, tuition, room and board, of course, eating, all those things. Do you feel like you'll be planning ahead for things? Because you know, there's a lot of surprises in adulthood.

SPEAKER_02 5:47

Yeah. I try to think about like all the different factors that like you need to think about for college, like housing and like everything. And yeah, I think it's just important to think of like all the all the things you could can, you know.

Tools For Scholarships FAFSA And Costs

SPEAKER_03 6:01

Yeah, yeah. And Jason, is there anything else that you want to add to help parents sort through all this? Because I can tell you I've attended, you know, 529 planning meetings or me, you know, where they they share a lot of information with you about what you can do for your kid to save now, how you should save, but it can seem overwhelming. What do we do?

SPEAKER_01 6:20

Right. Well, I you know, I think a big part of them is getting your kids ready for the next level as well, giving them some financial responsibility um in in high school, in middle school, where they have their own budget to work off of. Um, because you know, Olivia has learned how expensive going out to eat can be and how quickly your allowance can you know disappear or your budget uh for going out to eat. Um the other you know good you know thing with college is you can hire people to help you get scholarships, get into you know college applications, fill out FAFSA forms, and a lot of times it's worth the money to find someone who specializes in that. Um I know that's not something I do. I refer people to specialists who work with the FAFSA, work with scholarships, and work with all that stuff because it it can really um pay for itself.

SPEAKER_03 7:15

And you spoke about it too in a previous episode about the tax deductions. Um, how far does that go? It could be really helpful.

SPEAKER_01 7:24

It is helpful, but it's a couple thousand dollars.

SPEAKER_03 7:27

Yeah, yeah. And I mean, I'm sure, Olivia, you've seen a lot of changes in, you know, with inflation and a lot of a lot of things have happened with the economy as you're growing up and you're pretty close to 18. What do you think about all that? Does that feel like does it feel like, oh my gosh, like things can change so quickly? Like, how do you feel about things?

SPEAKER_02 7:48

Yeah, it's like it's kind of scary because like there's gonna be a time where I like am on my own and like I have to deal with like all the change that's happening, like just by myself.

SPEAKER_03 8:00

Yeah, it's a lot. And it seems like though, again, like you're preparing and that that's amazing, that'll go a long way.

SPEAKER_01 8:07

I think you know, being in the stage where you know Livia's 17 now, um you you always wish you could have done more. Yeah, but more saving, more planning. Um, when the time comes, you always wish you could have done more. Um, and our things, you know, I will mention as well, which I don't think I've mentioned before, um the You Promise card um is is good that you can it's you know one of those rebate programs where the money goes right into a 529 plan. So that can be beneficial. Um, the other thing has been bringing up lately is the cost of SATs and ACTs and study courses and study apps and all that for for that fun testing as well. It's something you don't really plan for.

SPEAKER_03 8:52

Oh, yeah, that's true. That's a good point. A lot of costs on your way to just get there.

SPEAKER_01 8:57

Right.

SPEAKER_03 8:59

One last thing. Everything costs, everything is just so costly. Um, but uh I just want to thank you both. This is really helpful, and it's it's great to hear both sides, you know, both points of view.

unknown 9:10

Great.

SPEAKER_01 9:10

Thank you, July.

SPEAKER_02 9:11

Thank you.

SPEAKER_03 9:12

Thank you. So great insights from you both, and we'll see you next time, Jason.

SPEAKER_00 9:20

Thanks for tuning in to My Pocket FP, where we believe small monthly changes can make big positive changes in your financial end game. If you're ready to level up your money game, head over to mypocketfp.com and download the app today. Your financial planner is now officially pocket-sized and doesn't charge by the hour. Until next time, keep your goals high, your debt low, and your pockets smart.