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In this week's episode, Justin Draeger, the Senior Vice President for Affordability at Strada Education Foundation and a longtime former leader in the financial aid community, breaks down some myths surrounding net price and the price students pay. He also describes how student loans can be a useful tool as long as students and families apply guardrails. He says that loans are not a problem themselves, but unmanageable debt is, especially when students don’t complete their program or borrow too much relative to what they can expect to earn with their degree. He recommends using outcomes data such as completion and repayment statistics, to evaluate schools, while remembering those numbers reflect institutional performance, not a student’s worth.
Justin emphasizes looking for “financial fit” by comparing offers side by side, and checking whether grants and scholarships are predictable and renewable year to year. He also explains how to approach financial aid appeals: be clear on whether your request is need-based or merit-based, bring new, specific information to the table, and ask questions early to cut through the complexities of the system.
Mentioned in this episode- Strada Educational Foundation - Justin's organization, focused on helping clear the path between education and work
- College Scorecard - Federal data set to help evaluate schools by Justin's suggested metrics
