Jodi Okun - Secrets of a Financial Aid Pro: Master the College Funding Process and Give Your Child Lifelong Financial Skills Without Losing Your Cool

Copyright 2016 by Jodi Okun
All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law. For permission requests, email the publisher at .

Ordering Information:
Special discounts are available on quantity purchases by corporations, associations, and others. For details, contact the publisher at the address at .

All media requests should be directed to .

My views are my own and dont necessarily reflect the views of any brands or corporations mentioned within this book.

Editor and Project Manager: Marla Markman, www.MarlaMarkman.com

Cover and Interior Design: GKS Creative, www.GKSCreative.com

978-0-9973527-0-2 (Hardcover)

978-0-9973527-2-6 (Softcover)

978-0-9973527-1-9 (eBook)

Printed in the United States
FIRST EDITION
20 19 18 17 16 / 10 9 8 7 6 5 4 3 2 1

Okun, Jodi, author.

Secrets of a financial aid pro : master the college funding process and give your child lifelong financial skills without losing your cool / Jodi Okun. -- First edition.

pages cm

Includes index.

LCCN 2016903556

ISBN 978-0-9973527-0-2

ISBN 978-0-9973527-1-9 (ebook)

1. Student aid--United States. 2. College costs--United States. I. Title.
LB2337.4.O48 2016 378.30973
QBI16-600048

To my husband,
You are the sunshine of my life.

First and foremost, to my wonderful family that surrounds me: My superhuman husband, Neil, your love allows me to accomplish so much. Randi, Ryan, and Ashley, you are my whole life, and because of you three, I am a better woman every day. Thank you to my mom, Brenda, and my dad, Sandy, for your unconditional love and support.

Writing a book is much more than I imagined. It is long and grueling and requires the endurance of running a marathon. The completion of this book could not have been possible without tremendous support provided by Kathy Reandeau, Marla Markman, and Gwen Moran.

Thanks most of all to Alexandra Teixeira, hired as associate director, but undoubtedly running the company by now. Alexandra, you save me from going crazy, and you contributed more to this book than most people will ever know. #YouRule!

Because of you Ellen Friedman and one early-morning walk, my journey began. Thank you so much for everything: your friendship, collaboration, good humor for what seems like forever, or at least 20-plus years.

To my highly spirited mentors, you give me knowledge and words of encouragement every day. Anyone who achieves greatness had a mentor. Thank you to Maureen McRae Goldberg, Britt Michalean, Peg Fitzpatrick, Gina Becerril, Robin Thompson, Jean Gaudern, and Nancy Medina.

A special thank you to the creative team who made sure the book and I looked good inside and out: Gordon Gallego, Cameron Radice, Sivan Amilani, Taryn Feldt, Mimi El Zein, and Gwyn Snider. Production of this book has been a long journey, and I couldnt have done it without you.

A number of other individuals allow me to call on them regularly for advice, information, and friendship: Rieva Lesonsky and Brian Moran. And thanks to Rob Weiss, Abbe Kalin, and the whole team at Discover, who knew a phone call would start the partnership that has helped my company grow in innumerable ways.

To Melissa Smith, Laurie Raykoff, and Sharon Greenthal, thank you for always being there for me. I cherish our friendship and all the memories we share.

Last, but certainly not least, I want to thank all my clients: They are the extended part of the CFAA family, and I am so grateful for all your continued business and support.

HIGHER EDUCATION IS BELEAGUERED OF LATE: Costs keep rising, family resources keep decreasing, the government keeps regulating, and the demands from all constituencies keeps growing. Financial aid professionals are committed to students and often speak of the joy they find in their jobs. The dream of attending college is impossible without the financial resources to do so. Financial aid is the key that unlocks doors, and those who are in the profession often cant imagine doing anything else but being a part of making dreams come true. Many could move up or move over and start new careers, but most are dedicated to the ideals of access and equity and the opportunities it provides to change lives.

Jodi Okun is such a person. I first met Jodi in a virtual context. She was a student in a UCLA Extension class I taught for their college counseling online certificate program. Unlike most of the students, Jodi was not employed at a high school or college looking to further their own careers. She enrolled in the program because she was about to become an empty-nester and wanted to try something different in this new phase of her life. Many of the students openly admitted that they disliked the technical parts of higher education and considered my course as a requirement to get through, rather than an area they wanted to explore or a field they wanted to enter, but Jodi stood out from her classmates. In an online environment, it is often difficult to distinguish between students, and Jodi would have probably been just another name if she hadnt done something old-fashioned: She picked up the telephone and called me at my office at Occidental College.

She asked if she could take me out for coffee and talk to me about working in the field of financial aid. I think we spent several hours in our first meeting. This led to her volunteering in my office to learn the field, which led to her being employed as a seasonal analyzer. She was an aid administrator trifecta: 1) She enjoyed helping people; 2) she enjoyed the complexities of federal regulations, need analysis, and verification; and 3) she had a personality that flourished in an educational environment. She has since started her own business mentoring students and advising parents, but also is the brand ambassador for Discover Student Loans. It has been my honor to mentor Jodi over the years, and I (and many others) have been a part of her fan club ever since.

Secrets of a Financial Aid Pro comes at a very important time in higher education. Not only is the federal government making major changes in the way federal financial aid is applied for, but states are pulling back on their decades-long financial commitment to higher education. The cost of attending college has sky-rocketed: Fall 2016 will mark private college tuition surpassing $50,000, with total costs exceeding $70,000. Multiply that by the four to six years it takes to put a child through college, then by the number of children you have, and the total begins to daunt even those who have managed to put money aside. Short of the ber wealthy, who can afford this? That is where financial aid comes in. Only a small percentage of families pay the full cost of education; in many cases, up to 80 percent of enrolled students receive gift aid (grants or scholarships) and additional self-help (loans and work) to reduce costs, based on their ability to contribute. But accessing these funds can appear as daunting as the costs.

There are thousands of colleges in the US, and from low-cost community colleges to high-priced Ivies, they all offer financial assistance. The basic application form is called the Free Application for Federal Student Aid (FAFSA). Note that the first F represents Free, so you shouldnt pay to complete this form. But the second F is federal, which means its a government form, and the federal government sets the rules. It also means that it is an application for federal aid, and while many colleges, universities, and states use the FAFSA as a base for eligibility, completing the FAFSA is only one stop on the financial aid journey.