Sandwich Generation Series: College Financing Decisions with Finiverse

20/02/2025 1h 1min Episodio 9
Sandwich Generation Series: College Financing Decisions with Finiverse

Listen "Sandwich Generation Series: College Financing Decisions with Finiverse"

Episode Synopsis

Nick and Moraya talk with Dr. David Musto from Wharton about Finiverse, an app designed to help families navigate college financing decisions. Guest Expert 🎤Dr. David K. Musto - Ronald O. Perelman Professor in Finance and Faculty Director of the Stevens Center for Innovation in Finance at the Wharton School. Expert in consumer credit, predatory lending, and financial distress.🥘 Key Insights:$1.7 trillion student loan debt affects 43 million Americans (average $38,000 per borrower)Finiverse uses "multiverse" approach to simulate different financial outcomesParents start "pre-suffering" about college when children are still in elementary schoolChildren pick up on college financing anxieties even when not directly discussedSafe learning environments where students feel represented significantly impact outcomesFinding the right educational environment (teaching styles, diversity, culture) is as important as financingEssential Planning Steps 📋Research 529 college savings plans in your state for tax advantagesLook beyond college "sticker prices" to understand actual costs after financial aidUnderstand federal vs. private student loans (federal loans offer more protections)Learn about income-driven repayment options for federal student loansConsider multiple educational pathways rather than focusing on one optionDiscuss what "psychological safety" in education means for your specific childWhat conversations can families have right now? ❤️Talk openly about family financial resources and limitationsStart age-appropriate conversations about education costs earlierCreate psychological safety for children to ask questions about collegeExplore with your child: "Where do you feel most comfortable learning?"Discuss environments where your child feels respected, challenged, and engagedConsider how identity, diversity, and belonging impact educational experienceObserve what settings bring out your child's natural curiosity and strengthsMemorable Quotes 💭"You're making this borrowing decision and taking this multiverse approach to thinking about your future." - Dr. Musto"The unknown creates so much fear in our brains. Curiosity helps you push past fear." - Moraya"Student loans represent a fundamentally complex cost-benefit analysis because the benefit is uncertain." - Dr. Musto"You're going to be the only advocate for your kid." - NickResources Mentioned 📚Finiverse.org - Interactive college financing simulation appFederal student loan income-driven repayment programsFAFSA (Free Application for Federal Student Aid)529 College Savings PlansHillmanTok - Digital community where Black educators teach Black history and culture, demonstrating how communities create culturally affirming learning spaces in the present moment📱 Join Our Kitchen Table ConversationsWebsite: www.homeecpodcast.comSocial Media: @homeecpodEmail: [email protected] + [email protected] you're years away from college decisions or currently navigating them, we welcome you to our ongoing conversation about managing the financial, emotional, and relational aspects of education planning. You are not alone in your presuffering anxieties; we share them, even though two of our combined three children have not yet started kindergarten. Hosted on Acast. See acast.com/privacy for more information.