Smart Strategies for Paying for College Without a Lifetime of Debt

From the emotional rollercoaster to practical strategies, independent college consultant Lee Norwood joins us on the "Do it For Yourself Podcast" to cut through the myths and help families make smarter, less stressful, and more affordable college decisions.

Introduction: More Than Just an Application

Folks, let’s be honest sending your child off to college is one of the biggest, most emotional transitions a family can go through. As a parent (and financial advisor!) myself, I’ve been through the highs and lows: the campus tours, the anxious nights waiting for decisions, and those eye-watering tuition numbers. This week, I had the pleasure of hosting Lee Norwood, aka the “College Shark,” for a candid conversation about the “sideline parent” noise, the real trends in college admissions, and what it takes to find the right school for your kids without losing your mind or your shirt.

The Application Explosion: Why College Is Harder to Get Into (and Isn’t)

Lee dropped a truth bomb right up front: the college admissions game has changed dramatically. The rapid move to test-optional policies during Covid, grade inflation, and the rise of the Common App have all created what she calls “application inflation.” In plain English? Students today are applying to more schools than ever before 10, 15, even 17 schools in some cases and that’s driving down acceptance rates at popular institutions.

But don’t panic. As Lee points out, many of these super-selective schools are actually letting in the same number of kids as before. “It just looks scarier because everyone’s rolling the dice,” she says. The real lesson? Acceptance percentages aren’t always what they seem don’t lose sleep over the hype.

The True Value of Test Scores (and Why Grades Aren’t What They Used to Be)

The test-optional trend isn’t going away entirely. Some states like Florida, Georgia, and Tennessee are returning to requiring scores; others still allow you to skip them. So, should your child take the SAT or ACT?

Lee’s advice is clear: if you can, submit a score especially if you want scholarships or merit aid. “It shows college readiness. The better your score, the better your shot at aid,” she emphasizes. And with A’s now the most popular grade thanks, grade inflation those test scores can be an important differentiator. “A’s used to be something you fought for; now they’re handed out,” Lee jokes, highlighting how test scores can give your student a leg up, especially in competitive applicant pools.

The Emotional Side: Setting Realistic Expectations

Let’s get real for a minute. The emotional stakes are sky-high when your child applies to college. Lee shares a frank observation: “Fifty percent of parents are still in the ‘if they get in, we’ll figure it out’ camp. That’s a bad strategy.” It’s tempting to chase dream schools and tell ourselves we’ll sort out the money if it happens, but hope is not a financial plan.

As a financial advisor, I couldn’t agree more. Lee’s advice? Start talking budget and affordability early before anyone falls in love with an impossible price tag.

Finding the Goldilocks List: How Many Schools Should You Apply To?

Here’s where Lee’s expertise as an independent counselor shines. She recommends most students stick to nine or ten applications, carefully curated to match their academic, social, and financial fit. The days of shotgun applications are done; it’s about thoughtful selection.

And before you buy plane tickets for every school on your list, start local. Visit schools within a couple of hours’ drive to learn what you do and don’t like. It’s about getting a feel for campuses, so you can refine your real list, not rack up travel points.

The Rise of the “Public Ivy” and the State School Squeeze

Florida parents, listen up: the days of treating state schools as safety nets are numbered. Lee explains why schools like UF, FSU, and Central Florida are now incredibly selective even more so than some private universities. Why? Solid public education systems mean more qualified in-state applicants. States prioritize their own, and when they have a strong candidate pool, out-of-state spots get rare and expensive.

For kids in states with less robust public schools, like Alabama or Mississippi, out-of-state opportunities can be abundant—and more affordable, since those schools are looking to fill classrooms. But beware, the best aid comes from institutions that want you, so tailor your list to schools that are eager to meet your student where they are.

Money Matters: Don’t Mortgage Your Child’s Future

Here’s the golden nugget: the biggest scholarships and discounts merit or need-based almost always come from the schools themselves. Lee urges every family to use each college’s Net Price Calculator well before decision time, and to negotiate any award offers in the spring when the balance of power shifts to you. Never accept blindly ask for more and see what you get.

And remember: college is just the beginning. Lee warns against blowing your budget on undergraduate prestige when grad school is the real goal. No one asks your doctor where they went undergrad only that they got to the right medical or law school later.

Sideline Parent BullS&t: Tune Out the Noise

Let’s call it what it is: advice from other parents on the sidelines is often, as Lee puts it, “bullshit.” Test scores get inflated, stories get skewed, and what worked for one kid rarely applies to another. Put on your “earmuffs,” Lee says, and focus on your own family’s data, values, and goals.

The Final Word: Guidance (and Humor) Go a Long Way

Whether it’s Lee’s affordable “College Sharks” program or working directly with a counselor, don’t go it alone. Get advice from people who know the process, have access to the data, and want to keep you from rolling a financial gutter ball.

Parents, do your homework, ask tough questions, and don’t rely on wishful thinking, your kids (and your wallet!) will thank you.