How to Maximize College Financial Aid with Paul Compeau

Are you feeling overwhelmed by skyrocketing college costs and the confusing world of financial aid? You’re not alone!

In this episode, you will be able to:

1. Learn why sticker prices are misleading and what families can actually expect to pay.
2. Find out what assets and income count against you, and how to optimize your strategy for more aid.
3. Get the facts on student vs. parent loans and how they affect your finances and credit.
4. Discover how to advocate for yourself and potentially increase your aid with the right approach.
5. See why early planning and honest conversations with your kids about money are crucial for success.

As a parent, the thought of sending your child to college presents a complex mix of pride, anxiety, and, if we’re honest, financial panic. In a recent episode of Great Dad Talks, I had the privilege of sitting down with Paul Compeau, a certified financial planner who specializes in the college funding puzzle. Our conversation opened my eyes to the strategies, myths, and realities facing today’s parents—whether your kids are toddlers or high school juniors.

The Sticker Shock: College Costs Today

Right out of the gate, Paul shared some unsettling truths about the current climate:

“College pricing is broken… There’s a bunch of schools in that 90 to $100,000 range. A few of them are right at that $99k mark, just about to pop over $100,000 per year per student.”

Whether you’re looking at private or in-state public schools, the numbers are daunting. Paul emphasized: “For two kids, we’re looking at a minimum of a quarter million dollars for most families, even at the cheapest state universities.”

The Truth About “Sticker Price”

One of the biggest shocks for new college parents is the difference between the advertised price and what families actually pay. According to Paul:

“Even the list price definitely isn’t the price that most people pay… It’s kind of like buying an airline ticket—everyone paid a different price, but they all end up in the same place.”

The key takeaway? The real cost is highly variable and depends on factors most families don’t realize they can control or negotiate.

What Counts (and What Doesn’t) in Financial Aid

One of the episode’s most practical sections was Paul’s breakdown of how assets and income affect aid eligibility. Here’s a quick rundown from our conversation:

Assets that DON’T count against you (on the FAFSA):

• Your primary residence (with exceptions at some elite schools)
• Retirement accounts like 401(k), 403(b), traditional and Roth IRAs
• Cash value of life insurance

Assets that DO count against you:

• College savings, like 529 Plans (“If you have $10,000 there and your neighbor has $0, guess who they charge more?”)
• Non-retirement investment accounts
• Savings accounts in your or your child’s name

Paul strongly advocates saving for college, but points out how important it is to know where and how to save.

Few Loans for Kids—Parents Carry the Burden

A common misconception among parents is that students can shoulder most college debt through loans. Paul corrected this myth:

“The student can’t. They’re limited—$5,000, $6,000, $7,000 a year, depending on the year. The rest, the parents are on the hook for.”

The days of students walking away with manageable debt are largely gone, leaving parents to bridge the financing gap—often at the expense of their own retirement savings.

The Emotional Rollercoaster: Talking with Your Kids

One of the toughest moments for parents is having “the talk” with their child about which schools are affordable. Paul urged dads to start this conversation early:

“Set the student’s expectation that they’re going to take a small amount of loans, that they’re going to work. We like to use between $5,000 and $6,000 a year that the student is going to pay of their own tuition…”

He also encouraged families to view the practicality of each college decision—balancing dream schools with the concrete return on investment.

How to Win the College Aid Game

Paul’s best piece of advice: start early and become an expert in three areas:

• School selection. Understand which colleges offer the best financial aid for your profile.
• Financial aid rules. Know what income and assets count, and which year’s income is used in calculations.
• Tracking deadlines. Stay organized, as “there might be six or eight different deadlines per university.”

Negotiation is Possible

Perhaps the best-kept secret is that you can (and should) negotiate with colleges:

“Most people don’t know you can negotiate with the universities at all… We average $19,000 per school per student in financial aid, and when we negotiate, we average an additional $4,800 per year per student.”

But negotiation requires preparation, insight, and the right fit—another reason to plan ahead.

Final Thoughts: The Value Is in the Fit

At the heart of our conversation was the idea that a “perfect fit” isn’t only academic or cultural—it must also work financially. As Paul reminded us:

“A fool with a plan can beat a genius with none… The people who have success are those who start early and make sure they have it all planned out.”

This episode reinforced for me the importance of proactive, informed planning—and honest conversations with our kids—to ensure college is a launchpad, not an anchor, for our families.