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Navigating the Free Application for Federal Student Aid (FAFSA)

Navigating the Free Application for Federal Student Aid (FAFSA) - An interview with a high school teacher about her experience helping students navigate the federal student loan system from start to finish and find out what advice she has for parents and students today.

By Moorea Monaco, Wealth Advisor CFP®
Published On 10/26/2021

My college roommate Maddy knows the Free Application for Federal Student Aid (FAFSA) system well. Maddy used federal student loans to finance her undergraduate and graduate degrees. As a high school teacher, she’s dedicated a large portion of her school’s homeroom curriculum to making sure her students enter college with a better understanding of how personal finances, credit, and loan amortization work. I got together with Maddy to chat about her experience navigating the federal student loan system from start to finish and to find out what advice she has for parents and students today.


Moorea: To start off, can you tell me what degrees you have, where you went to school, and how you financed your college expenses?

Maddy: Sure. I have a BA in English from the University of Oregon, a master’s in teaching from Oregon State University, and a master’s in English from Portland State University. My undergraduate degree was funded about 30% by scholarships and 70% by federal student loans. My graduate degree from OSU was paid for 100% with federal student loans and my second graduate degree from PSU was paid for by federal loans and a tuition program through my job that covered $1,000 per term.


Moorea: Do you remember what your thought process was when you were 18 and deciding to take out your first student loan?

Maddy: Yeah, there was no thought process. I answered all the questions on the FAFSA with my mom, and at the end of the application, I clicked a box that said “Yes, Accept.” There was a very basic loan counseling page that I read, but it didn’t mean much at the time because I didn’t understand the concept of amortization. It was 2009 during the financial crisis, and everyone was taking out student loans. Debt was the expectation.

Because my parents’ expected family contribution was high, I didn’t qualify for subsidized loans (loans that don’t accrue interest until after graduation) despite them not paying anything towards my college. I didn’t know my student loans were accruing interest the whole time I was in school.


Moorea: You’re in charge of writing your school’s curriculum. Are you doing anything to prepare your students to make financial decisions after high school?

Maddy: Yes! In addition to a traditional personal finance and college prep curriculum, I walk through how to fill out the FAFSA with students page by page. I do a cost benefit analysis with students where we compare the cost of tuition at three community colleges, three states schools, and one private university. I walk my students through how many hours of a minimum wage job you’d have to work to pay off the loan over a 10-year period and explain how loan amortization works.


Moorea: What advice do you have for students and parents to help offset the cost of college?

Maddy: Consider completing your general education requirements at community college. Many Oregon students qualify for free community college through the Oregon Promise Grant.

If you’re considering attending a state school and your high school covers the cost of community college classes or offers College Now classes, take these because the credits will transfer to a university.

If you’re considering a more prestigious school or private college, focus on taking AP classes and sitting for the AP exams.

All students should volunteer as it looks good on college, scholarship, and job applications.


While it is a highly valuable asset in life, college education is a big expense, and families should discuss and plan with their financial advisor to determine how to proceed with this important life decision. If you want assistance with this planning process, please reach out to us.



Disclosure: All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual. Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Merriman. The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such.

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By Moorea Monaco, Wealth Advisor CFP®

My family has said I’ve always been a worrier. I will argue that I’ve always been a planner. In college I focused my studies on urban planning, and later turned my passion for personal finance into a full-time job. Now, I am a CERTIFIED FINANCIAL PLANNER™ professional and have made a career out of planning ahead and anticipating the changing tides of life.

On the weekends you’ll find me spending time with my husband and two children. When time allows, we love going on road trips or trying new places to eat with family and friends. When I’m alone, I love getting lost in a book (or audiobook). Ask me about my road trip to the Seven Wonders of Oregon!

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