Understanding Loans, Interest & True Cost of Borrowing

This episode of The Black Family College Guide breaks down one of the most confusing and high‑stakes parts of the college process: the financial aid award letter. Colleges often present these letters as simple and straightforward, but for many Black families, they hide more than they reveal. Grants, loans, work‑study, “estimated” costs, and first‑year discounts can blur together in ways that make it hard to see the true financial commitment. Kris Coleman, JD, MBA, MA walks you through how to read an award letter with clarity — line by line, term by term — so you can separate real money from temporary money, identify hidden costs, and calculate what college will actually cost your family over four years. You’ll learn how to spot the traps colleges don’t explain, how to compare offers fairly, and how to protect your child from financial surprises that show up long after the excitement of acceptance fades. This is essential listening for any Black family navigating the college decision season with both hope and caution. You can find the accompanying blog — with downloadable checklists, guides, and key questions to ask — on the Wednesday following the episode at Understanding Loans, Interests, and the True Cost of Borrowing Published: 3/9/2026