91����Ƶ

This post is geared towards families of high schoolers. You can share with families via email, in newsletters, on social media, or at college and career readiness events.

Conversations about paying for college can feel stressful for both students and parents. As students explore their postsecondary options, they are balancing questions about which schools they will be accepted at, where they will feel most at home, and which schools offer programs and experiences that align with their goals. These decisions can feel overwhelming on their own, even before financial considerations are added to the mix. Parents want to support their child in pursuing their dreams while also ensuring that the path they choose is financially sustainable and in alignment with their family’s resources. 

Although it may feel easiest to put off these conversations until acceptance letters and financial aid offers arrive, starting these discussions early can make the process less stressful and more manageable. Open, ongoing conversations allow students and families to establish expectations, explore options, and better understand the resources available to cover college expenses. Considering cost of attendance alongside academic programs, campus culture, and career goals can help students and their families identify postsecondary options that are a good fit, personally and academically, as well as a solid financial investment. 

Key Dates and Timelines

Knowing key financial aid dates is one of the most valuable ways to support these conversations. Financial aid offices rarely offer extensions, so understanding what needs to happen and when is essential to receiving aid. Because deadlines vary across states and institutions, it’s vital to confirm the dates and timelines specific to your student and the schools they are considering. 

‍What’s New in Federal Financial Aid‍

Several changes to federal student aid took effect on July 1, 2026, and they matter for families who are planning now. The biggest change for many families involves Parent PLUS loans, which parents have often used to cover the gap between the cost of attendance and other financial aid. Parents could previously borrow up to the full cost of attendance minus other aid, but they can now borrow no more than $20,000 per year for each student, with a lifetime limit of $65,000 per student. Students starting college in fall 2027 will be fully subject to these limits, so it’s worth factoring them in when comparing schools and financial aid offers.

Other updates affect how loans are repaid and who qualifies for some grants. Students who take out new federal loans now choose between a standard fixed repayment plan and a new income-based option called the Repayment Assistance Plan, while new Parent PLUS loans can only be repaid under a standard plan with fixed monthly payments. In addition, students whose total financial aid already equals or exceeds their school’s cost of attendance are no longer eligible for a Pell Grant, which may affect students who receive full scholarships. Because the U.S. Department of Education is still finalizing some details, families should check StudentAid.gov and talk with each college’s financial aid office for the most current information.

How To Talk About Paying for College 

Beyond knowing the financial aid timeline, it’s important to be thoughtful about what information to share, how to structure conversations, and when to begin the dialogue around financing college. These conversations can help students to develop the knowledge and confidence they need to make informed choices about their future. With early planning and a shared understanding of priorities, students and families can approach these important conversations and decisions as a team. Families can use the tips below to guide them: 

• Research college costs. Students and families can assess their eligibility for federal financial aid using the , and most colleges have an institution-specific, interactive net price calculator. These tools can provide the necessary data to support conversations about financing college. For many students, the difference between the cost of attendance and amount of financial aid offered, including loans, is sizable. With the new federal limits on Parent PLUS loans, families may have less borrowing available to close that gap than in years past. Explore what options are realistic and sustainable for your family as you begin these conversations. 
• Make a plan for scholarships. Scholarships can come from colleges, states, employers, and community organizations. Many colleges award merit scholarships automatically based on the admissions application, while others require a separate application with an earlier deadline, so check each school’s requirements. Ask your school counselor about local scholarships, which often have fewer applicants, and keep a running list of requirements and due dates, since many deadlines fall throughout the winter and spring of senior year. Be wary of any service that charges a fee to find or apply for scholarships. Finally, ask each college how outside scholarships will affect the rest of the aid offer, as some schools reduce other aid when a student receives an outside award. 
• Start the conversation early. Rather than waiting for financial aid offers from colleges to arrive, begin conversations early on to align expectations. Talking together about finances as students are exploring colleges and determining where to apply can allow for greater clarity in understanding the options that will work best for students and families. 
• Include your child in the conversation. Most importantly, be sure that you are talking with your child. Deciding which college to attend and the loan amount needed has major implications for a student’s future. Students must be part of the conversation as parents share what they are able to contribute, what financial aid is likely available, and the anticipated costs across different options. Also talk together about expectations around college employment and if that money will be used towards cost of attendance or available for other needs. 
• Complete the FAFSA together. Before starting, the student and a parent will each need to create a StudentAid.gov account. Each parent who contributes information must also give consent for the IRS to share their tax information, or the student will not be eligible for federal aid. The FAFSA is now faster to complete, and students can invite parents to fill out their sections by text. Once the form is submitted, families receive a Student Aid Index (SAI), the number colleges use to determine how much federal aid a student is eligible to receive. Sitting down together to complete the form is also a natural opportunity to talk about your family’s finances and what to expect. 
• Review all financial aid information, and ask questions as needed. Decisions about how to finance college can be highly consequential. Ensure that you and your child fully understand the details of all financial aid offers. Pay close attention to each component of financial aid offers. Grants and scholarships offer funding that does not need to be repaid. In contrast, student loans do need to be repaid. Also note which funding sources are one-time awards and those that will be available each year. Because offers are not standardized and some list loans alongside grants, calculate what each school will actually cost by subtracting grants and scholarships from the full cost of attendance. Keep in mind that cost of attendance includes indirect expenses such as books, supplies, and transportation, not just tuition, fees, and housing. 
• Help your child understand loan repayment. Many students utilize federal student loans to help pay for college. This is often the first time a student will formally borrow money. Talk with your child about interest, when loan repayment will begin, which repayment plans are available, and how that will impact their future earnings. Consider researching and sharing an average entry-level salary in their chosen field, housing costs, grocery budgets, transportation needs, and minimum required payments on their loans. This can help a student to quickly understand the financial impact of different college (and loan amount) options. 

Financial Best Fit

Understanding the financial implications of different postsecondary options is an important component of determining the right fit for your child and your family. By learning about financial aid processes and timelines and researching and comparing college costs, families can better support the process and understand the short- and long-term impact of different choices. Taking time to help your child evaluate their options, understand potential costs and responsibilities, and consider how each choice aligns with their future goals empowers them to make informed, strategic decisions that support both their educational goals and long-term financial wellbeing. 

If your student’s school offers a college and career readiness platform, it can be a valuable tool for keeping these conversations on track. Students and families can often use it to explore careers and typical salaries, research and compare colleges, track application and financial aid deadlines, and search for scholarships, all in one place. Ask your school counselor how your student can access the platform and which features are available to your family.