The Most Important Thing to Keep in Mind When Paying for College: Talk About Money Early

Aug 3

Let’s be honest—college is expensive.

For many families, it’s one of the biggest investments they’ll ever make outside of buying a home. Yet too often, families wait until senior year or even after acceptances come in, to have the conversation about how they’re actually going to pay for it. That delay can lead to heartbreak, confusion, and some really tough last-minute decisions.

So what’s the most important thing to keep in mind when it comes to financial aid and scholarships?

Start the money conversation early and keep having it.

Families Need to Be on the Same Page

One of the most painful moments I’ve witnessed is a student receiving an acceptance to their dream school, only to learn it’s not financially feasible and no one talked about that possibility beforehand.

Parents, I know these are hard conversations to have. But your child needs to know:

What you can afford
What you’re willing to pay
What you expect them to contribute
What you may be hoping to receive in financial aid or scholarships

Setting those expectations early, ideally by 10th or 11th grade, can help guide your student toward a smart, balanced college list and reduce stress for everyone when decision letters arrive.

Understanding the Financial Aid Landscape

Paying for college often involves piecing together multiple types of financial assistance. Here’s what every family should know:

1. Grants and Scholarships = Free Money

Grants and scholarships are the best kind of aid because they don’t have to be paid back. These come from:

Federal and state governments
Colleges and universities (institutional aid)
Private organizations or foundations

Encourage your student to apply for as many scholarships as possible, there are thousands out there, and every little bit helps.

2. FAFSA Is a Must

The Free Application for Federal Student Aid (FAFSA) is essential for unlocking many forms of aid, including:

Pell Grants
Work-study opportunities
Federal student loans
Some state and institutional aid

Even if you think your family won’t qualify, fill it out anyway. Many schools require it for merit scholarships or internal awards.

Pro Tip: File the FAFSA as soon as it opens (typically October 1st). Some aid is awarded on a first-come, first-served basis.

3. Look Beyond Federal Aid

Many states offer their own grant programs, and colleges often provide generous institutional aid based on financial need or academic merit. Explore each school’s financial aid website carefully to understand what’s available and how to apply.

Don’t Assume You Won’t Qualify

A common myth I hear is, “We make too much to get financial aid.”
But financial aid isn’t based on income alone, it also takes into account things like family size, number of students in college, and assets. It’s always worth submitting the FAFSA and exploring institutional aid opportunities.

Compare Financial Aid Offers Carefully

When those acceptance and aid letters start coming in, don’t just look at the total cost of attendance, look at:

How much is gift aid (grants and scholarships)?
How much is self-help aid (work-study, loans)?
What’s the net price after aid is applied?

Every school’s offer will be structured differently, so apples-to-apples comparisons are important. Don’t be afraid to ask schools questions or even appeal an aid package if your circumstances change.

Stay Organized and Aware

Deadlines Matter: Each college, state, and scholarship has its own deadlines, missing one could mean missing out on thousands of dollars.
Merit Scholarships May Have Separate Applications: Some colleges automatically consider students for merit aid; others require additional steps.
Private Scholarships Have Unique Requirements: Always read the fine print, some require essays, portfolios, or proof of financial need.
Maintain Academic Progress: Once your student is awarded aid, some scholarships require a minimum GPA to remain eligible year to year.

Avoid Scholarship Scams

If a scholarship asks for money upfront, your Social Security number, or makes big promises that sound too good to be true, be cautious. Trust reputable sources, and never pay to apply.

Seek Support When You Need It

If this all feels overwhelming, that’s okay. You don’t have to figure it out alone. Financial aid offices, high school counselors, and independent college counselors like myself can help walk your family through the process.

Final Thoughts

Paying for college isn’t just about filling out forms, it’s about planning, communication, and clarity. The earlier your family starts the conversation, the more empowered your student will be to make informed, thoughtful choices.

And remember: the goal isn’t just to get in, it’s to get through college in a way that’s financially manageable for the whole family.

Need help navigating financial aid or building a college list with cost in mind?
I’d love to help.