How to be ready for your child’s college tuition bills
(BPT) - Key takeaways
- Most families draw on multiple sources to pay for college.
- You can find many other sources of potential funding outside of federal student loans and scholarships from schools.
- Bridge any gap that may still exist between financial aid received and total college expenses with a private student loan from College Ave.
Is your family sending a child to college in fall 2026? You probably have a long to-do list this summer, but ensuring you can cover all the expenses is probably at the top.
Although the costs of tuition, room and board may seem overwhelming, a Parent Survey by College Ave found that most families manage these expenses by combining multiple funding sources, including scholarships, grants and student loans.
The survey also found that parents overwhelmingly believe a college degree is important for their child's future. To help parents prepare, College Ave shares tips for managing expenses.
How is financial aid applied?
At this point in the process, you filled out the Free Application for Federal Student Aid (FAFSA), your child was accepted into one or more schools and chose where to enroll. The school sent a financial aid award letter indicating the amount of grants, scholarships or federal student loans your child will receive.
After your child submits their college acceptance form, aid is usually disbursed directly to the school toward tuition, room and board. Contact the school's financial aid office regarding any remaining bills and deadlines.
How can I figure out a college budget?
The costs of tuition, room and board in 2026 are high, but there are many ways to lighten the load. For example, most schools offer payment plans to spread tuition bills throughout the year, interest-free.
Most families combine multiple resources to pay for school. According to the College Ave Parent Survey, these were the top sources:
- Regular income/savings: 67%
- Grants/scholarships: 64%
- 529 account: 45%
- Federal student loans: 41%
- Child will work: 39%
- Parent loan (parent solely responsible): 18%
- Parent side hustle/second job: 17%
- Private student loans: 16%
Colleges often provide a Net Price Calculator (NPC) on their websites to help families estimate actual costs after financial aid is taken into account.
It's also recommended to have an honest discussion with your child about expenses, involving them in decisions about working part-time while in school and exploring ways to lower costs.
Parents overwhelmingly believe a college degree is important for their child's future.
What other sources of funding are available?
According to the Parent Survey, 51% of parents were willing to defer retirement for their child's education, while 69% made additional personal sacrifices or deferred putting money in personal savings to help pay for their child's college.
Additional research may help you find untapped funds to defray some expenses. Beyond Federal and school-based aid, millions of dollars in private scholarships are awarded each year, as well as grants from local civic groups or even your employer, many of which go unclaimed. If your family belongs to any civic organization, house of worship or community group, it's worth asking about education funds.
It pays to keep searching for grants and scholarships throughout the summer and first year of school. Some may relate to your child's major, place of birth or background rather than their academic performance. Your child should contact their high school counselor and chosen school's financial aid office to explore additional opportunities.
You can also research online scholarship databases and your state's Department of Education website. One easy, no-essay scholarship to apply for is from CollegeAve.com/scholarship. A new winner is selected each month.†
How can we reduce expenses?
Did your child take AP or community college classes? They could transfer credits to their chosen school. They can still consider taking community college classes this summer, or any summer during their college career, to fulfill requirements and potentially graduate early. Check with their college to ensure credits are transferable.
Students can also economize by sharing dorm accessory costs with roommates, carpooling or using public transportation. Consider buying used textbooks, renting textbooks or using free digital copies through the university library to cut costs.
When are private student loans a good option?
You may already be borrowing funds to help pay for college. In fact, it's smart to use Federal student loans in your child's name first, as they offer unique benefits including income-based repayment not typically offered by private lenders.
If there's still a gap between received aid and college expenses, this is where a private lender with flexible repayment plans and good customer service, like College Ave, can come in. You can estimate future monthly payments, rates and repayment terms to help make your decision easier at CollegeAve.com/calculators.
Find more information on planning and paying for college at CollegeAve.com.
†No purchase necessary to enter or win. See official rules for details.
Source: BrandPoint
