How To Pay For College Financial Considerations for Parents of Seniors Written by College Coach Guest Authoron February 22nd, 2022 Bright Horizons College Coach occasionally features blog posts written by guest authors. You’ll find more information about each guest author in the About the Author section on the blog post. Learn More About College Coach college payment plans, financial aid, loan, paying for college, So, you’ve submitted your admissions applications, essays, and required documents to each of your colleges, plus you’ve finished the FAFSA and/or the CSS Profile and submitted all the documentation to complete the financial aid process. You’ve heard back from some of the schools and are waiting anxiously for the rest of the decisions to trickle in; now what? Now that it’s almost March, let’s start by considering what a college is doing in this window of time after you submit your admission and financial aid applications, but before you hear from them with details. Each school may have its own process, but most are doing a mix of the following: Reviewing applications to determine which students to admit Reviewing applications to determine which students are deserving of a merit scholarship (more on this below) Looking at each admitted student’s FAFSA and CSS Profile to put together a financial aid offer letter Families should revisit their budget bottom line. Has anything changed in your household or financial situation since your student first applied to a college that would strike it from the college list? Does the amount of merit scholarships or need-based financial aid received fit into your financial framework to determine if a school is a viable option for your family? In a few short months the first semester college bill will arrive. Typically your student will receive a notice that that the charges for the upcoming fall semester can be viewed on the web portal. Parents, make sure to ask your student for their log-in information if the school doesn’t have a parent portal. Carefully review all charges and reach out to the Bursar’s Office with questions. Review your finances to see what you can afford. Maybe making two large payments in the fall and spring semesters will be difficult. That’s when a tuition payment plan might come in handy. These plans allow you to pay some or all of what you owe over a period of several months, interest-free, for a modest account setup fee. Some plans are managed by the school, and others are outsourced to companies that will collect your payment on behalf of the school. Let’s say you owe $10,000 and the school offers an eight month payment plan. You’ll make payments of $1,250/month for eight months. You can commit to these plans for a semester or a year and re-evaluate your continued use at the end of the payment term. You can use payment plans and loans together to cover the balance. These plans are a great way to reduce a family’s reliance on student or parent loans. If borrowing parent loans is part of your payment strategy, determine how much you will need to cover any shortfalls. The Financial Aid Office determines your student’s eligibility for loans based on the cost of attendance less any financial aid that has been awarded. Review the college’s direct charges—expenses you are billed for—rather than the all of the expenses that are included in the school’s annual cost of attendance if you want to minimize the amount of loans borrowed. At this point in the process you can take a much deserved breath but not a break. This time will allow you to review and apply for more private scholarships and make sure you are setting yourself up for success – maximizing scholarship opportunities and using your own resources in a way that best meets your family’s financial priorities. Zachery Gries joined College Coach after nearly seven years working in higher education enrollment management, most recently as a financial aid director. In this role he helped undergraduate students, parents, post-bac students, and graduate students successfully navigate their financial aid journey. Zachery has a master's degree in Business Analytics and has been a member and chair of committees in state financial aid associations. Work with our college finance experts to help you determine the best way to pay for college. Find Out More Related Resources Read | Posted on April 28th, 2025 College Tax Breaks: Staying Organized for Tax Season Read | Posted on March 18th, 2025 5 Reasons to Have a Job in College Read | Posted on February 28th, 2025 Education Tax Credits: What Are They and How do I Use Them?
