Sending Kids to College
Navigate tuition, loans, and financial aid without regret
Sending a child to college is one of the most emotionally and financially significant decisions a family makes. With the average four-year college degree costing $100,000–$200,000 or more at many schools, the financial planning involved rivals buying a home. Starting early and planning well is the difference between manageable debt and a crushing financial burden.
The conversation about college financing happens on two levels: what families can save and contribute, and what students will need to borrow. Student loan debt in the US has reached $1.7 trillion, and the long-term impact of that debt shapes careers, housing decisions, and retirement savings for decades. Understanding borrowing limits, forgiveness options, and repayment strategies before signing any loan is essential.
There's no one-size-fits-all answer to college financing. The right balance of savings, loans, work-study, and institutional aid depends on your family's income, the schools being considered, and the student's career path. The calculators below help you model the full picture clearly.
Your Financial Checklist for Sending Kids to College
Understand your student loan payoff timeline
Before your student takes on debt, model exactly how long repayment will take and what it will cost.
Explore student loan forgiveness options
If your student will work in public service, teaching, or nonprofit work, forgiveness programs may apply.
Calculate your college savings rate
See how much you need to save monthly in a 529 to cover your target college contribution.
Model the power of starting a 529 early
Even modest contributions to a 529 starting at birth compound dramatically by age 18.
File the FAFSA every year
Financial aid resets annually. Never skip the FAFSA — even families with higher incomes may qualify.
Compare net price, not sticker price
The real cost of each school is sticker price minus all grants and scholarships. Compare net prices side by side.
Calculators for This Life Event
Each tool is free, instant, and built for exactly where you are right now.
Student Loan Payoff Calculator
Model repayment timelines before committing to loans — see the full 10-20 year cost.
Use Calculator →Student Loan Forgiveness Calculator
Calculate potential forgiveness amounts under PSLF or income-driven repayment plans.
Use Calculator →Savings Rate Calculator
Figure out how much to save each month to hit your college funding goal.
Use Calculator →Compound Interest Calculator
See how 529 contributions grow over 18 years with tax-free compounding.
Use Calculator →Common Financial Mistakes to Avoid
- ⚠Not filing the FAFSA because you think you won't qualify — many families overestimate the income cutoff for need-based aid.
- ⚠Taking out Parent PLUS Loans without understanding the terms — these have higher rates and fewer protections than federal student loans.
- ⚠Allowing a student to borrow more than their expected first-year salary — $100k in debt for a $45k/year starting salary creates severe financial stress.
- ⚠Ignoring 529 plans because "they might not go to college" — unused 529 funds can now be rolled into a Roth IRA (up to $35k lifetime) or used by another family member.
- ⚠Not comparing net price across schools — a $70k/year private school offering a $40k grant costs the same as a $30k/year state school. Net price is what matters.
Frequently Asked Questions
How much should I save in a 529 for college?▼
What is FAFSA and when should we file?▼
Can student loans be forgiven?▼
What's the difference between a subsidized and unsubsidized student loan?▼
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