College Planning: From Saving to Move-In Day
Get practical college planning guidance, clear financial aid information and helpful budgeting tools so your family can prepare for higher education while protecting your own financial future.
College planning typically includes four key financial stages:
- Estimating the full Cost of Attendance (COA) and comparing it with available savings and other funding options two to four years before college
- Completing the FAFSA and exploring merit- and need-based aid during the fall of senior year
- Reviewing award letters in the spring to understand each school’s true “net price” and thoughtfully cover any remaining gap
- Helping your student build everyday money-management skills with checking and budgeting tools before move-in day
Start with the Big Picture: College Costs and Savings
When to start: Freshman or sophomore year of high school (two to four years before college)
What you’ll accomplish:
- Get a clear estimate of the full cost of college—including tuition and everyday expenses—and see how your current savings compare.
- Turn a large, uncertain expense into a more manageable plan without feeling like you need to have every dollar saved today.
- Have an open conversation about available resources, expected costs and how the student can prepare to manage expenses.
What does college cost beyond tuition?
Tuition is only one part of the college bill. A more useful planning number is the school’s Cost of Attendance (COA), which includes two types of expenses:
- Direct Costs (Billed by the School): Tuition, required campus fees and standard on-campus room and board.
- Indirect Costs (Paid Separately): Textbooks, course software, a laptop, travel between home and campus, and personal living expenses.
Planning for both types of costs can help your family avoid budget surprises during the school year.
Estimate tuition, room and board at public and private schools, then see how different monthly savings amounts could help close the gap.
How can you save for college while staying on track for retirement?
A helpful rule of thumb is to protect your retirement first. Students may have access to scholarships, grants, part-time work and loans to help pay for college, but there is no financial aid for retirement.
A sustainable savings plan can help build available resources without relying too heavily on home equity or retirement funds.
Work through a self-paced simulation to explore savings options such as 529 plans, set realistic contribution goals and help protect your household cash flow.
Find Financial Aid and Scholarship Opportunities
When to start: Junior year through fall of senior year (1 year out)
What you’ll accomplish:
- Complete the FAFSA with confidence and look for grants and scholarships that can lower out-of-pocket costs.
- Make financial aid forms and unfamiliar terms easier to understand, one step at a time.
- Help your student explore every funding option available, regardless of your household income or financial background.
Why should every family complete the FAFSA?
Some households assume a student won’t qualify for aid because of income. Even so, completing the Free Application for Federal Student Aid (FAFSA) can still open important doors:
- Access to Merit Aid: Some colleges require a FAFSA before awarding institutional academic or athletic scholarships, even when a student does not qualify for need-based aid.
- Eligibility for Federal Student Loans: Completing the FAFSA is required for Federal Direct Student Loans, which offer fixed interest rates and certain federal repayment protections.
- Support If Your Finances Change: If the household experiences a job loss, medical emergency or other financial change, having a FAFSA on file may help the financial aid office review your circumstances more quickly.
The FAFSA also produces a Student Aid Index (SAI), which schools use when determining eligibility for federal and institutional aid.
Walk through an interactive overview covering FAFSA deadlines, required tax forms, and how the Student Aid Index (SAI) is calculated.
What is the difference between gift aid and self-help aid?
As you compare ways to pay for college, it can help to sort funding into two categories:
- Gift Aid (No Repayment): Scholarships and grants based on financial need, merit or other eligibility requirements.
- Self-Help Aid (Earned or Repaid): Federal Work-Study, which students earn through part-time work, and student loans, which must be repaid.
Explore practical ways to find, apply for, and secure private and institutional scholarships to help offset the cost of attendance.
Compare College Offers and Make a Confident Choice
When to start: Spring of senior year (March to May)
What you’ll accomplish:
- Compare financial aid offers side by side, understand each school’s true cost and identify practical ways to cover any remaining balance.
- Feel confident that your student’s borrowing plan is realistic and manageable after graduation.
- Choose the college that offers the best overall fit and value—not simply the most familiar name or lowest published price.
How do you calculate a college’s “net price”?
Financial aid letters can look very different from one school to another, and loans may be grouped together with scholarships and grants. To compare offers more clearly, use this formula:
{Net Price} = {Total Cost of Attendance (Direct + Indirect)} - {Total Gift Aid (Grants + Scholarships)}
Do not subtract loans or work-study when calculating net price. Loans must be repaid, and work-study funds are earned through employment.
Unpack the hidden, day-to-day expenses of living on or off campus—from textbooks and laundry to dining out—to build a comprehensive semester budget.
How can students cover the remaining tuition gap?
If scholarships, grants, savings, current income and federal student loans do not fully cover the net price, the student may need to close a funding gap. Consider these options in order:
- Federal Direct Loans for Students: Start with available federal subsidized and unsubsidized student loans because they include federal repayment options and protections.
- Tuition Payment Plans: Many schools let students spread a semester bill across monthly payments, which may reduce the need to borrow.
- Private Student Loans or Credit Union Options: If additional borrowing is needed, compare Federal Direct PLUS loans with private student loans. Look closely at interest rates, fees, repayment terms and available discounts before choosing.
Compare borrowing options, repayment terms and available rate discounts to find a responsible way to close the remaining gap.
Prepare Your Student to Manage Money on Their Own
When to start: Summer before college (June to August)
What you’ll accomplish:
- Set up an easy-to-use checking account and a practical budget for food, books and everyday expenses.
- Feel more comfortable knowing your student has tools to manage money while living away from home.
- Give your student room to build independence while staying available for guidance along the way.
How can students avoid common banking fees at school?
College brings new day-to-day spending decisions. When choosing a student checking account, look for three features:
- No Monthly Maintenance Fee and Low Minimum Balance Requirements: Students should be able to keep a smaller balance without being charged a monthly fee.
- Convenient ATM Access: Check for nearby branches or ATMs and access to a surcharge-free ATM network around campus.
- Helpful Digital Tools: Low-balance alerts and debit card lock and unlock features can make it easier to keep track of spending and respond quickly if a card is misplaced.
Help your college student manage everyday money with a no-monthly-fee checking account, convenient ATM access and easy-to-use digital banking tools.
How can you build a realistic semester budget?
Before move-in day, identify predictable and flexible expenses, available resources and the costs the student will be responsible for managing:
- Predictable Essentials: Tuition, meal plans, housing, health insurance, books and necessary travel.
- Flexible Spending: Dining out, rideshares, entertainment and personal shopping.
Help your student distinguish fixed and flexible expenses, make thoughtful spending choices and practice building a first monthly budget.
Get Ready for Student Loan Repayment
When to start: Approaching college graduation (or early planning)
What you’ll accomplish:
- Know when payments begin and explore whether consolidation or refinancing could make monthly payments simpler.
- Move into repayment with a clear plan and fewer surprises.
When does student loan repayment begin?
Many federal and private student loans include a six-month grace period after graduation—or after a student drops below half-time enrollment—before payments are due. Terms can vary, so check each loan’s details.
Use this time to identify each loan servicer, review interest rates and repayment options, and consider whether consolidation or refinancing could make payments easier to manage once your student has steady income.
Learn how consolidating or refinancing eligible federal and private student loans into one monthly payment may simplify repayment or reduce interest costs.
Get in Touch
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