Can You Actually Afford That College?

How to Know If a School Is a Financial Fit Before You Apply

There’s no sugar-coating it—college in the United States is expensive. According to the Education Data Initiative, the average in-state student living on campus at a public college spends $27,146 for one academic year. At the University of Colorado Boulder, , a recently announced 3% tuition hike for Fall 2025 will bring the cost of attendance to over $40,000/year for in-state business students.

And at Wellesley University? They’re on track to become the first school with a six-figure cost of attendance- yes, over $100,000 per year.  will have a total cost of over $100,000 next year, the first college to announce a six-figure price tag.

With costs rising across the board, it’s more important than ever to go into the college application process with your eyes wide open and a budget in hand.

If you're the parent of a high school sophomore or junior, the plan can’t be “we’ll figure it out later.” You can—and should—build a college list that fits your student’s goals and your family’s finances.

Here’s how to get started.

📊 Step 1: Know What You Have to Work With for Affording College

Before you look at colleges, look at your own numbers. Start with what you have saved—or what you plan to pay out-of-pocket.

• Do you have a 529 or investment account?

• Are you planning to cash flow part of the cost?

• Will your student be contributing?

• Is someone else, like a grandparent, planning to contribute?

Add it all up. Then divide that number by four.

College isn’t a one-year expense—it’s (ideally) four years. That division gives you your per-year college budget.

👉 Example: If you’ve saved $80,000 total, that gives you $20,000 per year. Now you have a real starting point.

🧮 Step 2: Understand Sticker Price vs Net Price

When you Google “Cost of Attendance at University X,” you’ll get the sticker price—aka the MSRP of college.

That number includes:

• Tuition and fees

• Room and board

• Books and supplies

• Transportation and personal expenses

But here’s the secret: most families don’t pay the sticker price.

Instead, use each school’s Net Price Calculator to get a personalized estimate of what you might actually pay.

✅ If it only asks about income → it’s calculating need-based aid ✅ If it also asks about GPA or test scores → it may be factoring in merit aid

This tool gives you a realistic preview of potential costs based on your family’s financial and academic situation.

🃏 Step 3: Research To Find Realistic Merit Aid Opportunities

Many families assume that all colleges give merit scholarships—but that’s not always true.

While most colleges do offer merit aid, the most selective schools often do not. And those that do (think: schools admitting 10–30% of applicants) tend to use merit aid very strategically—as an enrollment management tool, not a guarantee.

In other words, a college might be affordable—but only if your student earns a significant merit scholarship. These are what I call financial wildcard schools.

So how do you know if a school might be a financial fit?

👉 You do your research.

Here’s what to look for:

• 🎓 How many students receive merit aid? (Is it a common offer—or a rare unicorn?)

• 💵 What’s the average merit award? (Will it meaningfully reduce your cost—or barely move the needle?)

• ✅ Are awards automatic or competitive? (Some are guaranteed based on GPA/test scores. Others require applications or are given to just a handful of students.)

• 📊 Do they publish award charts or ranges? (Some colleges are very transparent. Others require more digging.)

If a college has a high net cost but offers a selective scholarship program, and your student is a strong academic match, that school can stay on your list—but with clear expectations:

“If you get this scholarship, we can make it work. If not, we can’t.”

That kind of upfront clarity saves your family stress, disappointment, and emotional decision-making later on.

💡 Example:

• College A offers a $65,000/year scholarship—but only to 5% of applicants.

• College B offers $12,000/year—to 30% of students.

Both schools offer aid—but the odds and the impact are very different.

🔍 Use tools like:

• Each school’s Net Price Calculator

• Their scholarship and financial aid webpages

• The Common Data Set (look at sections H2A and H2D)

This is where the real strategy kicks in. When you match your student’s academic profile to real data, you can separate wishful thinking from viable, smart options.

❗ Step 4: Be Honest About What’s Feasible (and How You Might Close the Gap)

Once you do the research, ask:

• Can we afford this school based on our budget?

• If not, can we realistically close the gap?

And by “realistically,” I don’t mean hoping for a miracle or crossing your fingers until decision day.

I mean sitting down and identifying actual, reliable ways to bridge the gap:

💵 1. Cash Flow During College

Could you reallocate monthly spending to contribute more during those years? Some families free up a few hundred dollars a month once high school expenses (like sports or tutoring) drop off.

🧑‍🎓 2. Student Contributions

Could your student work part-time during school or summers? Even contributing $3,000–$5,000 per year can make a big difference.

💰 3. Payment Plans or Financing (Responsibly)

Would a manageable student or parent loan be possible—with a clear plan to repay it? Only consider loans if they won’t derail other financial goals like retirement or saving for younger siblings.

🧮 4. Adjusting Expectations

Is there a more affordable school that’s still a great fit? Could your student start at a community college and transfer later? Sometimes the most powerful tool is a shift in perspective around what “success” looks like.

🎓 5. Outside Scholarships: Sprinkles, Not the Cake

Outside scholarships can be helpful—but they aren’t the core solution. However, only 11% of college students receive a scholarship.

Most are:

• Small ($500–$2,500)

• One-time awards

• Highly competitive

Think of them as sprinkles on an already-baked cake—a nice bonus, not a budgeting strategy.

If you’ve done the math and the numbers don’t work, it’s okay to say “this school isn’t a fit”—no matter how great it looks on paper.

That might feel disappointing in the moment, but it saves your student (and you) from heartbreak later on.

🛠 Bonus Tip: Create Three Financial Categories for Your College List

1. Likely Affordable (e.g., in-state public schools or schools with strong need-based aid)

2. Financial Wildcards (schools that might work—but only if major aid comes through)

3. Not Financially Viable (schools that remain too expensive, even with scholarships or aid)

Be honest about which category each school falls into. This helps your student apply with clarity and confidence.

✨ Final Thoughts

You are not “cheap” or “limiting your child’s dreams” by being realistic. You are being strategic, intentional, and responsible.

By setting your college budget early and evaluating financial fit before hitting “submit” on those applications, you’re doing your student—and your family—a huge favor.

Want help building a college list that fits your academic, social, and financial goals? That’s exactly what I do. Re

ach out and let’s build a plan that makes sense for your student and your budget.