Asian mom and daughter meeting with financial advisor in brightly lit office

Plan Ahead, Pay Less: Top College Financial Advice for High School Parents

The cost of college is daunting, but you want to help your student tackle it. Here's some great advice on how you can pay less with some early preparation.

At SMARTTRACK® College Funding, we’re asked every day by middle- and upper-middle-income parents if there’s anything they can do to make college more affordable. The problem for these families is they don’t expect much in the way of financial aid but will be challenged by the high cost of college. If they have more than one student to educate (oh boy!), their concerns multiply. The short answer is to start thinking strategically about your funding plans while your student is still two to four years away from going to college—ninth grade is optimal, 10th grade is acceptable, and 11th grade is urgent!

Financial questions parents should ask themselves

It’s okay if you don’t have all the answers to your college financial questions just yet, but delaying the conversation could cost you tens of thousands of dollars. Here are the key things families should be asking and deciding now.

  • How much can we comfortably afford?
  • Have we saved enough for all our children?
  • Will our student’s college choices be limited by cost?
  • Which of our financial resources can and should we draw upon?

The full retail cost of attendance at a four-year undergraduate institution currently runs between $80,000–$320,000 on average. Most families have not saved that much or don’t have enough cash flow to cover it. Many also believe the financial aid system is only for lower-income families, so they don’t engage in the process at all. The reality is the aid system is much larger and more inclusive than most families realize, even for those in the middle- and upper-middle-income ranges.

Related: 5 FAFSA Tips to Get the Most Financial Aid

A look at your EFC

When you submit your financial information during the FAFSA process, colleges and the government will determine the minimum amount they expect you to pay out of pocket. This calculation is called your Expected Family Contribution (aka EFC, and what’s soon to be known as the Student Aid Index). We’ve rarely met a middle- or upper-middle-income parent who got their EFC estimate and said, “No problem—this is what we can reasonably afford.” It’s usually more like, “Are you kidding me? Why is it so high?!” The reason is simple: For many middle- and upper-middle-income families, how they organize their financial life can artificially inflate their EFCs.

It’s critical for parents to review their financial profiles in the years before their student applies to college and mitigate any red flags inadvertently elevating their EFC calculations. When you give yourself the time to organize your finances—including how your income is derived, how your assets are configured, how your taxes are structured, and more—you’ll put yourself in a position to be more favorably assessed. Your tax return offers the best analogy: You’ll pay more in taxes if you don’t take every legitimate deduction available to you, right? 

The taxes factor

For high school seniors filing the FAFSA, the tax year that will be your base year for financial aid consideration is not the year prior to your student applying to college, but the year before that. Referred to as your “prior-prior year,” it means your tax return from the year your student was a sophomore or first-semester junior in high school will become the basis for grants, scholarships, and loan offers the first time you apply for financial aid. You have the power to impact that tax return, but only if you start thinking strategically in advance.

Related: 4 Tips for Families to Maximize College Affordability

Funding beyond financial aid

How you pay for college will impact how much you pay for college. When you use your resources in the most tax-advantaged, cost-efficient way possible, you can potentially save yourself tens of thousands of dollars. For example, let’s say you withdraw from your retirement account to help cover costs for your student’s freshman year of college. When you submit new financial aid applications the next academic year, they’ll assess those funds as income, which will reduce your aid eligibility. So now you’ve damaged your retirement fund and reduced your financial aid package. But when you learn to leverage your income and assets to maximize what’s available from the government and colleges, it’ll reduce the amount you may have to borrow and save you from financial burden.  

College generosity

Another big factor in maximizing your savings is for your student to consider schools that are likely to be generous to your family—as long as they are still a good fit for your student. A generous school is one that can meet your family’s financial need with more grants and scholarships and has the resources to provide merit aid to incentivize your student to accept their admission offer. A school isn’t considered generous if they fill your aid package with nothing but loan offers. Many families will miss the boat here because they’re deterred by the high price tag of private schools that might actually be very generous, making those institutions more affordable than expected.  

Related: Important Financial Aid Opportunities and Sources for You

For middle- and upper-middle-income families with students heading to college in the next few years, now is the time to get your financial house in order. This will help you maximize your student’s eligibility for grants, scholarships, and other financial aid as well as set you on a path to paying for college in the most affordable way possible given your personal circumstances. 

CollegeXpress and SMARTTRACK® College Funding are offering a free webinar for parents of high school freshmen, sophomores, and juniors on What You Need to Know Now About Paying Less for College on Tuesday, November 15 at 8:00 pm ET. Register and create a SmartTrack account now!

Like what you’re reading?

Join the CollegeXpress community! Create a free account and we’ll notify you about new articles, scholarship deadlines, and more.

Join Now

About Cyndi Menegaz

Cyndi Menegaz is the National Program Director for SMARTTRACK® College Funding, an organization that for over 20 years has helped 400,000 families pay less for college, afford what they do pay, and protect their retirement in the process. She’s also a popular speaker and conducts workshops across the country, educating and empowering parents and professional colleagues on the critically important financial piece of college planning. Prior to joining SMARTTRACK®, Cyndi had a successful career in the video business and received a degree in Communication Studies from Northwestern University. She's also the proud mom of twins who recently graduated from college debt-free!


Join our community of
over 5 million students!

CollegeXpress has everything you need to simplify your college search, get connected to schools, and find your perfect fit.

Join CollegeXpress
Alexandra Adriano

Alexandra Adriano

$2,000 Community Service Scholarship Winner, 2016

I've used CollegeXpress quite a bit as a senior, particularly for colleges and scholarships, so it's been a very big asset in that respect! I would recommend it to anyone looking to pursue a college education, especially seniors! This scholarship will help me achieve my goals in ways I couldn't have before, and I know that there are opportunities like that for everyone on the website and in the magazines!

Abhishek Kumar

Abhishek Kumar

High School Class of 2022

As a high schooler, I know how hard it is to plan for college. You have to consider a lot of factors: SAT/ACT scores, college searches, scholarships, and more. CollegeXpress has been a helpful resource that solves all these problems. One can easily create a free account and search away. They help you search for scholarships and colleges, they have graduate program search, they have lists and rankings, and so much more. CX also has a lot of articles and advice to read—whether it’s financial aid, test prep, campus visits, internships/careers, or anything. Not only that, CX gives out free scholarship money to students who sign up and create a free CX account. I love CX and will continue to use it! Thank you CollegeXpress for making my college journey easier!

Sierra Carranza

Sierra Carranza

High School Class of 2022

I had absolutely no idea where I wanted to go to school; I was considering colleges in almost every state. CollegeXpress was an amazing resource and helped me compare all of my top schools. Without the help of CollegeXpress, I probably wouldn't have made such an informed and confident decision.



High School Class of 2022

My mother signed me up for a couple of scholarship contests through CollegeXpress. I was also able to do some research and compare the different schools on my list. I was able to see the graduation rates and different programs that helped me decide on Adelphi University. I will continue looking for some scholarships for my start in September.

Yuhlani Patterson

Yuhlani Patterson

High School Student

CollegeXpress has helped me find so many scholarships that fit me. They match me to colleges I have specific interest in to make searching for colleges way easier and more efficient. CollegeXpress refers me to schools that have my major of interest and backup schools if I want to change my mind. CollegeXpress also gives out their own scholarships, so you have even more of a chance at gaining multiple scholarships. This website has helped me de-stress from the pressure of not being able to afford college, [of finding] what schools are right for me, and how to find easy access to scholarships that most people never knew existed.

College Matches