How to Afford College: Scholarships, Financial Aid & More

Financial aid experts from Juno join us in this session which is a part of the Break Into College Conference Series. Juno is a group of more than 200,000 students and parents who work together to make lenders reduce the cost of student loans. You can join for free to access their deals and prepare for future payments: joinjuno.org. 

College planning in 2026 requires strategic planning. Beyond love for a particular college, the question of affordability is the most important factor to consider. With the right financial aid planning, college debt can be reduced to a minimum or zero, and this blog post breaks down everything parents need to know about college financing, from the common terms to how you can obtain long-term financial wellness. 

First we break down the key terms that you will need to know: 

• FAFSA (Free Application for Federal Student Aid): This is a free, Department of Education form used to determine your eligibility for federal financial aid, including Pell Grants, federal loans, and work-study programs. It can often be linked directly to your tax returns to streamline the process.

• CSS Profile: A College Board tool required by many institutions—particularly those that offer significant institutional need-based aid—to get a more in-depth understanding of a family’s financial situation. Unlike the FAFSA, it provides a space for families to explain special financial circumstances.

• SAI (Student Aid Index): Formerly known as the EFC (Expected Family Contribution), this is the numerical result of your FAFSA. It is a figure schools use to calculate how much aid you are eligible to receive.

The true cost of college is more than the tuition and fees. It is often helpful to understand billed expenses versus unbilled expenses when planning for college. 

• Cost of Attendance (Sticker Price): This is the total estimated price for one year of college, encompassing both billed and unbilled expenses.

  • Billed Expenses: Costs charged directly by the school, such as tuition, mandatory fees, and housing and meals (room and board).

  • Unbilled Expenses: Costs the family is responsible for that are not paid to the school, such as books, personal items, and transportation (like bus or plane tickets to get to campus).

• Net Price: This is the most critical number for families; it represents the actual bottom-line cost you must pay after all grants and scholarships are subtracted from the total Cost of Attendance.

• Net Price Calculator: Every college in the U.S. is legally required to have this tool on its website. It allows families to input their financial data to receive an estimate of their specific net cost before they even apply.

Each school has a different approach to admissions, financial aid and scholarships. Some schools offer gift aid and merit aid (scholarships). A college’s financial situation might also impact your admission decision and whether they commit to meeting 100% of your teen’s demonstrated financial need. Some schools also offer work study opportunities to allow students to work and earn on campus. Here is what you need to know about university’s financial aid terms. 

• Gift Aid: This includes grants and scholarships—financial assistance that does not need to be repaid.

• Merit Aid/Scholarships: These awards are based on a student’s achievements (academic, athletic, or artistic) and the overall strength of their application rather than financial need.

• Need Blind Admissions: An admissions policy where a university makes its decision without considering the family’s ability to pay.

• Need Aware Admissions: A policy where a school may consider a student’s financial situation during the final stages of the admissions decision-making process.

• Work Study: A program that provides students with part-time jobs to help earn money for their educational expenses.

• Professional Judgment: The authority granted to financial aid officers to adjust an aid package based on documented special circumstances, such as a recent job loss or high medical bills.

It’s okay if these terms are new. Learning them now puts you ahead. Do not assume college is unaffordable. Many families pay far less than the listed price. In the next Barrier Breakers blog posts, we discuss Scholarships & Affordability, breaking down how you can identify schools where a student’s profile makes them a strong candidate for specific merit scholarships.