(BPT) - Parents, important tuition deadlines are quickly approaching! Are you and your college student prepared to make your first tuition payment? If you have a financial gap, now is the time to make money moves and secure funds to pay for your student's higher education.
How parents are paying for college
While parents aren't required to help pay for their child's college education, many do. According to College Ave's 2025 Parent Survey, nearly all parents (94%) currently help or plan to help their children pay for college. However, among all parents surveyed, 77% reported that paying for college is stressful and 71% were surprised by the high cost.
There are many financial sources parents use to pay for their children's college tuition. The parent survey found that the top three ways parents help or plan to help pay for college are through regular income and savings (67%), grants and scholarships (64%), and 529 college savings accounts (45%).
But what do you do when these sources aren't enough to cover the full cost of college? Like many families, you may opt to use student loans to cover the gap. Read on to learn how to shop smart for student loans and make your child's education a reality.
What are my loan options?
One of the fastest and simplest ways to immediately cover a financing gap is through student loans. Not sure how much you'll need to borrow? No problem. You can use a handy online Student Loan Calculator, like the one from College Ave, to better understand the total cost of the loan and estimate your monthly payments.
Next, make sure your student finishes filling out their Free Application for Federal Student Aid (FAFSA). Not only does this form help the government and schools determine the types of financial aid your student is eligible to receive, but it also provides your family with access to federal student loans. According to College Ave's survey, 41% of parents reported using or planning to use federal student loans to help pay for college.
Federal student loans in the student's name should be your first option before exploring other forms of college financing. By taking out a federal student loan, your child will have access to unique benefits like income-based repayment plans that aren't typically available through private loans.
If you don't have enough to cover tuition and college fees after exhausting these options, you can still pay for fall tuition by exploring private student loans.
How to shop for private student loans
Shopping for private student loans may sound overwhelming, but it doesn't have to be. College Ave offers parents and students a customer-friendly, stress-free student loan experience.
Thanks to its simple three-minute application process, College Ave can help you breathe a little easier as you help fund your child's educational journey. Plus, with competitive rates and a variety of loan repayment options, you'll find the right private student loan that fits your budget. While you're there, you can also find more useful information on how to navigate the road to college.
Make the most of your time together
This summer, don't get bogged down with financial decisions. Make sure to secure federal student loans and shop for private student loans early on so you can enjoy a bit of summer with your child and celebrate this next phase of their life. To learn more about private student loans, visit CollegeAve.com.
