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If you have a high school junior or senior, college may be the next big exciting chapter. But as the parent, it can also be a source of anxiety: How much will this all cost? Will we be able to afford it? Will this investment pay off?

No one wants to regret their college decisions, especially with the average cost of college almost doubling over the past 20 years and AI potentially turning the whole paradigm on its head. Plus, many Americans will be repaying federal student loans for a decade or more, making it all the more important to know what they’re getting into.

In fact, 93% of student loan borrowers surveyed by SoFi earlier this year said if they could do it all over again, they would approach their financing differently. And one in four parents and 49% of college-bound students surveyed have “absolutely no idea” how much a four-year college experience even costs.

It’s understandable if you’re feeling overwhelmed by what you don’t know about the college process. But you can get a handle on it.

Here are five things to do right now to help you feel more confident about the path forward.

1. Don’t fall in love... yet. Before you take a bunch of campus tours and get too attached to one or two schools, consider the best type of school for your student. Most institutions fall into three main categories — public universities, private colleges and universities, and community or technical colleges. Apart from cost differences, each offers distinct advantages and trade-offs in terms of class size, level of career preparation, location, and extracurricular options.

(Taking SoFi’s short What College Should I Go To? quiz can help.)

And don’t be afraid to talk about the cost factor from day one. More than two-thirds of students and parents would rather talk about sensitive topics like sex than student debt, according to SoFi's survey, but honest conversation about your family’s financial reality can help avoid disappointment or misunderstandings.

2. Start ballparking any financial aid. That hefty price tag on a university website won’t necessarily be the price you’d end up paying. There’s a difference between sticker price and net price, which is what you'll pay after financial aid or scholarships are factored in.

To get a rough idea of how much federal aid you might get without actually filling out the Free Application for Federal Student Aid (FAFSA), use the Federal Student Aid Estimator. It only takes five to 10 minutes and can be a useful early tool for high school juniors.

Pro tip: If you’re going to college next year, fill out the FAFSA ASAP. Many states and colleges base their aid offers on it too, and those can be first-come, first-served.

SoFi’s College Finder Search Tool shows the net prices for more than 7,500 colleges, universities, and community colleges based on what most students actually pay after financial aid. (Many schools also publish the average net price from previous years.)

3. Look for free money. Not all financial aid is created equal: Grants and scholarships, sometimes known as ”gift aid," don’t need to be repaid, while loans, or "borrowed aid," do.

Scholarships can be based on academic merit, financial need, or extracurricular involvement, and your student may be eligible for something that never occurred to you (like being a vegetarian or a Minecraft super fan.)

Use scholarship search engines, like SoFi’s Scholarship Search tool, to cast a wide net.

4. Talk about taking on debt. Student loan borrowers surveyed by SoFi overwhelmingly wish they’d done something differently — sought out more advice, budgeted differently, or researched more, among other things.

Before you start factoring in loans, find out how much you’d be signing up to repay each month. Use SoFi's Student Loan Payment Calculator to estimate different scenarios. (The golden rule of borrowing responsibly is to only take out what you truly need, so just because you’re approved for a certain amount, doesn’t necessarily mean you should borrow all of it.)

In a nutshell, there are three main types of federal student loans:

•  Direct subsidized loans: available for undergraduates with financial need; the government covers interest while you're in school

•  Direct unsubsidized loans: available for everyone; the interest on your loan starts accruing while you're in school

•  Parent PLUS loans: federal loans that parents can take out

And because of the One Big Beautiful Bill Act, passed earlier this year, there are several changes coming in the next few years.

5. Consider a two-stage college experience. If your student is set on going somewhere that you don’t think you can afford, could they transfer there after a year or two at a state or community college? Going to a state college can cost half the amount of a private university, and community colleges can cost even less. Plus, there are potential savings on room and board and travel expenses when they stay closer to home. (If your kid is just a few hours away, no need for them to fly across the country for Thanksgiving).

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

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