Is your kid headed to college soon? Here’s what you need to know

By SoFi Editors. April 10, 2024 · 2 minute read

We’re here to help! First and foremost, SoFi Learn strives to be a beneficial resource to you as you navigate your financial journey. We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. We aim to break down complicated concepts, loop you in on the latest trends, and keep you up-to-date on the stuff you can use to help get your money right.

Is your kid headed to college soon? Here’s what you need to know

College acceptance letters are beginning to roll in, and high school seniors — and their parents — are facing some big decisions.

There’s no hiding it: College can be expensive. The average tuition and fees at a public four-year in-state college was $11,260 for the 2023-24 academic year, according to the College Board. The sticker price at a private four-year college was $41,540.

Parents: It’s time for some homework

FAFSA. The Free Application for Federal Student Aid (FAFSA) can help students get financial aid, including loan, scholarships, grants and work-study programs, to help cover the cost. You’ll likely need your Social Security number and federal income tax returns to complete the application.

Loan options. There are federal and private loans that can help pay for college.

Keep track of deadlines. Many schools have a decision deadline for accepted students, along with a deadline for on-campus housing requests.


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.

No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

Communication of SoFi Wealth LLC an SEC Registered Investment Advisor

SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

TLS 1.2 Encrypted
Equal Housing Lender