91ÁÔÆæ

Paying for college can be a stressful topic for parents and students alike. With so many financial aid options out there, it can be overwhelming to figure out what works best for your student and family.

According to Sallie Mae and Ipsos' report, 41% of families with college students had not created a plan for paying for all years of college.

And 70% of families who borrowed had not discussed who would be responsible for paying back student loans.

At 91ÁÔÆæ, we want to help you and your student understand your options and make informed financial decisions. This FAQ is meant to address misconceptions we hear a lot from students and parents — to answer your questions before you ask them!

Read through this short FAQ to figure out where to start, then sit down with your student to start this important conversation!

When Does the FAFSA Open?

The Free Application for Federal Student Aid (FAFSA) is the required federal form that determines eligibility for grants, scholarships, work-study, and federal loans.

The FAFSA opens in October each year and applies to the following school year (e.g., in October 2025, the FAFSA for the 2026–27 school year opened).

Your student should use the FAFSA as a tool to learn about what financial aid he or she may qualify for at the federal, state, and institutional levels. The FAFSA includes grants, scholarships, and work-study options as well as loans.

The sooner you complete your student's FAFSA, the more financial aid options he or she will have access to.

Learn more about completing the FAFSA

My Student Has a Lot of Loan Options Listed in the Financial Aid Offer — Does My Student Have To Accept Them All?

No! Just because these options are listed in your student's financial aid offer does not mean that he or she must accept them all. Your student can choose to accept the loans that work best for your family. If none work, then your student does not have to accept any of the offers.

Making Sense of Your Student Aid Offer

Have High Borrowing Rates Increased the Cost of College?

The answer here is not straightforward. Increased borrowing rates do not directly affect the cost of college, but college costs are influenced by the cost rates of facilities, student services, room and board, and tuition.

Should There Be Limits to Loan Borrowing?

Different families have different limits on the amount of loans they can reasonably pay off. Your student should only take out the amount necessary to complete his or her education.

Have a discussion with your student to help determine what loans he or she can realistically accept and come up with a clear payment plan.

Should We Plan for All Four Years of College Right Away?

Yes, having a flexible plan is a great idea! College prices can fluctuate, but planning ahead will help your student be prepared in case of unpleasant surprises.

Only about half of families plan beyond the first year, but if you and your student develop a general four-year plan, your student will likely be more financially stable during college and beyond.

Who Is Responsible for Paying Back Student Loans?

This depends on the family — some will say the student, others will say the parent, and some will say both.

While we understand there may be some sort of agreement in place ahead of time in your family (i.e., the student will repay the Parent PLUS loan), know that signing the MPN is a legal matter and failure to repay may have an impact on your credit report.

Before taking out loans, make sure to discuss with your student who will pay back the student loans. Also talk with your student about what paying monthly college loans will look like and how this will affect him or her after college. Having these conversations now will save your family stress and confusion down the road.

How Much Can I Expect My Student To Make After Graduation?

That depends on your student's field. Before deciding which loans to take out, encourage your student to research the starting salaries in his or her field, keeping in mind that he or she will probably not make the top salary in the industry immediately after graduating.

Having realistic salary expectations will help your student plan responsibly and choose the right loans.

How Do We Talk About Money as a Family?

We understand that money can be a sensitive subject. Start with prayer and ask God to guide your discussion. During the conversation, be honest, gentle, and patient.

Ask your student to share his or her expectations and limits, then share yours. Talk about each other's goals and dreams. Share with your student what wise stewardship looks like in your family.

Next Steps in Planning How To Pay for College

1. Complete the FAFSA early (opens in October)
2. Apply for institutional and outside scholarships
3. Review loan options carefully
4. Create a four-year plan
5. Schedule a meeting with a financial aid counselor

Discussing how to pay for college can be stressful, but we hope this FAQ helps ease the stress of the conversation. With so many financial aid options available, your student should be able to find the right one to fit his or her needs. Thoughtful financial planning helps your student make the most of their time at Cedarville.

Cedarville's Financial Aid team works personally with families each year to create responsible, sustainable college payment plans. If you or your student would like help understanding your aid offer, Cedarville's Financial Aid counselors are happy to meet with you and walk through your options.

Schedule a meeting with a Financial Aid counselor.