Navigating College Costs: Tips for Parents and Students.

Parents cover 43% of college costs with their income and savings, while students pick up about 11%. However, students can contribute in other ways, such as applying for financial aid, scholarships, and grants, and working while enrolled. Families spent an average of $25,313 on college expenses in the 2021-22 academic year, with most relying on a combination of resources. It's important to set clear expectations for how your child might contribute and consider the options, such as scholarships, grants, loans, and work-study programs.