College Cost Planning: What to Ask and When to Ask It

Planning for college isn’t just about choosing the right school—it’s also about understanding how to afford it.

Many families are surprised by how complex the college costs conversation becomes, and how early they need to begin.

From understanding net price to timing financial aid forms and negotiating offers, asking the right questions at the right time can save thousands.

Understanding sticker price vs. net price: What does college really cost?

Most families start with a basic question: How much does college cost? But the answer is anything but simple.

Sticker Price

The sticker price is the full published cost of attending a college before any financial aid is applied. It typically includes:

• Tuition and fees for classes and university services.
• Room and board for on-campus housing and meal plans.
• Books and supplies, such as textbooks, lab materials, and laptops.
• Transportation, including airfare, gas, or public transit.
• Personal expenses like laundry, toiletries, and recreation.

Sticker price gives families a starting point, but it rarely reflects what most students actually pay.

Net Price

Net price is the actual out-of-pocket cost to attend college after subtracting scholarships, grants, and other gift aid. Understanding net price is essential for making informed financial decisions. It includes:

• All grants and scholarships awarded by the college, government, or private sources.
• Excludes loans, which must be repaid.
• Varies significantly between families based on income, assets, and academic merit.
• Can be estimated using net price calculators (NPCs) found on college websites.
• Is often much lower than the published sticker price, especially at private institutions with generous aid policies.

For example, a college may have a sticker price of $70,000 per year, but after aid, the real cost—or net price—might be closer to $30,000.

This wide gap highlights the importance of using net price calculators (NPCs), which are available on most college websites and give early estimates based on your family’s financial profile.

CBRG guides families in using these tools early to filter out unaffordable options before falling in love with a college that’s out of budget.

What to ask during sophomore and junior year

Early financial planning lays the groundwork for smarter decisions later. Here are key questions to explore:

What’s our college budget?

• Assess your family’s annual income and recurring expenses.
• Consider how many children will be in college simultaneously.
• Identify assets that can be used toward college expenses.
• Have open conversations about parental expectations and student contributions.
• Use CBRG tools to run affordability scenarios.

What types of financial aid are available?

• Understand the difference between merit-based and need-based aid.
• Learn about federal, state, and institutional grants.
• Explore private scholarships and third-party awards.
• Consider tuition exchange and employer tuition assistance programs.
• Ask schools about aid for special populations (e.g., first-gen students, military families).

Does our financial situation qualify us for aid?

• Use net price calculators to run preliminary aid estimates.
• Understand how income and assets affect Expected Family Contribution (EFC).
• Consult with a college financial advisor or CBRG for expert interpretation.
• Stay updated on FAFSA and CSS Profile formula changes.
• Remember that eligibility can vary significantly by college.

How much have we saved—and is it enough?

• Review balances in any 529 college savings plans.
• Evaluate other savings vehicles like UTMA/UGMA accounts or IRAs.
• Factor in potential contributions from grandparents or relatives.
• Compare current savings against projected four-year net costs.
• Use CBRG’s planning software to visualize savings gaps and timelines.

CBRG offers early cost projections and EFC analysis, helping families set realistic expectations before building college lists.

What to ask during the college search and list-building phase

As your student begins to explore schools, cost should remain central to your conversations. Important questions include:

How much aid does this school typically give?

• Review the school’s Common Data Set for average aid figures.
• Compare the average percentage of need met for admitted students.
• Analyze the average merit aid awarded to non-need-based students.
• Use CBRG’s Engus portal to compare aid histories across colleges.
• Look at how aid packages vary by income bracket.

Is this school known for generous merit aid?

• Research if the school offers automatic merit scholarships based on GPA or test scores.
• Identify named scholarships and their eligibility criteria.
• Ask if merit aid requires maintaining a specific GPA each year.
• Look for honors colleges or departmental awards tied to academic programs.
• Check whether the school ranks in national lists for affordability or aid generosity.

What’s the four-year graduation rate?

• Determine the percentage of students graduating in four years vs. six.
• Understand which programs may extend graduation time.
• Ask about academic advising and support services to stay on track.
• Investigate course availability and required prerequisites.
• Compare total costs between schools with high and low four-year completion rates.

CBRG helps families compare not just admissions odds, but financial fit—identifying schools that are generous with aid and align with your academic and financial profile.

What to ask when applications are underway

The fall of senior year is critical. Missing a deadline or misunderstanding a requirement can cost families thousands.

Key questions to address:

What financial aid forms are required?

• Most families must complete the Free Application for Federal Student Aid (FAFSA).
• Many private colleges also require the CSS Profile, which collects more detailed financial data.
• Some schools have their own institutional aid forms.
• Be sure to check each college’s financial aid website for specific requirements.
• CBRG helps families organize and complete the necessary forms efficiently.

When are those forms due?

• FAFSA opens October 1 each year—submit as early as possible.
• CSS Profile deadlines often align with application deadlines (Early Action or Early Decision).
• Missing priority deadlines can reduce eligibility for need-based and merit aid.
• Some state grants are awarded on a first-come, first-served basis.
• Track deadlines using CBRG’s timeline tools to avoid costly delays.

What documentation will we need?

• Most recent federal tax returns (typically two years prior).
• W-2 wage statements and/or 1099 forms.
• Records of untaxed income, such as child support or veteran’s benefits.
• Bank statements and investment account balances.
• Business or farm financials, if applicable.

Can we afford to apply Early Decision?

• Early Decision (ED) is binding, meaning families must commit before seeing all aid offers.
• If cost is a concern, consider Early Action (EA) or Regular Decision instead.
• Run net price calculators in advance to estimate what aid may look like.
• Ask the college if it allows financial-based release from an ED agreement.
• CBRG advises families on ED strategy based on both admissions and financial planning.

CBRG’s timeline tracking and one-on-one coaching help families stay ahead of deadlines and avoid costly errors.

What to ask once aid offers arrive

After acceptances start rolling in, financial aid packages follow—and they often come with confusion.

Questions to help decode and act:

Is this a grant or a loan?

• Grants and scholarships are forms of gift aid that do not require repayment.
• Loans must be repaid with interest, and terms vary by loan type.
• Federal loans often have more favorable terms than private loans.
• Some aid packages may mix both grants and loans—know what you’re accepting.
• Review the financial aid award letter carefully or consult CBRG to clarify.

What’s our total out-of-pocket cost?

• Total cost includes tuition, room, board, books, fees, transportation, and personal expenses.
• Look beyond tuition—miscellaneous fees and cost-of-living can vary widely by school.
• Understand what’s covered by financial aid and what is not.
• Ask if there are hidden or program-specific fees (e.g., lab or studio fees).
• Use a comprehensive budgeting worksheet to evaluate your net cost per school.

Is this aid renewable each year?

• Some scholarships are one-time awards; others are renewable annually.
• Check GPA requirements or other criteria for renewal.
• Understand if renewable aid is guaranteed or subject to availability.
• Ask whether renewal is affected by changes in financial circumstances.
• Review the financial aid award letter or speak directly with the school’s financial aid office.

Can we appeal this offer?

• Yes, many colleges consider appeals, especially if your financial situation has changed.
• Grounds for appeal include job loss, medical expenses, or other significant changes.
• You may also appeal based on more competitive offers from similar institutions.
• Documentation is crucial—prepare tax records, bills, and comparison offers.
• CBRG assists families with strategy and letter-writing to improve appeal success.

CBRG offers award letter reviews and supports families in writing effective financial aid appeals, improving both clarity and outcomes.

How CBRG supports every stage of cost planning

We help families build custom financial plans from sophomore year through enrollment. Our services include:

• Year-by-year financial planning checklists.
• FAFSA and CSS Profile completion.
• Side-by-side award letter comparisons.
• Appeal strategy and letter drafting.

Clients often report finding thousands in additional aid or avoiding schools that would have led to unmanageable debt.

Common cost planning mistakes—and how to avoid them

Even diligent families make missteps. Here’s what we see most:

• Waiting too long to start. Cost planning should begin before junior year.
• Building a dream list before a budget. Prioritize financial fit early.
• Skipping aid forms. Even wealthy families may unlock aid with the FAFSA or CSS Profile.
• Assuming aid is set in stone. Many offers can be appealed with proper documentation.

CBRG ensures families ask the right questions at the right time—avoiding costly missteps.

Test Prep FAQs: Questions families ask most

Start planning now to reduce stress and costs later

Cost planning doesn’t have to be overwhelming. When you know what to ask—and when—you can take control of the financial side of college.

CBRG helps families navigate the full journey with confidence, clarity, and proven strategies for affordability.

Schedule a free consultation to start your custom college cost plan today.

Your Next Steps!

• Book a free consultation with our experts and start saving today.
• Attend a college planning workshop.
• Read more on College Planning.