Balancing the Cost of College and Your Future

School is out, the temperature is rising, and summer is in full swing! However, for many families with high schoolers or recent grads, this summer season also comes with a big shift in focus: thoughts of college and how to pay for it.

This time of year can feel like a mix of excitement and worry. There’s pride in seeing your child grow and plan for their future, coupled with real concern about the rising costs of higher education. Between campus tours, orientation sessions, and shopping for dorm essentials, it’s easy for the financial planning part to get lost in the shuffle.

At ARK Financial Wellness, we understand these emotions because we are living them too. Preparing your child for higher education is an incredible milestone, but it can also bring an immense amount of financial stress if you’re not properly prepared. That’s why we work alongside families to help make this transition as smooth and intentional as possible.

From building a college savings strategy and understanding financial aid options to planning around scholarships, student loans, and long-term affordability, our goal is to help you and your student feel equipped and empowered for the road ahead.

1. Start the Conversation Early College costs don’t sneak up on anyone overnight, but we understand that it’s oftentimes easier to avoid talking about them because the numbers can be intimidating. One of the best ways to reduce stress is to start the conversation early—long before application season arrives. Discuss expectations openly. What can you realistically contribute as parents? What costs will your student be responsible for? Setting these expectations early helps avoid surprises and fosters responsibility in your child. It also opens the door to conversations about budgeting, student employment, and what it means to make a financially sound choice in school selection.
2. Build a Realistic Budget Planning for college isn’t just about tuition. There are plenty of additional costs to consider such as room and board, books, transportation, technology fees, meal plans, and personal expenses. Take time to understand the full picture. Start by researching average costs at different types of schools (public vs. private, in-state vs. out-of-state). Once you have an estimate, you can begin building a plan that breaks the total amount down into manageable annual and monthly savings targets.
3. Explore All Funding Options When it comes to paying for college, the key is to leave no stone unturned. Before jumping straight to loans, it’s essential to explore a variety of funding sources that can ease the burden on both you and your student. Start by researching available scholarships and grants. These can be need-based, merit-based, or even awarded for special interests or community service. Another critical tool in college savings is the 529 plan. These tax-advantaged savings plans are specifically designed to help families set aside money for education costs. Contributions grow tax-free, and withdrawals are tax-free when used for qualified expenses like tuition, room and board, books, and even some technology needs. Many states also offer tax deductions or credits for 529 contributions, adding another layer of benefit. Families should also consider work-study opportunities and part-time employment, which not only provide financial support but also help students build responsibility and valuable work experience.
4. Remember to Support Your Child’s Future While Protecting Your Own This is truly the heart of it all: Helping your child pursue their dreams shouldn’t mean sacrificing your own financial security. It’s natural to want to do everything you can to set your student up for success, but draining retirement savings or taking on unmanageable debt to pay for tuition can have lasting consequences for you and them. At ARK Financial Wellness, we help families find the balance. We work to create plans that support your student’s future while protecting your own goals. Our process includes taking a clear look at what you can realistically contribute without jeopardizing your other priorities, identifying funding strategies like 529 plans and scholarships, and mapping out how to fill any gaps without overextending. We also help you plan for the ripple effects like ensuring your emergency savings remain strong and your retirement contributions stay on track even while you’re helping with college costs. By creating a comprehensive, values-based financial plan, we empower you to support your child’s dreams while still confidently pursuing your own. Because true financial wellness means securing not just their future, but yours, too.