Home Page

Estimated reading time: 3 minutes

by BigFuture

Your student’s college bill shows what they are responsible for paying after financial aid has been applied to their account. The bill includes tuition and fees, as well as housing and meal plan if they’re living on campus. There are other costs you should consider in addition to the costs on the tuition fee bill. Often called indirect expenses, these include things the college doesn’t bill for directly, like textbooks, school supplies, transportation, and other personal expenses, and they’re important to keep in mind when considering cost.

When do you pay the college bill?

The amount you owe the college per year is split into two or three bills based on the college’s academic calendar. You should expect to receive the fall bill via regular mail, email, or through your student’s college portal around June or July. While bill due dates vary by college, they’re typically due before classes start.

How can we cover the remaining college bill after financial aid?

After financial aid has been applied to your student’s college bill, there are several options to choose from to pay that remaining cost depending on what works best for your family’s financial circumstances. As you plan how to cover the remaining college bill, consider these options first:

• Savings: If your student or your family have funds set aside in a savings account or a college savings plan (such as a 529 college savings account), you can use this money toward the college bill.
• Summer earnings: Earnings from your student’s summer or part-time jobs may cover part of the college bill. These earnings may also help with indirect expenses.
• Scholarships: While your student’s college may have awarded you scholarships, additional outside scholarships are a great way to help cover the remaining balance. However, if the bill is due soon, it may be difficult to find open scholarships that can cover this cost fully, so be sure to look for them year-round and pay attention to deadlines.
• Tuition payment plans: This option can help make the bill more manageable by splitting it into several interest-free payments throughout the year. There may be a small fee to enroll in a payment plan. Check the college’s website for payment plans available to see if there’s one that fits into your family’s budget.

If you’ve looked into the above options and your student still has a balance left to cover, you may need to consider borrowing loans to pay the remaining bill.

• Direct PLUS loan: The federal Direct PLUS Loan (commonly referred to as a parent PLUS loan) is a loan parents can apply for that allows them to borrow money to cover costs not covered by a student’s financial aid. It’s important to note that the responsibility for the loan falls on the parent borrower only, even if the student agrees to help pay. The maximum amount a parent can borrow from this loan is the cost of attendance at your school minus any other financial assistance you’re already receiving. The parent PLUS loan does not need to be repaid immediately, but interest will accrue while you’re in college.
• Private loans: If your student is considering taking out additional student loans, we recommend you ensure your student has taken out all the Federal Direct Student Loans they are eligible for. If you’ve exhausted all other options and require a private loan, remember:
  • Read the fine print. Lenders will often advertise their lowest rates, however, these are only offered to borrowers with exceptional credit scores.
  • Most lenders will not give complete loan details until your student has completed the loan application.
  • Your student will need to pay a bill each year of college, and loans can quickly add up, leaving them with a large monthly payment after they graduate or stop attending.

Explore majors, find scholarship opportunities, and find more planning for college resources at BigFuture.Collegeboard.org or find resources for families here.

BigFuture is a free and personalized set of comprehensive digital resources that help students take a productive next step after high school. Students can use BigFuture tools and resources to plan for college, pay for college, and explore careers. Parents can visit the BigFuture Parent Resources Center for even more resources.