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Rebecca Holland
Updated Jul 9, 2025
Almost 19.6 million students are expected to head off to college in the fall of 2025. If this includes your child or even your grandchild, you may be wondering how best to prepare them for this new phase in their life — and how you can support them financially.
College is an expensive phase of life for both students and parents. The average tuition price has hit an eye-watering $9,308 for public institutions and $53,949 for private colleges. And yet, college remains the best way to secure a good job and a comfortable salary. Georgetown University reports that by 2031, 85% of jobs that pay at least $43,000 to early-career workers will require a post-secondary education.
Despite the importance of post-secondary education for young people, the cost of college can be prohibitively expensive. The typical American family paid an average of $28,409 on college expenses between 2023 and 2024, according to the annual Sallie Mae/Ipsos “How America Pays for College” survey. At the same time, families reported that financial aid from scholarships and grants only covered 27% of college costs.
To make up the difference — and help set your child up for success — you might consider borrowing from a private lender.
A private student loan has pros and cons over a federal loan. They typically have higher borrowing limits, more flexibility for using the loan and different repayment windows. The flip side is higher interest rates and credit checks.
Set your child up for success financially
Modeling good financial decisions is critical at every stage of your child’s life. However, as they transition into adulthood, it becomes even more crucial to involve them in learning how to apply for loans, budget and responsibly manage debt.
With College Ave, you can secure a private student loan at the lowest available rates. They are always adjusting to stay ahead of the marketplace, so even if you don’t find the rate you are looking for right away, you can check back for updates within a few hours or days.
How it works is simple: You or your college student starts the application and chooses from a few options — become a borrower with your student as a dependent, or become the guarantor for their own student loan.
This stress-free user experience also includes an instant credit decision — so there’s no waiting and wondering about how much you’ll be approved for. Plus, the whole process can be completed in as little as three minutes — a major bonus considering how much planning, packing and shopping you’ll need to do before September rolls around.
Keeping your eye on family finances
Whether your children are living away from home for college or planning to stay with you, this is still a big change for parents, and one that requires a bit of financial recalibration for most families.
While you are finding room in your budget for your child’s education costs, don’t forget to check in with your own goals. Are you on track for retirement? What do you envision for your life at that stage, and at what age do you plan to retire? It may seem laughable to think about retirement with your child’s new college life front and center, but reminding yourself of your own goals at this stage can give you perspective.
With a new budget, you can confidently face the extra costs of a child in college. If you need a loan to fill in the gaps, College Ave can help ensure that up to 100% of your child’s school costs are covered. Their loans have no origination or prepayment fees, and you can also get instant pre-qualification with no credit check. That means no ding to your credit score when you’re shopping around for the best rate for a private college loan.
Plus, if you cosign a loan with your child instead of being the primary borrower, most College Ave loans will release you from the agreement after a specific number of consecutive regular payments. This frees up your finances and lets your family member take on more responsibility when they’re ready.
As your child takes on this rite of passage into adulthood, don’t forget that you’re transitioning, too. It can be an exciting time for both of you, and an opportunity to find a new way of communicating as adults — about finances, your feelings, and what the future holds for your family.
Rebecca Holland
Freelance Writer
Rebecca Holland is dedicated to creating clear, accessible advice for readers navigating the complexities of money management, investing and financial planning. Her work has been featured in respected publications including the Financial Post, The Globe & Mail, and the Edmonton Journal.
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