• Ask how financial aid is calculated, which forms are required (FAFSA, CSS Profile), and what percentage of students receive need-based or merit aid.
• Clarify deadlines for aid applications, scholarships, and whether test scores or academic performance impact eligibility.
• Find out how aid applies to study abroad, internships, and rising costs, and what happens if your financial situation changes.

Why Ask Financial Aid Questions Now?

It’s easy to get swept up in the energy of college tours with beautiful campuses, inspiring student stories, dorms with espresso machines. But alongside the excitement, it’s worth asking an important financial question:

What can we actually afford, and what are we truly willing to pay?

Those aren’t the same thing. What you can pay is rooted in income, savings, and financial obligations. What you’re willing to pay reflects your values, your other goals (like planning for retirement or younger siblings’ education), and what kind of trade-offs you’re comfortable making.

If your student falls in love with a school that would require significant loans, delayed goals, or financial stress, it sets everyone up for heartbreak when aid packages arrive. Asking financial questions now (before applications go in) gives your family more clarity, more options, and more negotiating power later.

By starting with the financial conversation, you can build a college list that fits both your student’s needs and your family’s capacity. From there, you’re in a better position to target schools where your child will thrive and where they’re most likely to receive meaningful aid.

Key Financial Aid Questions to Ask During College Tours

Every college handles financial aid a little differently, and what’s published online doesn’t always tell the full story. When you’re on campus, it’s a valuable opportunity to ask direct, practical questions, not just about academics and campus life, but about how the money works.

These questions reveal what college will actually cost, how aid is awarded, and which opportunities or challenges you may encounter.

Let’s start with the basics.

Understanding Cost and Financial Aid Basics

These questions help you get a clearer understanding of how aid works at the schools you’re visiting and how realistic those schools are for your family.

1. What is the estimated cost of attendance for the year my student will enroll?

Most schools post their current cost of attendance (COA) online, but that’s usually based on last year’s numbers, not your student’s enrollment year. Ask what increases are typical, and whether costs tend to rise year over year.

2. What types of aid are available — need-based, merit-based, or both?

Some schools lean heavily on need-based aid, while others offer significant merit-based scholarships, even for families who wouldn’t qualify based on financial need. Understanding how the school prioritizes aid can help you focus on the right fit.

3. What percentage of students receive aid and how much does it typically cover?

This gives you a sense of whether your student is likely to receive help and how generous that help tends to be. Ask whether the average award covers just a fraction of tuition or a significant portion of total costs.

4. Which financial aid forms does the school require?

Some schools require only the FAFSA, while others ask for the CSS Profile, which digs deeper into your finances. Knowing which forms are required and when they’re due can help you prepare early.  It might also impact the decision about which schools you’ll consider. 

Deadlines, Forms, and Eligibility

The financial aid process is filled with moving parts, and deadlines can sneak up on you if you’re not paying attention. That’s why it’s a good idea to ask these questions while touring the campus:

1. What are the key deadlines for financial aid applications, including FAFSA or CSS Profile?

Some schools have early deadlines for aid that don’t align with admission deadlines. If you miss them, you may miss out on thousands in potential aid.

2. Are there separate deadlines for scholarships, work-study, or special programs?

Some merit scholarships require a separate application or interview process, often with earlier deadlines. Ask whether those opportunities exist and how to apply for them.

3. Do you require students to reapply for financial aid each year?

Most schools require families to reapply annually. Clarify whether aid is renewable, how your Student Aid Index might change, and whether your aid could decrease in future years.

4. What academic requirements must my student meet to keep their aid?

Ask if there’s a minimum GPA, full-time enrollment requirement, or other eligibility criteria. This is especially important for merit aid, as it can disappear quickly if expectations aren’t met.

5. How is recent legislation like the OBBBA likely to affect future aid packages?

With new legislation like the One Big Beautiful Bill reshaping how families borrow and qualify for aid, schools may be updating how they calculate need or allocate aid over the next few years. Ask what changes they expect and how it may impact your student’s year.

Scholarships and Special Programs

Merit aid, department-specific scholarships, and special initiatives can make a big difference, but they often aren’t widely advertised.

1. What GPA or test scores are typically needed to qualify for merit aid?

Colleges might say they don’t require an SAT score, but in practice, those scores might influence scholarship decisions. Ask what scores and GPAs are most competitive.

2. Are there majors or departments where more scholarship funding is available?

Some schools are trying to grow certain programs and will offer extra aid to attract students into those fields. It never hurts to ask.

3. Do you offer donor-funded or alumni scholarships that require separate applications?

These scholarships can fly under the radar. Ask where to find them and when to apply.

4. How do outside scholarships affect the financial aid package?

Some schools will reduce institutional aid by the amount of the outside scholarship rather than allow it to apply to your contribution. That can affect your financial planning and your enthusiasm for applying to outside sources.

Flexibility and Special Circumstances

Every family’s situation is a little different. If yours doesn’t fit the typical mold, it’s important to know how flexible the financial aid process can be and how to advocate for yourself.

1. What happens if our financial situation changes after applying?

Life doesn’t always go as planned. Job losses, medical issues, or divorce can all shift your income and financial picture. Ask how the college handles special circumstances and whether appeals are possible.

2. Can we request a financial aid review or appeal and what documentation is needed?

This is often called a professional judgment request. Knowing what’s required ahead of time can make the process less daunting if you ever need to go down that road.

3. Is there someone designated to help with sensitive or complex family situations?

If you’re navigating something like estrangement, guardianship issues, or undocumented status, ask if there’s a confidential way to speak with someone who understands how to help.

Additional Costs and Planning Considerations

Even a generous aid package rarely covers everything. Understanding the full cost of attendance beyond tuition and housing can help you plan more accurately and avoid surprise expenses.

1. What costs are not included in the standard aid package?

Books, travel, course supplies, parking, health fees, and other costs quickly add up. Ask what indirect costs families are typically responsible for and how much they tend to be.

Wondering how to help your kid manage the day-to-day expenses not covered by financial aid? See my post on cash‑flow management for students.

2. Are aid packages adjusted as costs increase each year?

Many schools raise tuition, room, and board annually. Ask how that affects your financial aid and whether your package will keep pace with rising costs.

3. Can financial aid be used for study abroad, internships, or summer programs?

If your student wants to take advantage of these opportunities, clarify how aid applies, what’s covered, and whether there are additional scholarships available.

4. Are payment plans available if aid doesn’t cover the full cost?

If you’re expected to pay part of the bill out of pocket, it’s helpful to know what payment flexibility the school offers and whether there are interest-free plans or automatic withdrawals you can use.

Ask Early, Plan Smarter

As a parent, you want your child to find a school where they’ll feel challenged, supported, and excited about what’s ahead. This includes financial considerations as well.  There are many schools that will give your student a place to thrive without breaking your bank or delaying your retirement.

The reality of what a school will cost, what aid is available, and how it fits into your family’s bigger financial picture can be easy to push aside during a busy campus tour. Asking early helps bring clarity and lowers the chances of difficult conversations later.

You don’t need to have all the answers right now. These questions are about building a clearer picture, so you can help your student and your family make confident, informed choices.

A thoughtful financial plan doesn’t just support your student’s education. It also protects your own goals, values, and peace of mind.

Jessica Lanning, CFP®

Email: jessica@lanningfinancial.com
Phone: (415) 354-5699
LinkedIn: linkedin.com/in/jessicalanning
YouTube Channel: Lanning Financial on YouTube

Lanning Financial Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.