BAKERSFIELD, Calif. (KERO) — College costs continue to surge, and the average family spent more than $34,000 on college this past school year — a sharp 10% jump from the year before.
Financial expert Jennifer Finetti, director of student advocacy at ScholarshipOwl, says a combination of factors is driving tuition higher, including changes in federal research funding and a decline in international students.
"Plus, of course, inflation. Just like it makes costs for all of us go up, it also makes the cost go up for colleges as well. All the suppliers and things they need to keep running," Finetti said.
Finetti says one of the biggest mistakes parents make is waiting too long to have honest conversations about what their family can realistically afford — and what students may need to contribute.
"That's something I think parents can talk to their kids about, and to say 'Hey, integrate applying for scholarships into your life. If you want to go to college, you need to do your part,'" Finetti said.
Finetti also says families shouldn't rule out community college, even for students who have good grades and could go straight to a four-year university.
"They can get two years done at a very low cost, living at home, and then they can transfer to complete their bachelor's degree," Finetti said.
For families considering student loans, there are major new rules to watch. Finetti says changes that took effect July 1 under the One Big Beautiful Bill Act give new borrowers fewer federal repayment options. One plan can tie monthly payments to a borrower's income, meaning payments could climb dramatically as earnings increase.
"And really emphasize that the goal here is not to graduate with a bunch of debt, because historically it takes about 20 years to pay off your student loan. But that was before these changes. I think now it's going to take longer," Finetti said.
Finetti recommends families look at all of their options before borrowing, including scholarships, savings, work income, and federal and state grants through the FAFSA.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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