The rising cost of college is no longer just a student issue. It’s a family issue. For many parents, helping a child afford higher education has become one of the biggest financial burdens they’ll ever face.
From tuition hikes to increased living expenses, the pressure has grown exponentially. And while students carry their fair share of stress, parents are increasingly dipping into retirement savings, taking on loans, and even postponing major life decisions just to keep up.
It’s not just about numbers on a tuition bill, but about emotional strain, mounting college debt, and a shared urgency to find solutions.
This article aims to shed light on the growing burden facing parents today, while offering hope through actionable steps and resources that can ease the path forward.
The Real Cost of College for Today’s Parents
Over the last two decades, the sticker price of college has ballooned, outpacing inflation, wage growth, and savings rates. For parents, the financial challenge isn’t limited to tuition. There are fees, textbooks, housing, travel, and meal plans. Suddenly, helping a child pursue their dreams comes with a five- or six-figure price tag.
When families begin to wonder how to pay for college, many turn to Parent PLUS loans, borrowing tens of thousands of dollars in the federal system under their own names. Others are taking out second mortgages, draining emergency funds, or halting retirement contributions to cover the costs.
Approximately 21% of parents took on debt to help fund their child’s college education. Sadly, this is often at significant personal sacrifice.
The impact goes beyond spreadsheets. There’s the quiet anxiety of watching savings disappear, the pressure to work longer or delay retirement, and the emotional weight of wanting to give your child every opportunity without sinking your own future.
The Emotional and Lifestyle Impact of College Debt
Financial strain doesn’t exist in a vacuum. It trickles into every corner of a family’s life. Parents who once dreamed of remodeling their home, traveling, or starting a small business now find themselves stuck in place, prioritizing payments for student loans over long-awaited goals.
In many households, both students and parents are making major sacrifices:
- Postponing vacations, health needs, or joyful purchases to divert funds toward tuition
- Working long hours or side gigs to close the gap, sometimes at the cost of personal time and health
- Students juggling work and class, risking burnout or reduced academic performance
- Sleep loss and anxiety over long-term debt, especially for parents co-signing loans or taking out personal loans against assets
And for some, the weight becomes overwhelming. Parents are tapping credit cards or liquidating retirement accounts, while students graduate into a job market that may not guarantee quick repayment.
The result? A deep, intergenerational financial toll that demands attention and a plan.
Scholarship Resources Are Becoming Essential
For families facing the reality of higher education costs, grants and scholarships for students are no longer optional. Now they’re essential. Yet, many of these opportunities go underused simply because families don’t know where to start, or they feel overwhelmed by the process.
Applying for scholarships can feel like a full-time job, but the payoff is real. Every award dollar earned is one less dollar borrowed. Whether it’s $500 or $5,000, small wins add up and can significantly reduce the long-term debt load for both students and their parents.
Start With Trusted Platforms
One of the most efficient ways to begin the scholarship search is by using a platform like the Scholarship Institute, which helps students and families filter options based on eligibility, interests, and personal background.
Mary Ann Lazar, Director of Philanthropy at Scholarship Institute, says:
“There are several types of federal grant programs, including:
- Federal Supplemental Educational Opportunity Grant (FSEOG)
- Teacher Education Assistance for College and Higher Education (TEACH) Grant
You can apply for any or all of these grants—and you should, even if you’re not sure if you’re eligible, to maximize your financial aid.
Also, I know there are hundreds of scholarships available for which you can apply, making the process seem daunting, but you can begin your search on an online resource like the Scholarship Institute, where you can search for options tailored to your background and needs.
You can also visit your college’s financial aid office to learn about the scholarships you might be eligible for.”
Starting with a reliable platform can make the entire scholarship journey feel more manageable and less overwhelming.
Key Types of Scholarships to Target
Once you begin your search, it helps to understand the main types of scholarships available and how they align with your student’s strengths and background.
- Merit-Based: Awarded for academic, athletic, or extracurricular achievements
- Need-Based: Based on family income or financial hardship
- Identity-Based: Created for specific groups such as first-gen students, women, BIPOC students, LGBTQ+ individuals
- Program-Specific: Tied to a specific major, career path, or field of study (e.g., STEM, nursing, education)
Even lesser-known or smaller scholarships can be the tipping point between taking out a loan or not.
Make It a Family Strategy
Parents and students who start early tend to have better outcomes. Treating scholarship searches like a team effort allows for better organization, less last-minute stress, and a clearer understanding of financial expectations.
Other tips:
- Build a shared calendar of deadlines
- Assign tasks (student drafts essays, parent researches scholarship criteria)
- Attend virtual info sessions together
- Begin discussing housing decisions, meal plans, and living costs early to optimize aid usag
This isn’t just a process, but a chance to build shared financial literacy and confidence.
Spreading Awareness About Brands Supporting Education and Sharing Common Values
The good news? It’s not just up to families. Increasingly, mission-driven brands are stepping up to help close the education gap not only with scholarships, but with tools that support student wellness and values-aligned living.
HeySunday
HeySunday is a sustainable laundry brand that offers more than just plant-based detergent sheets. They’re helping eco-conscious college students reduce their dorm footprint with plastic-free, compact laundry solutions.
They also support students whose values align with sustainability and conscious living through scholarships and practical resources that ease financial stress.
Live it Up
Live it Up is a brand dedicated to health and fitness that supports students pursuing careers in health, sports, and wellness. They offer not only scholarships, but also wellness discounts, motivational content, and resources to help students stay healthy, active, and financially supported while studying.
By aligning with brands that share their values, students can find both financial and emotional support.
Final Thoughts: You’re Not Alone—And There Are Solutions
Navigating the cost of college is one of the most emotionally and financially intense journeys a family can undertake. But here’s the truth: you’re not alone.
The key is to start talking early. Be honest about your family’s budget. Explore free options before committing to college debt. Treat every part of the journey, from FAFSA forms to housing choices, as an opportunity to build life skills, advocacy, and awareness.
Students, don’t be afraid to initiate conversations about scholarships, part-time work, or affordable housing. Parents, remember that every sacrifice you make deserves planning, not panic.
The earlier the strategy begins, the lighter the burden becomes for everyone involved.
