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College acceptance letters are rolling in for the Class of 2030, and the total cost of attendance has never been higher.

According to an analysis from the College Board, the total sticker prices ranges from $30,990 for in-state students attending a public four-year school, to $50,920 for out-of-state students attending a public four-year school, and a staggering $65,470 for private nonprofit four-year students.

No wonder 79 percent of Americans surveyed by Pew Research say colleges and universities are doing a fair or poor job of keeping tuition costs affordable.

If your family is staring down those numbers, here is what you need to know to navigate the financial aid process, borrow wisely, and save smarter:

Financial aid packages are notoriously difficult to read and compare. There is no single standard that schools are required to follow when detailing scholarships, grants, and loans, which means families often confuse free money with money that must be repaid. That is why every family should call the financial aid office directly to clarify exactly what is a grant or scholarship and what is a loan.

While talking to them, don’t be shy about asking for a better package.

A podcast listener recounted this story, which drives home that last point:

“Last spring our daughter was admitted to her first-choice private college, with a price tag of about $66,000. Upon admission she was given about $11,000 merit aid. We contacted the school and asked if they could do any better and they came back with an additional $15,000 grant. Wow! $26,000 discount! We didn’t accept or decline, just left the offer on the table. Soon after, they came back to us with an additional grant of $30,000. That sealed the deal-$56,000 out of $66,000!”

A good guideline is for students to keep the total amount borrowed below what you expect to earn in your first year out of school. For parents and grandparents who are helping shoulder the load, total borrowing across all children — including any cosigned loans, should not exceed annual income.

Crossing those thresholds can cause financial damage to older generations who may end up sacrificing their own retirement savings for the benefit of the kids.

If you are just starting to save for college, a 529 plan is still the gold standard. These state-operated education savings accounts grow tax-free, and withdrawals for qualified education expenses — tuition, fees, books, room and board — are not subject to any federal tax, and generally not state tax either.

Some states also offer a deduction for contributions. Up to $35,000 in unused 529 funds can now be rolled into a Roth IRA for the beneficiary, as long as the account has been open for at least 15 years.

Federal student loan interest rates for the 2025-2026 academic year are 6.39% for undergraduates and 8.94% for parent or graduate PLUS loans. Depending on the repayment plan, borrowers can spend 10 to 20 years in debt — often delaying milestones like building an emergency fund, paying off credit cards, or saving for retirement.

So, is college still worth it? Yes — with some important conditions. The median annual wage for recent college graduates aged 22 to 27 is $60,000, according to analysis by the Federal Reserve Bank of New York, compared to $40,000 for high school graduates. But the math works a lot better if you graduate in four years and keep debt at a manageable level. Do that, and a college degree remains a solid long-term financial investment.

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(Jill Schlesinger, CFP, is a CBS News business analyst. A former options trader and CIO of an investment advisory firm, she welcomes comments and questions at askjill@jillonmoney.com. Check her website at www.jillonmoney.com)

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