When you or your parents start thinking about university, it can all feel too huge. The cost of a college education can weigh heavily on them, and if you’re on the same page as your parents, then it’s always a good time to have the talk.

As for the parents, being open and honest with your kids about your financial status is a good way to set off the college financial planning phase. Yes, Free Application for Federal Student Aid is a friend, and yes, if your kid has merit scores to show, things can look up. Besides all that, here are a few simple tips (for parents and students alike) that will help ease the financial toll of a university education.

Gap years
Although they don’t have the best rep, taking a gap year is a great idea to remind yourself and your kid that nothing needs to be rushed. It will also help parents in sorting out all of their finances, investments, and taxes to be eligible for aid.

Consider staying home
Although a quintessential “college experience” is high on the list of reasons students prefer to go to university, if staying away from home is costing a financial dip that your parents cannot support, then consider the benefits of staying at home for the duration of your college years.

Read the fine print
Student or parent, when looking at scholarships and aid, keep in mind that college is nothing short of a four-year commitment. So, when the student gets approved for a scholarship offering $20000, be sure to check if its $20000 per year for four years or $5000 offered in a span of four years. One should be doubly cautious of this when taking discounted loans. If you find that an additional loan of 6000 USD is required in a year, at four years this will come up to a whopping 24000 USD. If it sounds too good to be true, multiply it.

Prepare for everything
This means the student must have an eye out for the option of changing schools and courses if they get financially hefty. It also means knowing what the merit scholarship details are for the coming year, and ensuring that you hit the mark.

Remember that every year brings renewed opportunities for better scholarships and that there’s no reason for you to not aim the highest!