"How are we actually going to pay for this?" If that question shows up in your house late at night, or right after you open the FAFSA and close it again real fast, this episode is for you. Most families treat the college list and the money as two separate projects. Build the list, apply, wait for acceptances, and then sit down at the kitchen table and look at the numbers. In this episode, I'm moving the money question to where it belongs: the very beginning. Because the schools on your kid's list decide, more than almost anything else, how much your family will need to borrow. And after a big change to Parent PLUS loans on July 1, 2026, that matters more this year than it ever has. What you'll learn in this episode The Parent PLUS change almost nobody is talking about: not how much you can borrow, but how you're allowed to pay it backThe trap for families with more than one kid in college, and the one phone call to make before you borrow anything newWhy merit aid comes from applying to the right schools, not from applying to more scholarshipsHow to find the schools where your kid would stand out, using information colleges already publishMy three fits rule, and why financial fit is the one families skipThree money myths that quietly cost families real dollarsExactly what to do this month, whether your kid is a freshman, sophomore, junior or seniorWhat to do the night the numbers make your stomach dropWhy this one, why now The FAFSA is open, senior families are building final lists, and juniors are just getting started. Meanwhile, the rules on Parent PLUS loans changed on July 1, 2026, and most families haven't heard what that means for repaying them. If there was ever a year to put the money conversation at the front of the process instead of the back, it's this one. The big takeaways The college list is the loan strategy. The schools on the list decide how much merit your kid is offered, which decides how much you need to borrow.New Parent PLUS loans have one repayment plan. Loans taken out on or after July 1, 2026 have no income-driven option and don't count toward Public Service Loan Forgiveness.Families with more than one kid need to be careful. If you're already repaying Parent PLUS loans, borrowing one new dollar on or after July 1, 2026 moves all of them onto the new standard plan. Call your loan servicer before you borrow.Merit aid is a college saying "we want your kid." It shows up most at schools where your student would be one of the strongest admits.Every school needs to pass three fits. Academic, social and financial. Three out of three, it stays. One no, it comes off.Borrowing is the last tool, not the first.Try this this week Pick one school on your kid's list and run its net price calculator. Search the school's name plus "net price calculator." It takes about fifteen minutes and shows you what your family would actually pay, not the sticker price. Just one school. That's a real step. A few traps to avoid Skipping the FAFSA because you assume you make too muchCrossing a school off based on sticker price instead of net priceCounting on outside scholarships to cover the billWaiting until April to talk about financial fitBorrowing a new Parent PLUS loan for a younger child before asking your servicer what happens to the loans you already haveQuick questions, honest answers What changed with Parent PLUS loans in 2026? New Parent PLUS loans taken out on or after July 1, 2026 have borrowing caps and only one repayment plan, a fixed standard plan of 10 to 25 years. There is no income-driven repayment option for these loans. How do I find colleges that give merit aid? Look for schools where your student would be in the top quarter of the admitted class. Check the school's merit scholarship page and its Common Data Set, which reports how many students receive non-need-based aid and the average award. Should we fill out the FAFSA if we make too much for financial aid? In most cases, yes. Merit aid isn't based on income, some colleges ask for the FAFSA before considering students for certain aid, and you need it to take out a Parent PLUS loan. Quotes worth screenshotting "The college list is the loan strategy.""The best way to deal with a loan is to need a smaller one.""Merit aid is money a college gives your kid because the college wants your kid.""Financial fit early is kinder. To you and to your kid.""Drop the school, not the picture.""Borrowing is the last tool, not the first."This episode is for you if You've asked "how are we going to pay for this?" and didn't love the answerYou have a senior running numbers this fall, or a junior just starting the listYou have more than one kid and existing Parent PLUS loansYou assumed merit aid was for other familiesResources and links mentioned The Parent PLUS Loan Cap Just Changed the Math (my July blog): https://www.thecollegecounselingmom.com/blog-parent-plus-loan-cap/National Consumer Law Center, What do the student loan changes on July 1, 2026 mean for me?: https://studentloanborrowerassistance.org/what-do-the-student-loan-changes-on-july-1-2026-mean-for-me/NASFAA summary of the federal student aid changes: https://www.nasfaa.org/uploads/documents/Federal_Student_Aid_Change_OB3.pdfMy free weekly newsletter: https://freebie.thecollegecounselingmom.com/newsletter-sign-upWork with Lindsay If you want guidance on what matters right now for your kid's grade, and someone to ask when the numbers get scary, come join us inside the College-Bound Parent Collective: https://cart.thecollegecounselingmom.com/parent-collective-459351 If you’re a parent navigating high school, college admissions, or the many transitions that come with raising teens, you’re in the right place. I’m Lindsay, a college counselor and parent who believes thoughtful guidance matters—especially for the awesomely average kid. The student who isn’t chasing prestige, but still deserves smart planning, clear strategy, and a path that truly fits. You can explore ways to work with me, learn about upcoming programs, or find additional resources at www.thecollegecounselingmom.com and sign up for my weekly newsletter here. If this episode was helpful, I’d be so grateful if you’d follow the show, leave a review, or share it with another parent who could use steady, grounded support. Thanks for being here. I’m honored to walk this season with you. Lindsay | The College Counseling Mom