Thanksgiving is more than a time for turkey and football—it’s also one of the few times families slow down and gather together.  It is a time to celebrate, reflect, and reconnect.  Between the laughter and leftovers, it can be the perfect opportunity to start an honest conversation about how your family will pay for college.

For many parents and students, the financial side of college planning can feel overwhelming or even uncomfortable.  But taking a few moments during the holiday break to talk openly can help everyone get on the same page before key financial deadlines arrive.

Here are a few ways to make the most of that time together.

Start with Shared Goals

Before diving into all the financial numbers of paying for college, begin by discussing the big picture.

Ask questions like:

• Narrow down the kind of college experience you are looking for—public, private, in-state, or out-of-state, as well as size and whether the campus should be urban, rural, or suburban.
• What are the academic and career goals driving this decision?
• How much can we realistically contribute as a family each year?
• Is the college list ready?

Framing the discussion around shared goals helps reduce stress and keeps the conversation focused on what truly matters—education and opportunity.

Review the Real Costs Together

Many families concentrate solely on tuition when planning for college, but the actual cost of college includes much more—housing, meals, books, and travel.  One overlooked element in the planning process is the travel or distance between home and school.  This factor can significantly affect overall expenses, especially if travel costs weren’t included in the original budget.  Now is the time to discuss how many times your college-bound child will come home and define your expectations for visiting them.  These decisions could significantly affect overall expenses.

With PayForED’s tools, families can project four-year costs and visualize how financial aid, savings, and student loans fit into the plan.  This transparency helps avoid surprises later.  Our new enhancement to the College Cost Analyzer helps families properly structure the debt and envision what repayment will look like at graduation.

Talk About Financial Aid and the FAFSA

The FAFSA (Free Application for Federal Student Aid) opened October 1st, and we always recommend that families submit it early to improve their financial aid opportunities.  Submitting the FAFSA helps determine the financial aid your family will receive in the form of federal grants, work-study, and federal loans.

Thanksgiving break is an excellent time to:

• Make sure your FAFSA is complete
• Review each school’s deadlines and determine whether additional financial forms (e.g., the CSS Profile) are required.
• Discuss how aid eligibility works based on family income and assets.

If you’ve already submitted your FAFSA, take this time to review your FAFSA Submission Summary together.  This report outlines your family’s eligibility for federal aid, includes your Student Aid Index (SAI) calculation, and provides a copy of your FAFSA responses.  We recommend carefully reviewing this information to ensure all details are accurate.

If your 2024 tax information is significantly different from your current income, the parents should consider an early appeal.  By taking this action, the award letters will better reflect the final financial award letters.

Discuss Student Loans Honestly

Borrowing may be part of your college funding plan, so it’s important to discuss how much student debt will be needed to graduate from each school on your list.  Use this time to:

• Review potential loan amounts
• Clarify who will be legally responsible for each loan.
• Decide whether Parent PLUS or Private loans will be part of your college funding strategy?
• Explore whether loan forgiveness programs could apply to your situation.
• Evaluate whether additional education beyond a college degree is necessary and estimate the associated cost.

With PayForED, families can take an active role in comparing college funding and repayment options while understanding the long-term impact of their borrowing decisions.  The federal loan limit rules changed significantly starting in July 2026.  All newly enrolled students at all levels will be facing these changes.  The use of private student loans will increase, which also means more parents will be needed to cosign student loans.

Set an Action Plan Before the New Year

Before everyone returns to work and school, discuss and outline the following steps:

• Have the college-bound student search for possible scholarships
• Identify which colleges still need financial documents.
• Set a date to revisit your college funding plan after you receive your acceptance letters.
• Set up time to visit or revisit any schools on your college list

Turning your Thanksgiving conversation into an actionable plan builds confidence and clarity as you head into 2026.

Holiday Stress Awareness

The holiday season is a great time to see family and friends.  For many students, especially high school seniors, it is also a very stressful time.  With multiple family events, the same people who love them the most will ask the same series of questions.

It is also a time when applications are still being submitted.  Early decision results are being received, other peer pressures are mounting, and the reality of a significant change is approaching.  Make sure the student and parent take a step back.  It is a marathon and not a sprint.  At the end of the day, a happy, productive adult is the goal.

This period typically runs from Thanksgiving to early January.

Final Thought

Thanksgiving is about gratitude—and one of the greatest gifts a family can give is open communication and financial clarity.  Taking the time to discuss how to pay for college now can prevent stress later and help your student focus on what truly matters: education and opportunity.

With the cost of education continuing to rise and student loan limits changing, now is the perfect time to have an informed conversation.  To help families understand the latest updates, PayForED will host a free webinar titled “Paying For Graduate School Under the New Student Loan Limits” on December 4, 2025, at 8:00 PM EST.   Click here to register.

If the college funding and student loan repayment process seems complex, professional guidance can be helpful.  The PayForED professional network connects families with trained experts who specialize in financial aid, college payment, and loan repayment strategies.