Changes to the federal student aid program, also known as FAFSA, could make it less stressful.
"One of the major changes is that it is going to be a more simplified process. So once the U.S. Department of Education rolls out the changes, you will notice that it will be much faster for students to complete the FAFSA," said Weadé James said, the senior director for K-12 Education Policy at American Progress. "We're expecting about 15 minutes to complete the application, which is a much shorter timeframe than it has been in the past."
Applying for loans should be easier, but paying them off could cost students more due to higher interest rates.
"In 2024, undergraduates that take out $31,000 on average in unsubsidized loans are expected to pay about $11,000 in interest over a 10-year period of time," said Kinetic Financial President Ali Hashemian.
"That's up compared to 2020 at $4,000 in interest over that same period of time. So we are looking at over double the amount of interest that they would accrue over that 10-year period of time."
Ways to save on college
Experts recommend first-year students to consider creating a budget.
Public schools can offer great savings compared to private schools. Students can also check to see if they're eligible for grants or scholarships.
"Add up all your expenses, you know, this is a big financial expense," Hashemian said. "You've got to look at all the different parts, it's not just the tuition. You've got to look at housing, books and even entertainment."