Today is May 1, 2026 — National College Decision Day. If you sent in your enrollment deposit this week, take a breath. You did it. Choosing a college is one of the biggest financial decisions a family makes, and you got through it.
But here's the truth no one tells you on May 1: the deposit is the start, not the finish line. The next 60 days quietly shape what your first year actually costs. And this year, that window is unusual. The One Big Beautiful Bill Act (OBBBA) rewrites major federal loan rules on July 1, 2026. Whether you're paying for college mostly out of pocket, leaning on aid, or planning to borrow, the steps you take between now and August matter more than usual.
This is a calm, plain-English checklist for the weeks ahead. Nothing here is urgent today. But knocking these out before mid-summer can save your family thousands of dollars and a lot of stress.
What to Do This Week (May 1–7)
Save proof that your deposit went through
Screenshot the confirmation page. Save the receipt email. Note the date you paid. Some families get a "we didn't receive your deposit" notice weeks later because of a bank delay or a portal glitch. A screenshot solves it in five minutes.
Decline the other schools politely
If you applied to multiple colleges, the schools you didn't choose are still holding your spot. Letting them know frees that seat for someone on a waitlist — including students who may have been waiting for aid to come through. A short, kind email is all it takes. Our guide on how to decline other college offers gracefully walks through the wording.
Take a real look at your final award letter
Open your financial aid offer one more time. Look for three numbers:
- Cost of attendance (tuition, fees, room, board, books, transportation)
- Free money (grants and scholarships you don't pay back)
- Self-help (loans, work-study, and what your family is expected to pay)
The gap between cost of attendance and free money is the number you actually need to plan for. If that number surprises you now that the decision is made, you're not alone — and you still have options.
What to Do in May
Confirm every scholarship you were promised actually applied
Outside scholarships, departmental awards, and renewable merit money sometimes don't show up on your bill the first time. Email the financial aid office and ask them to confirm in writing that every award you received is on your account for fall.
If a scholarship has a renewal requirement (a minimum GPA, a major, an essay), write it down somewhere you'll see it next spring. Losing a $5,000 renewable scholarship sophomore year because nobody flagged the GPA rule is one of the most painful (and most common) avoidable mistakes.
Keep applying for scholarships
A lot of families assume scholarship season ends with admission. It doesn't. Many awards have summer deadlines, and some only open after May 1. Even $500 here and $1,000 there adds up — and outside scholarships can sometimes lower your loans rather than your grants if you ask the school to apply them that way. Our guide on scholarships beyond May 1 covers where to look.
Decide if a financial aid appeal is still on the table
If your family's situation changed since you filed the FAFSA — a job loss, a medical event, a divorce, a sibling starting college — you can still appeal your aid offer, even after committing. Schools call this a "professional judgment" review. Most colleges accept appeals through the summer for fall enrollment. The aid office is usually less swamped in May than they were in March, so this is a good time to ask.
What to Do in June
Understand what changes on July 1, 2026
This is the OBBBA piece. Starting July 1, federal student loan rules shift in important ways:
- Parent PLUS loans are capped at $20,000 per year and $65,000 lifetime per dependent student. Before July 1, there was no cap.
- Grad PLUS loans go away for new graduate borrowers.
- Existing borrowers enrolled before July 1 are mostly grandfathered into the old rules for up to three years.
- A new income-driven repayment plan called RAP launches for new loans, replacing the SAVE plan.
- Interest rates for the 2025–26 year are 6.39% for undergraduate loans and 8.94% for PLUS loans (the 2026–27 rates are set in late spring; they may shift slightly).
For most incoming freshmen, the practical takeaway is this: undergraduate federal loan limits ($5,500 freshman year for dependent students) are not changing. Your child's federal loans look the same. But if your family was counting on a Parent PLUS loan to cover a big gap, you'll want to look at the numbers carefully.
Our deep dive on Parent PLUS loans in 2026 and the countdown to July 1 prep guide walk through the changes in detail.
Decide how you'll cover your final gap
After grants, scholarships, and any savings, most families have a remaining gap. You typically have four ways to close it:
- Federal student loans in the student's name (start here — they have the strongest borrower protections)
- A college payment plan that spreads the bill into monthly installments, often with no interest
- Parent PLUS loans (still available, but with the new cap and no path to Public Service Loan Forgiveness for new borrowers after July 1)
- Private student loans, usually with a cosigner
There's no single "right" answer. What's right depends on your monthly cash flow, your interest in repayment flexibility, and how comfortable you are taking on debt. Our overview of federal vs. private student loans lays out the trade-offs.
Look at the school's payment plan
A monthly payment plan can be a quiet hero. If you can pay $800 a month from cash flow, a payment plan lets you avoid borrowing $5,000 you'd otherwise pay interest on for ten years. Most schools charge a small enrollment fee (often $35–$60) and split the bill into 4–10 installments. Sign-up usually opens in June or July.
File your FAFSA renewal — yes, already
The 2026–27 FAFSA opened early this year. Even though your fall bill is sorted, filing the renewal as soon as you can locks in eligibility for state grants (some are first-come, first-served), institutional aid, and federal aid for the year ahead. Most students will need to refile every year they're in school. Our guide on how to renew your FAFSA for sophomore year covers the process — and the same logic applies to renewing for any year.
What to Do in July
Watch for your first real bill
Most schools send out the fall bill in mid- to late July. This is the actual amount you owe — not the estimate from the award letter. Check it carefully:
- Did all your scholarships and grants apply?
- Are you being charged for things you didn't sign up for (like an opt-in health plan)?
- Are housing, meal plan, and orientation fees what you expected?
If something looks off, call the bursar's office before paying. It's much easier to fix a billing error before you've paid than after.
Sign loan paperwork (only if you need to)
If you're borrowing federal loans, the student needs to complete entrance counseling and sign a Master Promissory Note at studentaid.gov. Your school will send instructions. Don't sign for the maximum just because it's offered — borrow only what you actually need to cover the gap. Every dollar borrowed becomes roughly $1.30–$1.50 paid back over ten years, so cutting $2,000 now saves real money later. Our piece on how to build a repayment plan before graduation is worth a read before you sign.
Set up authorized payer access for parents
If parents are going to be paying the bill but the student is the account holder, the student needs to grant parent access in the student portal. Without this, parents literally cannot see or pay the bill. Do it now while everyone is in the same room and the student remembers their login.
What to Do in August
Build a real freshman-year budget
Tuition is one part of the cost. Books, food off the meal plan, laundry, transportation home, and the random $50 charges that pop up all add up. A simple monthly budget keeps you from running out of money in October. Our freshman year budget guide is a starting point.
Confirm work-study placement (if you have it)
If your award includes work-study, those hours are not automatic. Most schools post jobs in late summer, and the popular ones go fast. Apply early. Here's what work-study actually is if you're not sure.
Plan a check-in for October
Pick a date in mid-October to sit down as a family and ask: Is the budget working? Is the student happy with their classes and housing? Are there scholarships to apply for next year? Catching problems in October — when there's still time to fix them for spring — is much better than catching them in February.
A Note for Families Who Are Worried
If you're reading this and the deposit is already pinching your budget, you're not alone. The cost of college in 2026 is real, and acting like it's not helps no one. There are still moves to make: appeals, payment plans, scholarship hunts, summer earnings, and even transferring later if a school turns out to be the wrong fit financially.
If you haven't yet, create your free CollegeLens plan — it walks through your specific numbers and shows where the biggest savings actually are for your family. The right answer is rarely the same for two families, and it shouldn't be.
The deposit is paid. The hard part is behind you. The next 60 days are about the small, steady steps that turn a college acceptance into a college experience your family can actually afford.
-- Sravani at CollegeLens