Many families don’t think early enough about how to pay for college. That’s understandable since the costs can feel overwhelming, and for many of us, the response to feeling overwhelmed is paralysis. But with a little planning, the challenge of paying for college is manageable. Here are five essential tips for being in a position to afford college and minimize debt.

Very Few Families Pay Sticker Price

Most people start planning for college costs by looking at the fees and costs colleges post on their website. These sticker prices can be as much as $80,000 a year, which means about $320,000 for a four-year education, or much more if your child takes five years to graduate. And multiples of that if you have more than one child. Even at in-state public universities, costs can add up to as much as $40,000 a year. Faced with prices like this, many parents stop planning.

But, parents need to know that very few families pay sticker price when it comes to paying for college. According to a study by the National Association of College and University Business Officers (NACUBO), 87% of all undergraduates at private universities received a significant discount on tuition fees, with average cuts amounting to almost 50%. Some public universities also discount tuition and fees significantly.

Universities don’t call these price reductions discounts: they call them merit scholarships, need-based aid, or other names. But these forms of assistance are just price cuts for higher education. So if you see a sticker price of $80,000, don’t be alarmed: you are unlikely to pay that much unless you have a very high income and will receive no merit aid.

Paying for College Needs Lots of Planning

Just because you’re not paying full price doesn’t make the process easy. College costs can still be quite high. This because of the “middle-class squeeze.” Many make too much money to qualify for need-based financial aid, but not enough to be able to use tax-advantaged instruments like education tax credits.

So wherever you are in the process, develop a plan. Whether your child is in middle school or senior year, it’s critical to start planning. Here are three steps to take:

• Start saving as early as you can. Even small amounts of money, like $25 or $50 a month, can make a difference if you start early. There are tax-advantaged accounts like 529 plans that will allow your money to increase without taxes until you withdraw the money.
• If you have significant assets, consult a financial advisor who understands college planning.
• Fill out the college cost estimator created by the Department of Education. This useful tool gives you a good sense of your net cost of college. Having a clear picture of how much you might need to spend is critical.

Remember, Loans Aren’t Aid

Many colleges send out deeply misleading offers of financial aid that count student loans as financial aid. But remember, you have to pay back student loans. Even subsidized loans, which qualify for more lenient terms, are still loans. And as you think about paying for college, ask yourself: who will repay this loan? If your child doesn’t finish college, they will still owe the money. And if they do, starting life with loans to repay will affect many important life choices: buying a home, buying a car, or starting a family.

So please make sure the loans they take on are loans they can afford. Students often take on loans they can’t afford to repay because many high schools don’t teach financial literacy. But being a literate buyer can make a huge difference.

Consider Not Just Cost, But Return

The aggregate return on the investment in a college education is excellent, with the earnings of college graduates exceeding those of non-college graduates by a million dollars by some estimates. But this return varies widely. Some colleges and majors turn out to be very poor investments. According to estimates by Georgetown University’s Center for Education and the Workforce, some colleges have a negative return on investment, which means you’re better off taking the money you’d spend on a student’s education and investing it for them.

The U.S. Department of Education’s College Scorecard site is a great starting place for research on this, as are tools like LifeLaunchr’s College Match, which take this data into account in helping students pick colleges.

That doesn’t mean that a student who wants to study French Literature or Art History shouldn’t study those subjects. But be realistic before you invest your money. Education does have intrinsic value, but it’s also a means to a secure and prosperous life.

Financial Aid is Negotiable

The fact that you can negotiate for a better financial aid package may be the best-kept secret in the business of higher education. Financial aid offers are negotiable. Universities do not publicly discuss this fact, but if your child is keen to go to a university and more money would make a difference, you can appeal their offer and ask for a better deal. It’s essential to do this respectfully and in a way that reflects real concerns, so as you work with financial aid officials, present your case for why you need and deserve more assistance. Writing a letter to financial aid officials is a great start. Once they reply, you can get on the phone. When they ask for more information, provide it quickly. Be honest in the information you provide, as you might have to back it up.

No matter where you are in your child’s school life, paying for college is a challenge. But these tips can help you develop a realistic plan and provide your teen with the best opportunities possible.