This study explores high school families' understanding of college financing. The research examines what college-bound students and parents know about financial aid, the Free Application for Federal Student Aid (FAFSA®), scholarships, and student loans. The report evaluates perceptions, exposes common misconceptions, and gauges how prepared high school families are to pay for college. To conduct this study. The research results are based on an online survey with: (1) 550 parents of high school juniors and seniors who are definitely or probably planning to continue their education beyond high school; and (2) 585 high school juniors or seniors who are definitely or probably planning to continue their education. The research was conducted between August 19, 2021, and September 20, 2021. [Research for this report was conducted by Ipsos.]