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<p>What the parents in this situation can do is set expectations appropriately in ensuring that the student knows that financial situation can change. I.e. “we estimate that we can afford to contribute $____ per year, but things can change, so the amount may be less.”</p>
<p>Finances should really be part of “reach, match, safety” categorization. For example, if three schools X, Y, and Z are admissions safeties, but X is guaranteed to cost well under the estimated ability to pay (even under some unexpected adverse financial events), Y has good, but not certain, chance of giving enough financial aid, and Z has a low, but possible, chance of sufficient financial aid, then they should be classified as X= safety, Y = match, and Z = reach, rather than as three safeties. (A school that has no chance of being affordable should be removed from the application list, since it is not worth the bother.)</p>