This article proposes a conceptual model for understanding the acquisition and use of information about college prices and financial aid. The model situates the process of acquiring and using information within several layers of context. Potential roles of four nested layers of context are discussed: habitus; the school and community context; the higher education context; and the broader social, economic, and policy context. Consideration of the model in light of available research suggests several potential explanations for differences across groups in the acquisition and use of information about college costs and financial aid.