College Survival Advisor

When it comes to planning how to fund a college education, there are many ways to go about it. Still, a timeline, with key goals for each stage of a student’s life, might help alleviate last minute college funding stress. If you haven’t managed to set any funds aside for college, remember that it’s never to late to begin. Every little bit helps no matter how late you start. However, be aware that you will probably need to rely more heavily on current income, loans, grants and scholarships to meet the bills. Parents and students, alike: Start planning, early and begin saving, now. 

Preschool

If there’s any way you can do it, start a savings plan for college. As a parent, guardian or student, even if you set aside a small sum each month, the amount you accumulate over the years will go a long way toward college tuition and living expenses. Decide, via research, or just your own budget, what you can put into savings. Once you have an amount budgeted, look for options to invest this money. In some cases, depending on the level of risk you want to initiate, you may consider conservative US Education bonds, or even look into higher returns in stocks and mutual funds.

Elementary School

If you haven’t already started a savings plan, look into it now. At this stage, you might need to shoot for a higher monthly savings contribution. But, you’re still in great shape. Do some deeper research, while your child is in primary school, to make sure your college funding plan is on the right savings track.

Junior High School

Time if flying - only five more years until you write your first tuition check. With short-term in the works, make sure you are taking less risk, now, with regard to your invested college savings and the money you continue to save for higher education.

Freshman Year

Do a quick financial analysis to get an idea where you stand with your college savings plan. With this number on hand, you’ll be able to determine roughly what extra funding you might need in terms of financial aid. From an academic standpoint, students should begin to take challenging courses so they will look attractive on paper as a college applicant. This not only helps a student get into college, but it also might lead to more financial aid, based on academic performance and need. As far as extra-curricular activities, students should focus and apply their interests and talents. If your student excels in soccer, make sure he or she is competing at the highest-level available. The same goes with musical and artistic abilities. Well-honed natural gifts could very well assist with the college admissions process, with the ultimate goal being college scholarships.

Sophomore Year

Again, check in on your “need analysis” to see what sort of financial aid you may have to apply for. If your income has changed, for better or worse, you might have to contribute more or less, to adapt to these changes. Academically, students can begin taking advanced placement (AP) courses. These courses help a students’ admission chances at selective schools. Likewise, they can potentially lead to college credits which might save money and shorten time on campus. A high school guidance counselor might be useful at this time, to talk to students about colleges that might be a good fit. Finally, consider taking the PSAT. It provides practice and feedback for the SAT and with a very high score, students can qualify ahead of time for National Merit Scholarships.

Junior Year

This is the time for students to make a list of their top prospective colleges. Lists can be most easily compiled with internet research, guidebooks and speaking with teachers, counselors and coaches. College career fairs and visits to campuses should be worked in, if possible, as well. At this point, take into consideration options for college scholarships which correspond to academic, athletic and artistic endeavors. Do an online scholarship search using scholarship search engines. High school guidance offices and libraries will have current scholarship information as well. Last but not least, students should take the SAT or ACT, to determine academic merit.

Senior Year

The college savings process should be in full-swing. In the fall, register to receive financial aid application materials. This can be done most easily, via the Internet. Likewise, any key scholarships of interest should also be applied for. In many cases, scholarship applications require academic transcripts, essays and other information, specified by the party offering the scholarship. If research has gone undone, scholarships and applications can still be found with a little cramming. It’s not too late. In the final leg of the college search process, students should continue visits to college campuses, and college applications and essays are a top-priority. Students might also consider retaking the SAT if higher scores are needed to increase their chances of being accepted at their top choices of schools.

Spring

Now it is only a few months until graduation. At this point, college applications are due (typically in January). As for financial aid forms, the deadline is March. However, in most cases, the sooner applications are sent in, the better. When all the forms are in, students and parents alike, will endure the wait for acceptances and financial aid offers. Once you receive your financial aid information, you may want to compare each school’s offer to determine, ultimately, how much you will have to pay out of pocket. It might be worthwhile to appeal one college’s financial aid packet to another school, to see if the school funding can be matched.

Summer

Congratulations are in order, as high school students have diplomas in hand. Now, student loans should be applied for to assist with any additional college financing. Sometimes, you will receive the answer to your loan requests and questions when your child enrolls in college. A trip to the financial aid office, or financial aid enrollment line, is a key stop to make at the point of registration. Before students go to college, it’s important they have a crash course in personal finances. If a student credit card is necessary, applications should be sent early in the summer…students must understand that one credit card is sufficient for college expenses and it should be used for emergencies only.

Freshman Year of College

Planning for and paying college bills, unfortunately, doesn’t end freshman year. Students must reapply for financial aid each year. Same story with loans and scholarships. The good news is that you, as parents and students, have already experienced the process, so it will be less stressful the second time around. A couple additional pointers: It might be wise to confirm student finances and budget planning. From a career standpoint, jobs and internships will look wonderful on a college resume. Late fall and early spring are the best times to begin searching for internships and summer jobs, depending on the type of work anticipated.