College Survival Advisor

If you are hoping to finance college with scholarships, loans, grants and additional financial aid options, you are in good company. Rest assured, there are college funding resources available. This section will give you some key tips for handling the college financial aid process. 

NOTE TO SELF: The college planning process should begin no later than your sophomore year in high school. Plan early, start saving now.

College Takes Commitment

As you begin to plan for college, your sophomore year in high school sets a good benchmark to refect on your readiness for the demands of higher education. Ask yourself these questions: Have you developed consistent study habits? Are your grades at least passing? Do you possess acceptable levels of responsibility and discipline? If your answer is a resounding “no,” and you are planning to continue your education, then you will want to make the necessary adjustments, now, so you are ready for the challenges ahead. It’s a brutal truth, but students who enter college with poor work habits and lack of responsibility stand a much greater chance of failing or dropping out. Make a concerted effort to pull solid grades, now. Your college admissions depend on it. Develop solid study habits during your teen years, and in doing so, you will make the transition to college more agreeable.

Talk to Your Student Counselor or Career Guidance Counselor

Getting mentally prepared for college is no easy task. Once you decide you are up to the challenge, then you must decide your major. If you know you were born to be a veterinarian, great. Otherwise, now is the time to do some soul-searching: list your talents, interests, and career desires. Talk to your student counselor about various college majors. Ask friends, coaches, relatives and teachers about their own career choices.  Once you determine your strong-suit, it will be easier to pick a field of study. If you are still undecided at the point of college registration, simply state an “undeclared” major. Upon doing so, this will buy time during your freshman and sophomore years to enroll in a broad range of studies that fulfill core requirements, such as introductory psychology, history, and math. While taking these courses you can continue on your dire pursuit to find a career path.

Put an Early Financial Plan Together

You have decided to go to college and you have an idea about your major. Now, it’s time to get down to the nitty-gritty. Sit down with your parents to discuss a plan for meeting school costs. In this process, research the full costs of the university or college of your choice. You can find information regarding tuition and living expenses on many college and university websites. Or, you may look for college cost information and financial aid handbooks in your local library or bookstore. The reason for initial research is two-fold: It will help get as much value as possible out of your personal savings and resources. Secondly, it will help you secure any additional help you may need, in the way of college financial aid.

Start a College Savings Account

If you haven’t already opened an account for college savings, now is the time. Go to the bank with your parents help, or, do it on your own. Once your account is open, set personal goals for savings. If your parents are in the process of saving money for higher education, fantastic. However, if you are a one-man show, try to deposit money on a weekly or monthly basis. Set basic goals and write them down. A doable goal might go like this: “I will deposit $50 a week, into savings, from my weekend job.” A grander goal might be: “By the end of March, I will have $2000 in college savings.” Follow this financial plan to the hilt. It might not sound like much, but you’ll be delighted to have these extra funds when it comes time to foot the bill for your tuition, textbooks and supplies.

Safe Havens for College Money

Once you have put money aside for college, the next question is where to invest or save it. CDs? Savings bonds? Mutual Funds? A well-researched, prepaid college tuition plan? The answer to this question lies with you, and the time you have left until college tuition must be paid. Assuming you are like most individuals, and you began saving late, the best options for short-term money include, money-market mutual funds, certificates of deposit and U.S. savings bonds. With current economic uncertainty and market fluctuations, it might be best to go with low-risk investment options. But, again, it is up to you to make that college investment decision. Do your research and go with the option that makes the most sense for your individual circumstances.

Begin the Scholarship Quest

Hopefully, by your junior year, you know your best qualities and strong points. “A” student? Then you could qualify for any number of academic scholarships. All-star forward on the high school basketball team? Continue to hone this talent, and you could receive a full-ride athletic scholarship at the college of your choice. Play a mean baritone sax? Solicit colleges and universities to determine the availability of music and arts scholarship opportunities. The point: There are vast numbers of free scholarships available. On your behalf, it just takes persistence and effort.  Do the research now, so you have an idea what to plan and prepare for your junior year. The earlier you start, the less overwhelming the scholarship search and application process will be.

Assessing Debt with Federal and Private Loans

No matter where you decide to attend college, parents and students will undoubtedly experience an initial degree of sticker shock when the college planning process gets underway. At the end of four years at one of the nation’s priciest universities, a student may owe as much as $150,000-plus. In this case, adopt the following philosophy: “You are building an intellectual home for yourself.” Yes, keep a sense of humor about it. Remember, a college education is an investment that will pay for itself. If you plan on attending a state university or college, chances are, you will pay around $13,500 per year. Estimate and build-in expenses, at roughly $1200 per year. All said and done, your diploma will be worth around $60,000. If these numbers are impossible, financial aid is essential. Early on, research grants, federal financial aid, and additional educational funding options. Keep in mind that FAFSA and PROFILE applications for financial aid will not be submitted until a student’s senior year of high school, usually in January or March.