With August just days away, many families are starting to think and plan ahead knowing the school year is just around the corner. These final weeks of summer are important when it comes to preparing for college and financial aid, whether you are returning college students, a rising senior, or a rising junior. There are still things you can do now to set yourself up for success as the new school year begins. Here is your August financial aid checklist to help guide you through the steps you need to take.
For Rising Juniors:
If you are heading into your junior year, now is the time to lay the groundwork for financial aid success. Start by getting familiar with how financial aid works: learn the basics of the FAFSA, scholarships, grants, and the potential of your family’s contribution. Many families find it helpful to use this summer to research the typical cost of colleges you may be interested in, just to get a sense of what’s ahead.
This is also a wonderful time to have family discussions about what’s financially realistic for your family. Discuss college savings, potential financial aid, schools you want to attend and any limitations. It’s important that everyone is on the same page before senior year begins.
For Rising Seniors:
If you’re about to enter your senior year, summer is all about preparation. The FAFSA opens in the fall, but there’s plenty you can do now to be ready so that you are not scrambling once the application opens. First and foremost, gather key financial documents like tax returns and income statements. Next, make sure you and your parents each have an FSA ID for FAFSA access. You can create that now if you haven’t already done so! August is also a great time to research college-specific financial aid deadlines, as some schools require early action on forms like the CSS Profile.
For Returning College Students
Financial aid is an ongoing process that you must reapply for every year that you are in school. However, now that you’ve done it once, the process should feel much smoother. The same steps still apply, and I suggest using this time to gather financial documents and verifying logins. This is also a good time to chat with family about budgets and financial aid. Sometimes a family’s financial situation changes from a previous year and that can affect financial aid. Having the conversation now and looking at your own financial records can eliminate some surprises later and help you form a plan together.
For all students, from rising juniors to current college students, I always suggest looking into scholarships. Make a plan for how you will track and apply for them. Many local and private scholarships require separate applications. The more you can do now, the less pressure you’ll feel once the school year starts. It is never too late or too early to begin the search for scholarships!
Summer is the secret weapon for busy parents and students to get ahead. By taking small, intentional steps now, you can reduce stress later and approach the college process with more confidence and clarity.
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.