Preparing for college while still in high school can be difficult for even the most academically-minded student. These days, you need to excel in the classroom, make sure you're involved in extracurricular activities, and enroll in challenging classes to impress a college admissions board. On top of that, the financial cost of higher education may add to what is already a stressful time in an ambitious student's life. Luckily, with a bit of preparation, you can make applying for financial aid painless and stress-free.
A Fresh FAFSA
Applying for Student Aid for the first time occurs during the high schooler’s Senior year, but preparing for that should happen much earlier than that. Each year, roughly 17.6 million students file their FAFSA and receive a combined total of more than $112 billion in grants, work study, and low-interest loans from the U.S. Department of Education.
Recent changes to the FAFSA website have streamlined the application process, but some preparation before you sit down to submit your FAFSA can make it even easier. Make sure you gather all the information you can regarding your and your family's finances. Pausing now to make sure those documents are close at hand can save both time and frustration later on.1 Students and parents continue to apply every year while enrolled in college.
Plan Ahead to Apply for "Gift Aid"
Grants and scholarships are often called “gift aid” because they are free money – financial aid that doesn't have to be repaid. College-bound students can learn about grants and scholarships in several ways, but the most effective strategy starts with contacting the financial aid office at the college or university you plan to attend. Doing your own research can also be an effective strategy, but be careful: scholarship and grant scams are plentiful.2
What To Do In The High School Years?
9th Grade - Design your four years with the classes you need for college entrance. Take challenging classes such as AP or Honors to enhance your grade point average and make college entrance stand out. Fund your college savings regularly and begin to budget your own money as a student
10th Grade - Begin taking your practice exams for college entrance. Start thinking about volunteering or doing internships in your field of interest. Understand the difference between grants, loans, and scholarships. Narrow down the colleges you want to visit for more information about the institution. Having funding for college in place that does not hinder your ability to qualify for aid is becoming increasingly important.
11th Grade - Start to narrow down which colleges to apply to. Colorado schools have free college application days (learn more about those here), so having “in-state” options narrowed down next year for your application is important. You will start to be thinking about college funding and aid applications. Remember to talk to a financial professional to help review where you should and should not be contributing money to college financial applications.
12th Grade - You will fill out your “Free Application for Federal Student Aid” or “FAFSA” in the fall of your Senior year. You also want to apply for scholarships, etc. Locally, Bootstraps offers scholarships and 0% loans for Conifer, Evergreen, and Bailey college students.
There are many great resources out there. Read up and start making your timeline and checklist.
Additional Resources
Now that you have your timeline and checklist draft up, you might be thinking what next? Here are a few additional resources to keep you informed about paying for education.
Student Aid
If you have questions about 529 plans, check out this resource. Colorado has tax advantages not available in other states.
College Invest
Because a 529 can be in the market like retirement, it is vital to consider when to utilize the market and stay safe. Always ask your advisors to help you navigate some of these tricky concepts.
College Roadmap
Important considerations about costs, statistics, approaches, and tools you can use on your journey to college savings.
Have more questions? We’re here to help every step of the way. Contact us today!
1. StudentAid.gov, 2023
2. StudentAid.gov, 2023