College Financial Planning: What 11th Grade Families Should Be Doing Now
Spring is in the air, and for families with high school juniors, it’s a critical time for college financial planning. The junior year is a key moment in your child’s academic journey, and laying the groundwork now can make all the difference in saving money on college costs. So, what should you be doing this spring to get ahead? Let’s dive into the essential steps for 11th-grade families to ensure your finances and college plans are in top shape!
As the school year winds down, many parents and students start feeling the weight of the upcoming senior year and all the college-related decisions that follow. It’s easy to feel overwhelmed, but by breaking it down into manageable steps, you can make progress and reduce financial stress along the way. Here’s what you need to do this spring:
1. Research and Build a College List
By junior year, your student should be exploring colleges that align with their academic and personal goals. Spring is the perfect time to visit campuses (in person or virtually) and start forming a solid college list. Keep in mind the financial implications of each school. It’s important to know whether a college requires the FAFSA, CSS Profile, or both, as well as any scholarship or financial aid opportunities they offer.
2. Get Familiar with the Financial Aid Process
The Free Application for Federal Student Aid (FAFSA) opens on October 1 of your child’s senior year, but now is the time to understand how it works. Learn about the information you'll need to complete the FAFSA and CSS Profile, if applicable. Make sure you’re familiar with terms like Expected Family Contribution (EFC) or the newly updated Student Aid Index (SAI), and how these numbers will impact your financial aid eligibility.
Additionally, take a look at your finances now. Are there any changes you can make this year that will put you in a better position to receive more aid? Understanding how the FAFSA and other financial aid forms evaluate your income and assets is crucial.
3. Plan for Standardized Testing Costs
Spring of junior year is a prime time for standardized testing, such as the SAT or ACT. While many colleges are now test-optional, others still require or prefer test scores for merit-based scholarships. Be prepared for the associated costs of these tests, including registration fees, prep courses, and potential retakes. Budget for these expenses and decide if you’ll also need to hire a tutor to maximize your child’s performance.
4. Start Searching for Scholarships
It’s never too early to begin your scholarship search! There are scholarships available for juniors, and many more will open up in your child’s senior year. Creating a scholarship search routine this spring will make it easier to stay on top of deadlines and apply for as many as possible. Free money through scholarships can significantly reduce your out-of-pocket college expenses. Make it a family effort—have your child dedicate some time each week to researching and applying for scholarships.
5. Consider a Summer Job or Internship
Summer is just around the corner, and while it’s important for your child to enjoy their break, it’s also an excellent time to earn some extra cash. Whether through a part-time job or an internship, your student can build their resume, gain experience, and put some money aside for college-related expenses. Some employers even offer scholarships to their student employees, so encourage your teen to inquire about such opportunities.
6. Evaluate Potential Majors and Career Paths
While your child may not have to choose a major right now, having an idea of potential fields of interest can help guide the college search. Certain majors or career paths may require attending a specific type of school or looking into specialized scholarships. Use this time to research job market trends and salary expectations in fields your child may be interested in pursuing. This will give you an idea of the potential return on investment for different colleges.
7. Learn About Financial Aid From College Financial Prep
Spring and Summer is a popular time to learn about financial aid. At College Financial Prep, get the free video How To Save Money On The Cost Of College here: https://www.collegefinancialprep.com/how-to-save-money-on-the-cost-of-college
This video will provide you with valuable insights and help you stay on track. Taking advantage of this resources can help you feel more prepared for the upcoming financial decisions you’ll need to make.
FAQs About 11th Grade and College Financial Planning
Q: Should my child apply for scholarships now, or wait until senior year?
A: Your child should definitely start applying for scholarships now. While many scholarships are geared toward seniors, there are plenty for juniors as well. Starting early will give your student a head start on finding scholarships that could significantly reduce college costs.
Q: Do we need to worry about FAFSA right now?
A: While you won’t be submitting the FAFSA until October of your child’s senior year, it’s smart to start preparing. Make sure you know what documents and financial information you’ll need, and review how your current financial situation may affect aid eligibility.
Q: How can I save money on the cost of college now?
A: The first step to saving money on the cost of college will be with the colleges that you put on your student’s list of colleges to apply to. It’s important to include schools that will be more affordable for the family whether through need based aid or merit scholarships.
By following these steps, you’ll be well on your way to making informed financial decisions that will benefit both you and your child as they prepare for college. If you need personalized guidance or help navigating the financial aid process, don’t hesitate to reach out.
About Vicki Vollweiler:
Vicki Vollweiler, founder of College Financial Prep, is an expert in helping families reduce the cost of college. As a divorced mom who has personally gone through the college planning process, she understands the challenges that all parents face and is dedicated to helping families find financial solutions. Vicki offers a variety of services, including one-on-one consultations, group programs, and online resources. Learn more about how College Financial Prep can help you at: https://www.collegefinancialprep.com/