College Financial Prep - Timeline For Saving On The Cost Of College

At College Financial Prep, we understand the uncertainty that parents face as their children approach College and even Graduate School.  From a financial perspective, below are the steps that parents should take to help maximize savings and, simultaneously, minimize costs on their children’s college educations.

Junior Year of High School

• It’s Time!  Begin to research various colleges and universities.  Locate those schools that are more likely to offer merit aid or need based aid depending on your family's finances.
• Will you need to apply for student loans for college?  Start thinking about Credit Repair now so that you can raise your credit score prior to the end of your child’s Senior Year.

Senior Year of High School

• Create your final list of colleges to apply to!  Make sure to include some schools which either are likely to offer you more in financial aid or which have a lower cost of attendance.  Determine your family’s net price for each school.
• FAFSA form opens October 1!  Schedule your appointment with College Financial Prep in September for October!
• Is your child applying to any schools that will require completion of the CSS Profile and IDOC?  (Especially if divorced, let’s discuss!)
• Gather your documents for FAFSA.  College Financial Prep sends a detailed email on the information that is needed to clients for us to complete your form(s).
• Consider any special information that impacts your family's finances (especially any downward trends!)  This includes information such as divorce, widowhood, loss of employment, medical expenditures, etc.
• Provide verification to schools upon their request.
• Start receiving your acceptance letters.  Congratulations!
• Then in February or March of Senior year, you will begin to receive your Financial Award Packages.  Let's hope for lots of free money!
• Analyze your financial offers and file an appeal!
• If you anticipate needing student loans, determine what your monthly payments will likely be.
• When you have the final cost of attendance for each school, make your decision and send in your deposit before decision day which is typically May 1!
• Will you need Student Loans?  Will you accept the loans offered through completion of the FAFSA form?  Will you need more money to fill the gap? After deposits are in and you receive your student bill it's time to explore and apply for additional public or private loans and complete the Master Promissory Note. 

Freshman, Sophomore, Junior Years in College

• Continue to complete FAFSA every year.  This is important to continue to receive federal loans and in some instances, maintain scholarships.
• Continue to secure additional loans as necessary to fill any gaps.
• Depending on the type of loan(s) taken, start making minimal payments to save money.
• If there is a change in life circumstances, consult with College Financial Prep to discuss reducing your family’s Expected Family Contribution.

Senior Year in College and Graduate School

• Continue to complete FAFSA if loans will be needed for Graduate School.
• Determine the type of graduate program the student wishes to enroll in.  Will the student be considered dependent or independent of the parents on FAFSA?  (This is not the same as on federal tax returns!)
• As a full-time graduate student, you're typically allowed to defer payments on your undergraduate federal and private student loans. Just beware: Interest will continue to accrue during deferment, too. If possible, you may want to continue to pay off interest on graduate student loans while you're in school.

If you and your family need help at any time, College Financial Prep is pleased to be of assistance.  Reach out today with your questions. 516-225-5224 or by email at CollegeFinancialPrep@gmail.com.  Visit our website at www.CollegeFinancialPrep.com.


Vicki Vollweiler, founder of College Financial Prep, understands that every family faces individual challenges when paying for the cost of college.  She helps families of all sizes and of varying financial strengths, nationally, navigate the financial path towards college and beyond.

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