Higher Learning Aid Starts With High School Prep

As a kid, it’s likely most of us hated this time of year, when all the Back-to-School stuff started hitting the stores. Who wanted to hear about school when there were still weeks of summer left to enjoy? Buy-One-Get-One-Free socks and rulers? Ugh!!!

But as we get older, we saw how preparation plays a role in life. You can’t always wait until the last minute, especially with something as important as education, which is why when considering college and all its escalating costs, whether a parent or a student, you need a plan early on for how you’ll pay for it. And your starting line should be high school. No, not as a senior, but as a sophomore. Our friends at Bankrate.com give us some tips on what to do and when to do it.

Sophomores

GPAce––Yes, grades matter when hoping for free college cash. For the best odds of success, students not only have to maintain good grades, they need to maintain them while taking challenging courses. That’s means no “Cs” in “History of Goofy.”

Parental Control––How much will parents be able to contribute to education? Students need to know how much they’ll need to cover costs. They’ll need time to research scholarships and schools with generous financial aid packages. It’s nice to know what you can afford before wasting time researching colleges out of your financial reach.

Guidance––Scholarship opportunities often start in the junior/senior years, so students should talk to their guidance counselors their sophomore years to be sure they’ll be ready to take advantage of any opportunities.
 

Juniors

Accounting for Accounts––Here’s a little tidbit you may not be familiar with: the Department of Education reports that for every dollar in a parent’s financial account, the government subtracts 6 cents from the student’s financial aid package. BUT for every dollar in an account under the student’s name (other than 529 plans), 20 cents is subtracted. This simply means to optimize your chances at more aid, students should minimize their savings. Buy your needs for school (computer, etc.) in advance (the year before) so your account shows less savings (for more government aid).

Testing … I––Students who really rock on Advance Placement exams may be able to bypass a class (or even a semester). According to the College Board, the average three-credit college course at a public college costs $761. If you can skip a class(es) and/or semester, that’s quite a return on that AP test investment (about $90).

Testing … II––Take SAT II tests in May (the same time as the AP) to maximize retained knowledge levels. A high SAT II score can increase merit award eligibility.

School Ways––Research schools well so you’ll know which ones are most generous. Check out each school’s net price, average merit aid package and average test scores for freshmen on SATs and ACTs, as well as average GPA. Net price can be found here. Merit-based aid packages can be checked out here.


Seniors

Summer Schooled––If you’re planning on taking some community college courses the summer before heading off to college, good for you! It could save you some money on tuition. But, before taking those classes, make sure the credits will transfer to the college you’ll be attending in the fall.

Paper Worked––FAFSA. Have you heard of it? If you’re hoping for some financial aid, you need to fill out the Free Application for Federal Student Aid, the FAFSA. Yes, it’s important…very important! According to the American Counsel on Education, just about 1.5 million students miss out on government money each year because they fail to complete a FAFSA. If you haven’t already, fill out yours today right here.

Sure Thing––If you’re lucky enough to have a financial aid reward coming your way, be sure you know what you’ll need to do to keep it. Will you need to maintain a certain GPA? Check with your school. You can also ask about any additional funding that may be available.


With college and the help from financial aid many will need to attend, it’s never too early to start thinking and acting on preparations. Waiting until the last minute will not only add stress, it could very well diminish your chances of aid substantially.

And when it comes to financial aid, remember, Vantage offers a funding alternative with the EdAccess private student loan, available through cuStudentLoans.com.