Planning to go to College

College Planning

Expand all Collapse all

• Save early

  Saving early is the best way to reduce overall debt and student loans throughout college. Every little bit helps, so start saving early from summer jobs, birthdays and especially graduation. If you receive money for graduation, you’ll save yourself a lot of future debt by using it to pay for part of your college experience – even if it’s just books or furnishing your dorm room.

• Apply for scholarships and grants early

  Many scholarships and grants are available based on financial need, merit, or other criteria. Most are awarded on a deadline or first-come, first-served basis. That means, the earlier and more frequently you apply for these resources, the more likely you are to get them. Now, you may not win every scholarship, or all the big ones, but a handful of smaller scholarships can add up. Some great resources for scholarship and grant ideas are your local library, the high school guidance office and the college financial aid office. You can use this scholarship search engine that has many available options. It’s always best to search in different locations so you don’t miss an opportunity.

• Write at least one really good essay

  If you don’t already have a great essay, take the time to write one that will help you throughout your scholarship and grant application process. Most essays will focus around a common theme like “why I need this scholarship,” “tell us about yourself,” or “how will this scholarship help you accomplish your career goals.” The point of essays is to give the applicant a chance to help the folks giving the scholarship get to know them. This is the applicant’s best chance to set themselves apart from the other applicants.

  Make sure to relate your essay to the application questions instead of making a laundry list of accomplishments. For example, it may be good to mention if you’re the first person in your family to go to college or if you’ve overcome adversity. Try to think creatively and set yourself apart from the crowd with your answers. Always make sure to follow the guidelines of the scholarship, which shows your ability to reason and follow instruction. Try to tie your answers into the theme of the scholarship to prove that you’re the best choice for the investment the company wants to make.
  
  Writing one good essay can be a great starting point since you can always edit your response for other scholarships. Remember its not plagiarism if you wrote it, so it’s okay to copy and paste for other essays, just make sure your material fits in the scholarship guidelines.

• FAFSA

  The Free Application for Federal Student Aid is your gateway to federal student loans, the cheapest form of student loans for most borrowers. You must complete this form each year to receive and federal, state, or college money and some scholarships and grants require it as well. The FAFSA asks basic information regarding the borrower’s income, dependency status, and savings to determine financial need. It is important to fill this form out as early as January 1st of the academic year you’re applying for. That will make the most possible money available to you. For more information on the FAFSA, visit www.fafsa.ed.gov.

• Get your tests out of the way early

  Complete your ACT, SAT and other placement tests early. That will give you time to study, take the test, review your results and potentially retake the exam if you’re unhappy with your results. Give yourself enough time to fully prepare and commit time and effort to these exams which can affect which college you get into and some scholarships and grants you may be eligible to receive.

• Avoid “senioritis”

  Keep your grades and attendance up, even during your senior year, and even if you’ve already been accepted to a college. Colleges have the ability to revoke your acceptance due to poor performance. In fact, 23 would-be freshmen at the University of Washington found themselves without a college because the school revoked their acceptance during the summer after poor final grades in high school. The University of Michigan issued over 150 letters issuing warnings and pulling acceptance due to poor performance to their incoming freshman. What you do your senior year can affect you the rest of your life if those decisions prevent you from going to college.*
  
  Based on the U.S. Bureau of Labor Statistics 4th Quarter 2008 Averages, the average annual income of high school versus college grads grows. On average a High School Diploma will earn about $32,188, an Associate Degree about $37,388 and a Bachelor’s Degree about $52,832. That’s $20,644 more dollars annually. As you can see, the value of an investment in education is unmistakable, so plan early and you can save yourself lots of dollars and headache in the end.