While college can be an exciting time, getting financially prepared for it can be overwhelming. However, planning ahead is a necessity if you don’t want an ugly surprise when the reality of tuition hits you. That’s not even mentioning other fees and expenses, which will add up. Fortunately, if you are reading this and planning ahead, you’ve already won half the battle.
The biggest mistake many parents make when it comes to college is not making a financial plan for it soon enough. Another mistake is not starting the application processes soon enough. The time you can file your financial aid forms has been moved forward. If you’d like, you can get started on them during your child’s sophomore year. However, according to experts it’s best to get started with college visits in during junior year.
It is during senior year that it comes down to it. During your child’s senior year, you should get all of your applications done by November 1st and apply for financial aid no later than December 1st. After these deadlines, colleges distribute the money on a first come first serve basis. If you wait for the end of senior year, there may not be enough left.
Another important factor is your EFC (expected family contribution). Your EFC is approximately how much college will cost when looking at private institutions. Determining your EFC requires you to be proactive, but it’s important to know beforehand. Lastly, your child can be proactive in requesting reference letters, starting in junior year. The reason is that teachers are very busy writing reference letters in the latter end of senior year, so it’s best to catch them earlier, when they are less busy and in a better mood.
