Welcome to Student Financial Guide Online

Junior Year

Fall

·        Now is the time to get serious about the colleges in which you are interested. Meet with your guidance counselor to help you narrow down your choices. Hopefully by the spring, you will have your top 10 list. College visits are always a great idea. Remember this will be the place you spend the next four years, so do the research required to make the right choice.

·        Register for the Preliminary SAT/National Merit Scholarship Qualifying Test (PSAT/NMSQT). This test is both great practice for the SAT and gives you the opporunity to win scholarship money if you receive a high score. You can pick up an application in your high school guidance counselor's office. You cannot register for the PSAT online.

·        Check out local financial aid nights in the area. Be sure to attend these invaluable sessions, especially if this is the first time your family is sending someone off to college. Try to become familiar with common financial aid terms. Start reviewing some of the literature available and begin to familiarize yourself with the various programs. A good booklet is published by the U.S. Department of Education, "The Student Guide" and is available at any financial aid office. A Web version is also available.

·        In October, take the PSAT/National Merit Scholarship Qualifying Test.

·        Do some Web browsing! There are many free and subscription scholarship search engines that you can find online.

·        Ask your parents to contact their employers and church and fraternal organizations to learn about possible scholarship opportunities.

·        Check with your high school guidance counselor for the qualifications and deadlines of local scholarship awards. Many guidance counselors report that there are few applicants for these awards.

Winter

·        Keep checking for scholarships! Remember that this is the one area over which you have control. There is a lot of scholarship money out there and the harder you work, the better your chances for success!

·        Start studying for the SAT (I and II) and/or the ACT. Figure out what month you'd like to take the test and register on time. (You can register online for both the SAT and the ACT.)If you take your standardized tests in the Spring of your junior year, you will have an opportunity to take them again in the Fall of your senior year if you're not happy with your scores. Most college-administered scholarship programs require one of these tests. Signing up for a prep course is usually money well spent. You can now take test prep courses online - these are often less expensive than an in person course. If you decide not to take a course, then your next best resource is the bookstore. These standardized tests are definitely not tests that you can cram for the night before. Invest in a comprehensive test-prep guide. Using a study guide will help you get an idea of your math and verbal strengths and weaknesses. Set up a regular schedule to work on the areas that need improvement.

Spring

·        Spring Break is great time to visit colleges. By now you should have a list of 10 - 20 colleges that you are interested in attending. Visiting the campuses will help you narrow it down further.

·        Review the requirements for local scholarships. What can you do now and over the summer to improve your chances?

·        Take the SAT, ACT, and/or SAT II. Good luck!

·        Look for a summer job, especially one that ties in with your college plans. For example, if you want to major in premed, why not try to get a job at a hospital or with a laboratory?

Summer

·        College visit time! Begin to ask yourself some questions: Is this where I see myself getting my undergraduate degree? Can I adjust to the seasons, the town surrounding the campus, the distance from home, the college size? Does this school feel right for me?

·        If you did not yet take the SAT, SAT II, or ACT sign up for an online or in person course. Or buy a comprehensive test prep guide from the bookstore.

Senior Year

Fall

·        How is the college list coming? Can you get your list down to five or six choices? Your guidance counselor can help with this process.

·        Once you have your top choices, make a list of what each college requires for admission and financial aid and what the deadlines are. For financial aid, all schools require the FAFSA and some - mainly private schools - require the PROFILE as well. The PROFILE is usually due in late September or early October. The FAFSA cannot be turned in until after January 1 of the year you plan to attend college. Each school may have their own deadlines for these forms.

·        Don't falter now in your scholarship search. Get the applications filed by the published deadlines. Check with each of the schools to which you plan to apply to see if they offer any institutional scholarships that you are eligible to apply for.

·        Register now if you are planning to retake the SAT, SAT II, or ACT.

·        Attend a financial aid night presentation with your parents. Some of these sessions offer help in completing forms; others offer a broader view of the process. Contact the presenter (usually a local college professional) to be sure you are getting the information you need.

Winter

·        Get the Free Application for Federal Student Aid (FAFSA). This is the key form for financial aid for every school across the country. Remember, watch your deadlines, but do not file until after January 1. You can actually fill out the form online at www.fafsa.ed.gov. Be sure to make a copy of your form whether you fill it out on paper or online. Got some questions? Call the local financial aid office. Also, many states have special toll-free call-in programs in January and February, Financial Aid Awareness Month.

·        Look for the Student Aid Report (SAR). This will be a summary of your financial aid information including the Expected Family Contribution (EFC) - the amount of money you and your family are expected to pay for your first year of college. If there are any errors on your SAR or you estimated numbers for your FAFSA because you didn't have tax documents yet, you may have to re-submit the SAR for corrections.

·        As the letters of admission start to arrive, the financial aid award letters should be right behind them. Important question for parents: What is the bottom line? Remember, aid at a lower-cost state school will be less than a higher-cost private college. But what will you be required to pay? This can be confusing, so consider gift aid (scholarships and grants), student loans, and parent loans. The school with the lowest sticker price (tuition, fees, and room and board) might not be the best bargain when you factor in the overall financial aid package. But don't forget that parent and student loans must be paid back. These don't lower the cost of education, they just postpone the payment. Gift-aid, usually in the form of scholarships and grants, is the only aid that actually lowers the cost of education.

Spring

·        Still not sure where to go? Is the financial aid package at your top choice just not enough? Call the financial aid office and the admissions office. Talk it over. While schools don't like to bargain, they are usually willing to take a second look. Is there something unusual about your family's financial situation that might impact your parents ability to pay?

·        By May 1, you must make your final decision. Notify your chosen college and find out what you need to do next. Tell the other colleges you are not accepting their offers of admission and financial aid.

Summer

·        Time to crunch the numbers. Parents, get information from the college on the total charges for the coming fall term. Deduct the aid package and then plan for how the balance will be paid. Contact the college financial aid office for the best parental loan program. If you want to arrange for a payment plan, contact the Business Office for further information. Most schools have deferred payment plans available for a nominal fee.