The sooner you start a concrete action plan for financial aid, the better. Begin using this checklist no later than your freshman or sophomore year in high school.
- Use our guide to figure out what your family can pay, based on savings, assets, earnings, investments and so on.
- Have a discussion with your parents about finances. Let them know what portion, if any, you expect them to pay.
- Brainstorm ways to come up with your share: part-time or summer jobs, applying for scholarships or grants and so on.
- Start researching schools, collecting applications and studying their financial aid packages.
- Explore scholarship opportunities from public and private sources.
- Fill out the FAFSA online and file it early—as soon after January 1 as possible—for the widest range of financial aid options.
- After you receive acceptance letters, compare award offers to choose the most attractive package.
- If loans are involved, learn about repayment options and calculate monthly payments.
- Make a decision. Respond before the school’s deadline, supplying any additional information requested.
- Inform the colleges whose offers you’re not accepting so the money can quickly be offered to another deserving student.