Preparing for College: A Timeline for Parents

Start thinking about financial aid and talk with your child about college costs. Be honest about how much you are planning to contribute to college costs and discuss a plan for after high school. Consider all options including 4-year schools, community college, trade school and the military. 

Start looking ahead for financial aid options. Review the Free Application for Federal Student Aid (FAFSA) and meet with your tax preparer to see what aid you could receive.

Make sure your child is keeping track of academic, athletic and extracurricular activities and any community service to include in their scholarship and college applications.

Have them meet with their guidance counselor to discuss plans and get tips for scholarships. Consider opportunities for AP and CLEP options to get credit for intro-level college courses at a fraction of the cost.

Start considering college options. Look for schools with programs that meet your child’s interest while balancing the cost of attendance. CollegeBoard.org and other online resources can help with that process.

If you haven’t started college visits, you should hit the road. Make sure to budget for those travelling expenses. Consider planning your vacation around potential college locations. 

If your teen hasn’t been working to make college money, strongly encourage a summer job. Not only can it help with college expenses, but it will also look good on the college applications. Work with your teen to create a budget that includes savings and look at the status of your college fund to make sure it is on track.

Application time! Apply early since many schools have “early decision” programs. Complete your FAFSA and make sure you are following all current rules to maximize your opportunity for aid.

Start stocking up on college must-haves. If you child needs new technology, consider those for birthday or holiday gifts, and have your relatives gift some of those dorm needs.

Research and have your child apply for scholarships. See if your employer offers scholarships, check local organizations and scholarship sites. 

Talk about budgeting and managing expenses. Make sure your child will have access to no-fee ATMs on or near campus and consider helping them secure a low-limit credit card. You will likely need to co-sign for the credit card, so watch your child’s spending habits until they get used to these financial guardrails. Building these financial habits will serve them well and jump start their credit rating.