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Your Guide to College Financial Planning
Last time Jake broke his piggy bank, he was able to gather enough cash for that coveted prize: The Best Band Ever’s Summer Concert on the Lawn. Come on, who doesn’t want to see this band live?! Okay, no haters needed, but Jake totally realized his dream goal that summer… easy as pie.
Fast forward and it’s mid-January in his last year of high school career, Jake-the-Senior has been accepted early to The Best College Ever. So, smooth sailing from here? Well, sort of, but with enough college financial planning and preparation—it will work out. It will!
College Financial Planning Checklist
Below are college financial planning checklist items (your “ff imprints” from financialfootprint) that Jake should consider in the next few months:
- January: Perhaps Jake and his family should consider another on-campus visit to the Best College Ever to ask about any financial aid forms the school may require. Don’t forget to visit the quad, the caf, and even the bookstore (for that Best College hoodie).
- January – February: Also, Jake’s mom printed out the Free Application for Federal Student Aid (FAFSA – http://fafsa.ed.gov) web worksheet before Christmas, and Jake remembered to dig it up. So Jake, start filling up that FAFSA application to become eligible to receive federal financial student aid. Don’t forget to make copies of any forms related to the college financial planning process. FAFSA deadline is June 30 every year, but Jake’s mom has given him a deadline by the end of January. PROTIP: Work on any other financial aid forms, including anything that the school requires. Consider scholarships (free money!) as well.
A word from financialfootprint’s personal finance guide: Fill out your FAFSA and renewal FAFSA as soon as possible and check with your college for their deadline (it’s different from the June 30th date).
- March – April: More stuff will come in from The Best College Ever for Jake to fill out (yes, it’s all part of the college financial planning world)… so he’ll make sure to do so (or his mom definitely will!) PROTIP: Wait around for the Student Aid Report (SAR) from the FAFSA application which you’ll receive in the mail. If Jake feels like he needs help understanding this information, he should discuss it with his parents and definitely find a way to get it all sorted out. Once Jake gets the idea of FAFSA, he’ll never have to fret about it.
A word from financialfootprint’s personal finance guide: Yes, every student will have to fill out a renewal FAFSA every year while attending college as part of college financial planning (even graduate students!).
Other Financial Planning Tips:
- Jake invested in a calendar devoted to tracking deadlines and important dates for college financial planning. (Okay, fine, his mom told him to do this and he caved in… good thing he did!)
- Now… to fill-up that College Piggy Bank. Jake works every weekend, but he’s also looking for a full-time summer job.
- As the summer comes to an end, Jake might still be a few dollars to a few thousand short to pay for college… goal failed?! No, of course not! There are still private loans to consider.
- Finally… Jake sketched out a rough college budget for his first year in college using financialfootprint’s budgeting worksheet (our app called “The bÜdg“), opened a bank account, contacted his future roommate to make a list of stuff to bring, registered for orientation… and VOILA! Jake has become part of college financial planning world. Sooner than later, Jake is all packed and ready for his big move to The Best College Ever.
So, Jake just can’t break into a piggy bank this time (unless his dad happen to be Bill Gates) to fully attain his goal to smooth sailing into The Best College Ever, but he can certainly feel at ease knowing there’s help out there and he doesn’t have to be allllllll aloooooneee in the process. Let’s face it, Jake isn’t the only the new freshman attending The Best College Ever. Come next year, Jake will be a pro at this whole thing!
Want more? Here are upcoming teaser blog posts related to financial education and college financial planning (financialfootprint is here to keep you in-the-know!):
- Scholarships (look forward to posts like “The Sucka Scholarship”).
- Student loans (get enticed by topics like “Stafford Loans: A Mosquito, Not a Leech”).
- … And lots of other topics like “Americorps: Give Me a Backpack and I’m GONE!”, “What Financial Aid is NOT”, and “Do I Get Paid or Do I Go?”
In the meantime, consider reading about other important tips for managing your student finances.