Steps by Year: What High School Students Need to Know About Financial Aid

Steps by Year: What High School Students Need to Know

ASA knows that high school students find themselves bombarded with tests, applications, and deadlines—but it’s important for them not to neglect their financial aid planning. Successfully navigating the financial aid process takes significant perseverance and patience—plus a lot of help from dedicated professionals like you!

Below we’ve compiled summaries of the important financial aid priorities that students face during each part of high school, as well as a printable checklist for students’ senior year. We hope these guides help you—and the students you work with.

– 9^th Grade
– 10^th Grade
– 11^th Grade
– 12^th Grade

Printable Checklist for Seniors

9^th Grade

This is a time when college awareness really begins to take shape for students. During this period, students and their families should begin to think about the practical aspects of college, such as how they’ll pay for it, and what kind of a job college may lead to. This is particularly important because after college, students will likely be responsible for a monthly loan payment for an average of 10 years or more, and they need the financial resources to handle that responsibility.

– Students should begin to learn about different types of careers that might be a good match for what they like to do and what they’re good at. They can see how much different professions earn by visiting the College Board Career Center or Reach4Success.
– Students and their parents should begin researching how their entire family can save for college and the different ways to pay for education by visiting the Financial Aid pages at ASA.

10^th Grade

At this grade level, students should start identifying colleges they would be interested in attending.

Students should make a list of the cost of attendance (tuition, fees, room, and board) at their favorite colleges for comparison.

They should also take a look at what programs each school offers, and find out which schools may help position them well financially after they graduate and begin paying back their loans.

Students should also research Advanced Placement courses, which may allow students to pay less to complete their college educations:

– What courses are available at their high schools?
– Are students eligible for the classes?
– How can students enroll in them for junior year?

11^th Grade

College planning is in high gear at this point.

Students should follow this timetable:

September

– Students should register for the PSAT exam offered in October. Remember that when they take the PSAT this year, the scores will determine if they qualify for a National Merit Scholarship.

October

– Time for students to take the PSAT. If they haven’t already, students should also narrow the list of colleges they’ll be applying to so they can:
- – Find out each college’s cost of attendance.
- – Investigate each college’s financial aid options, including school-specific scholarships.

Spring

– Students should use the National College Access Network to begin looking for private scholarship funds that are available to them.

12^th Grade

Students should follow this timetable:

October

– Students should register for a CSS/Financial Aid PROFILE^® if their chosen schools require it.

November

– If they haven’t already, students need to get a financial aid packet from their high school guidance offices.
– FAFSA alert: It’s time for students to download a Free Application for Federal Student Aid (FAFSA) to officially begin the financial aid application process.

January–February

– As soon as possible between January 1 and February 15, students need to complete the FAFSA and the financial aid applications for the colleges to which they are applying
– If students and their families have not completed their income tax calculations for the year, they can use estimated income figures. However, it’s in the students’ best interests to use the most accurate numbers available.
– Students should begin requesting scholarship applications from colleges and other organizations. It’s important that students make a list of when each application is due!
– The Student Aid Report (SAR) should arrive in the mail within 4 weeks after the FAFSA has been submitted. Students should look it over carefully, correct anything that is inaccurate, and return it to the FAFSA processor by following the directions listed on the SAR.

March

– Students need to complete any scholarship applications—many have deadlines in March, but it’s vital to return each application before its individual due date!
– Students should check in with the financial aid offices of colleges they have applied to, making sure that all of the information they submitted has been received, and that the colleges have everything necessary to process the students’ applications.

April

– Colleges send financial aid offers to accepted students within a few weeks after mailing out acceptance letters. Students need to carefully compare financial aid packages for the following criteria:
- – Which school provides the greatest amount of grant or scholarship money, if any? This money does not need to be repaid, and is highly desirable.
- – If schools offer loan aid, can students afford to repay that amount of aid? Students should ask guidance counselors or community outreach staff for help in calculating how much their monthly payments would be after college if their aid award remained the same for 4 years of college. Students should then compare that amount to how much they expect to make after college based on their planned career choice.
- – Among loan awards offered to the students, which schools provide more Perkins and Stafford subsidized loans? These loans have more advantageous terms.
- – Which schools offer programs that would allow students to achieve high post-college incomes? This is important to whether or not students will be able to comfortably make their monthly loan payments after they graduate.
- – Which schools have a lower cost of attendance? This is one of the greatest factors that determine students’ debt burden after college.

May

– Students must decide which colleges, and aid packages, to choose.
– Students must decide if they should accept some parts of a financial aid offer without taking others. For example, a student may choose to accept the grants and work study a school offers but turn down a portion of the loans that are offered for room and board if she decides to live at home and commute to school to save money.
– Note: If students have not yet received financial aid offers from all of the colleges they applied to, they should not make their final decision. These students should check to be certain the remaining financial aid offers will be coming soon, and request extensions from the other schools if needed.
– Students should take AP exams for any AP subjects they studied in high school. Good AP grades have the potential to transfer into college credits and save tuition costs.
– It’s important that students remember to fill out all forms for loans they are borrowing.