College is a huge investment, and it's one that most families can not simply pay for out of pocket. If the process of securing financial aid has your head swimming with deadlines and new vocab, you're definitely not alone. It's a lot to take in!
That's why we're breaking down the deadlines here, to make it easy to get a rough idea of when you should be applying for financial aid to maximize your funding and minimize your stress.
College Savings Options
If you're starting early, say, well before your sentior year, you may be wondering about different accounts and programs you can use to start setting aside money for your (or your child's -- hi parents!) education. Which is smart!
Luckily, there are a number of options available to start planning for financing college, so you can find one that fits your situation.
Below are a few of the most popular options.
- 529 College Savings Plans - Income-tax free savings plan for college. Flexible but does not lock-in future tuition rates.
- 529 Prepaid Tuition Plans - Similar to 529 College Savings Plans, but lock-in the current tuition rate and grow at a the same rate as tuition.
- Credit Card Rebate and Loyalty Programs - Programs such as Upromise, BabyMint, and SAGE Tuition Rewards, that offer rewards towards college savings.
- US Treasury Savings Bonds - Series EE Savings Bonds, Series I Savings Bonds, Zero Coupon Bonds and Treasury STRIPS, and Treasury Inflation-Indexed Securities (TIPS).
- Coverdell Education Savings Accounts - Formerly known as Education IRAs, these savings accounts are also income-tax free.
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The Overall College Prep Process
Before we dive into the financial side of things, take a look at this basic timeline of what getting ready for college can look like.
Junior Year of High School
- Start researching schools and talking with your family and school counselors about college options; begin laying out your top choices.
- Start taking challenging courses and staying involved in extracurricular activities, as well as being on top of your school work.
- Begin visiting the colleges you’ve chosen to get a feel for the different campuses and overall environments of each school.
- If you can’t make a trip to a school you’re interested in due to travel expenses, you can still get in contact with an admissions counselor from that school via phone or e-mail, or even ask to get in contact with a current student.
- Register for the SAT tests. This can be done your senior year, but it’s never too early to take the SAT. Should your scores not be satisfactory to you, you want to have plenty of time to get any additional help you may need and re-take the test.
Summer Before Your Senior Year (June – Aug )
- Make a finalized list of schools that interest you the most.
- Continue visiting the schools you have chosen if you have not already finished.
- Register to take the SAT tests if you have not already done so.
Fall of Your Senior Year of High School (Sept – Dec)
- Begin filling out applications for the schools you have selected. Keep in touch with your school counselor for any guidance you may need during this process.
- Start working on college applications. Make sure you have a resume that you are keeping updated, and keep all of your paperwork together.
- Take the SAT® tests and have the scores sent to the schools where you applied.
Spring of Your Senior Year of High School (Jan – May)
- Compare your admissions and financial aid award letters and make a decision. Don’t be afraid to call the Financial Aid Offices (FAOs) to ask for a better package or for a match of another school’s offer.
- Make a final decision, mail the enrollment form and deposit to the school, and start applying for financial aid to cover the total cost of attendance.
Summer Before College (June – Aug )
- Have your high school counselor send your final transcript to your selected college.
- Secure any necessary financial aid by signing the necessary forms and submitting your Master Promissory Notes (MPNs).
- Shop for all of your college items, make travel plans, and move into your new school!
Take the handy college preparation process advice on-the-go with a free download check list brought to you by Go Financial Aid!
Financial Aid Timeline
Junior Year (Spring)
- Start learning the basics: Understand FAFSA, CSS Profile, and different types of aid (grants, scholarships, loans).
- Estimate costs and aid: Use net price calculators on college websites to see potential costs and aid eligibility.
- Research scholarships: Begin compiling a list of scholarships to apply for during senior year.
Summer Before Senior Year
- Gather documents: Tax returns, income statements, bank statements, and other financial info you’ll need for FAFSA or CSS Profile.
- Create your FSA ID: Needed to sign the FAFSA electronically.
- Plan scholarship applications: Note deadlines and start working on essays or recommendation letters.
Senior Year – Fall (Oct–Nov)
- File early: FAFSA opens October 1—submit as soon as possible to maximize aid.
- Submit CSS Profile (if required): Many private schools require this for institutional aid.
- Scholarship applications: Keep applying for external scholarships—deadlines vary.
Senior Year – Winter (Dec–Feb)
- Check FAFSA processing: Make sure your FAFSA was accepted and all corrections (if any) are made.
- Respond to requests: Schools may ask for verification documents—submit promptly.
- Compare aid offers: Look at each school’s award letters carefully once received.
Senior Year – Spring (Mar–May)
- Make your decision: Choose your college based on admissions, financial aid, and fit.
- Accept aid: Confirm grants, scholarships, and loans with the school’s financial aid office.
- Complete loan counseling (if required): For federal student loans, you’ll need to complete entrance counseling before receiving funds.
Summer Before College
- Finalize your budget: Plan for tuition, housing, books, and other expenses.
- Set up payment plan (if needed): Some schools allow monthly payment plans for remaining costs.
- Check for last-minute scholarships or aid updates: You might find additional opportunities before school starts.
