Financial Authority of Maine's 5 on the 5th

October 2013

Five College Planning Tips for the Next Year's College Freshmen    Are you planning to attend college in the fall of 2014? Consider these tips so that you are prepared! 1.   Research Schools    Do you have your list of schools you plan to apply to? If not, or if you want to broaden that list, research schools to find the ones that will be the best fit for you. Make sure the schools meet your academic, social, extra-curricular, budgetary and geographical needs. Two websites that allow you to search based on a variety of criteria include College Navigator and the College Board's Big Future.    To get a sense of whether a school might be a good fit financially, use the Net Price Calculator (NPC) for each of the schools on your list (the NPC tool is typically on the school's financial aid page). NPC allows you the opportunity to enter your specific information and then the school generates an estimated "net price" based on their resources. The net price is the price after grants and scholarships (funds that don't have to be repaid), and it a better estimate of what that school will cost you.     2.   Consider retaking the SATs Most students in Maine take their SAT for the first time in May of their junior year. Many students re-take the test again in the fall of senior year.  Is re-taking the SAT right for you? Check out the College Board website for information that may help you make your decision.  3.   Search for Scholarships  One of the best ways to offset college costs and minimize student loan debt is to search for scholarships. Scholarships can help meet the costs that schools are unable to provide funding for or can replace student loan debt. Searching for scholarship takes time and effort, so start early. Make sure you never pay to search or apply for a scholarship - the best scholarship programs are free! Start your scholarship search by visiting FAME's web site. For best results, make sure you are organized, follow all instructions, and carefully proofread all of your scholarship submissions.   4.   Apply for Admission  Once you decide that you want to apply to a school, find out what application is required. For example, can you use the Common Application, is there an institutional application that must be completed, or are there other options? Be thorough and proofread the entire application. You will also want to pay close attention to the admission deadlines. Many schools have early decision or early action deadlines in addition to regular admission deadlines. Learn more about these deadlines to determine which deadline is best suited for your circumstances!  5.   Apply for Financial Aid  Regardless of the schools you are applying to, be sure to complete the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1. All schools require the FAFSA to determine eligibility for federal financial aid. Many schools also use the FAFSA to award state and institutional aid. However, some schools require additional financial aid forms, such as the CSS Profile, to award additional institution funds. If a school requires an additional financial aid form, make sure you find out the deadline for that form. Lastly, remember that completing the FAFSA (and any other financial aid application) is just the first step in the process - make sure you respond promptly to any other requests from the school for information.