facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause
College Countdown: A High School Action Plan Thumbnail

College Countdown: A High School Action Plan

Financial Planning

Preparing for college is one of the most important educational and financial milestones a family may face. Starting early can give students more opportunities to strengthen their college applications while giving parents more time to plan for the significant cost of higher education.

With college expenses continuing to rise, thoughtful preparation can make a meaningful difference. Today, the average college graduate leaves school with approximately $38,375 in student loan debt, while the average starting salary for recent graduates is $68,516.¹,² Check out each school's Net Price Calculator because published tuition often differs significantly from what families pay. Although higher education can be a worthwhile investment, advanced planning can help families reduce financial stress and expand their options.

A successful college strategy begins well before senior year. By taking a proactive approach throughout high school, students can build competitive applications, explore scholarship opportunities, and prepare for the financial realities of college.

Freshman Year: Build a Strong Foundation

Start researching colleges. Create a preliminary target list of schools to understand admission requirements, academic expectations, and estimated costs.

Meet with a school counselor. Develop a four-year academic plan that aligns with future college goals and includes rigorous coursework when appropriate and extracurricular opportunities.

Focus on academics. Strong grades earned early in high school establish a solid GPA and create momentum for future success.

Sophomore Year: Develop Interests and Skills

Take a practice SAT or ACT. Early exposure to standardized testing helps familiarize your child with standardized testing formats and identify strengths and areas for improvement.

Focus on extracurricular activities. Colleges often value long-term commitment and meaningful involvement over participation in numerous unrelated activities.

Use summers wisely. Part-time jobs, internships, volunteer work, summer programs, or travel experiences can help students develop valuable skills and show initiative.

Junior Year: Prepare for Applications

Take the PSAT/NMSQT. The October exam can qualify students for the National Merit Scholarship Program and other scholarship opportunities.

Seek leadership opportunities. Leadership roles in clubs, athletics, volunteer organizations, or community initiatives can strengthen college applications.

Complete standardized testing. Take the SAT or ACT during the spring, leaving time for additional testing if needed. Many colleges consider a student's highest score or allow superscoring.

Senior Year: Finish Strong

Stay ahead of application deadlines. Applying early can improve admission opportunities and reduce last-minute stress.

Complete the FAFSA. Filing the Free Application for Federal Student Aid is one of the most important steps in maximizing eligibility for grants, scholarships, work-study, and student loans. Billions of dollars in federal grant aid go unclaimed each year simply because eligible students do not submit the application.

Prepare for financial independence. Before your student leaves for college, discuss budgeting, responsible credit use, and bill management. Once they turn 18, consider completing important legal and medical documents, such as health care authorizations and powers of attorney, so you can help if an emergency arises.

Planning Today Creates More Choices Tomorrow

College is more than an academic decision it's a major financial investment. Families who begin planning early often have more flexibility when choosing schools, greater access to scholarships and financial aid, and more time to prepare for the costs ahead.

Whether your student is just entering high school or preparing for graduation, creating a year-by-year plan can help keep everyone on track. Small, consistent steps taken today can open doors and create opportunities for years to come. 

If college is part of your family's future, now is a good time to review your education savings plan and ensure it aligns with your broader financial goals.

 Sources

  1. EducationData.org, January 15, 2025
  2. BankRate.com, May 17, 2024
  3. PrincetonReview.com, 2025
  4. EducationData.org, November 3, 2024
  5. https://tobininvestmentplanning.com/financial-tips/8-legal-documents-parents-and-college-students-should-sign