Here is what we are doing with regard to college for our high school junior
Good news, our college freshman is enjoying college. One semester is in the books. Over here, we are gearing up for semester number 2 starting this January. However, we also have a junior in high school, who is just starting up with the college hype machine. Here are some of the things we are looking into/thinking about as we embark on this journey once again.
As with Nolan, we felt it was important to talk to Everett about the financial implications of college choices. We explained that he can go wherever he would like to go, but some of those choices may end up requiring him to take out student loans. Others would be well within what we have saved for his college costs, and could be covered in full. By involving him early in these types of decisions, we feel that it gives him some ownership in the process, and it should help improve his financial decision making ability for other future large financial decisions/purchases.
Everett has taken the PSAT already, and he is gearing up for the SAT this spring. One of the things we would like him to do is work on some SAT prep material to improve his chances for scholarship/aid money from a few of his early college choices. A lot of schools will offer some money with certain GPA’s and decent standardized test scores. Even the SUNY schools are offering some small scholarships for good students. If your child is telling you that they do not need to take the SAT because a lot of schools do not require it for admissions, that could very well be true. However, they might not qualify for a scholarship if they do not have a SAT/ACT score to submit. In my research working with clients and my older son, 1300 on the SAT seems like a great target to invite some of those scholarship offers from the mid-tier type schools. Just something to keep in mind.
One more thing to keep in mind. If your first child to go to college is a junior right now, this tax year (yes, 2024) will be the first tax form figures you will submit with your first FAFSA.
We are having lots of conversations about the type of school (large/small), the possible majors, the geography, etc. Everett is now at that exciting time where you start to hear from a couple of schools. Little does he know how many more solicitations he will receive between now and June 2026. The more we can talk about the types of things he is interested in, the better prepared he will be to make an actual choice come his senior year.
One more thing to keep in mind. If your first child to go to college is a junior right now, this tax year (yes, 2024) will be the first tax form figures you will submit with your first FAFSA. If you are close to being under around $250k in household income, it might not be too late to further reduce that income number and better position yourself for possible aid. It is a bit too complex to explain here, but I have found that the opportunities for aid (need based, not merit based) are harder to find once you are over $250k in income.
If you like this approach and want to learn more, please feel free to reach out to me. I would be happy to offer help if I can. If you know someone else in this situation and think they might benefit from speaking to me, sending them this article is a great way to make that introduction. Happy college hunting!
