College Planning

A new year often brings with it a chance to review and renew plans and aspirations and to take action on important items and goals.

January is a good time to solidify college planning goals and to start taking action on steps toward the goals you have for seeing your student off to college.

It may seem like a long way off, but the next year and a half likely will be a blur!

Junior year is important for admissions applications, so keep your high school Junior’s focus on their studies and activities.

Here are some steps you can add to your checklist and start completing now:

January-March

• Register for Spring SAT and/or ACT exams. Consider the SAT Subject Test.
• Make a list of important criteria for which college you will attend: do you want a large university? A small community? What majors interest you? What sports and activities? Are there unique services you need? Will the school have these? What is the Cost of Attendance? And so on.
• Make your college list and find out when they have Spring tours- begin visiting schools on your list. Start with the closer schools.
• Do some online research on your school list and see if they measure up to your criteria and find out all you can and make lists of comparisons, including price!

April-May

• Finish your year well! Keep your grades up- schools will be requesting your junior transcripts for college applications.
• Consider adding activities to your schedule if you are not involved in many.
• Continue to visit colleges. Many Open Houses are in Spring. Make any travel plans ahead of time, if needed. Make a list of questions to ask beforehand.
• Read some college applications so it is not all new to you in Fall.
• Make a list of potential people you may want to ask for letters of recommendation. Teachers, employers, counselors, etc.
• Explore summer opportunities for work and include college campuses if you are near one.

For more information on checklists for Summer, Fall and Senior Year, please see previous articles:

• College Planning in the Summer: A Focus for High School Seniors
• Seniors: Financial Aid & Admissions Checklist + Tips for College Applications

-DC

Your student has submitted the Common App. Congratulations – it’s a big step! So, what’s next?

While it may feel like you have crossed the finish line, college planning is not over yet. In fact, some of the most important steps begin now.

Some of the decisions you’ll make in the months ahead will have a great impact on not just the next four years, but for years after your college student receives that well-earned diploma.

Below are key areas of focus for staying on track financially.

If You Have Not Started a Plan to Pay, Begin Now

• Make a list of your “likely schools” and their Cost of Attendance
• Use college cost online calculators to give you an idea of how much each school will cost after financial aid and merit scholarships. Schools are required to have a Net Price Calculator on their website.
• Use salary calculators to get an idea of what kind of salary you will make after graduation
• If you are going to use loans for any part of payment, do your research now and definitely consider the Federal Student Loansthat each student is eligible for
• Review parent college savings and assets intended to cover college costs and make a four-year cost estimate (remember costs increase an average of 5% per year)

Submit Your Financial Aid Forms

You likely have submitted the CSS Profile for your schools who require it by now (not all schools require this form).

Be sure to complete the FAFSA form (Free Application for Federal Student Aid) which is now open for the 2025-2026 academic year.

Plan Your Private Scholarship Search

There are many private scholarships available for students. A good place to begin this search is with your high school guidance office.

Search for local scholarships and use online tools. Be sure to never pay a fee, because legitimate scholarship websites do not charge a fee for application.

Here are a few websites to begin your private scholarship search:

• Fast Web
• Scholarship America
• College Board BigFuture

Maintain Grades and Academic Focus

Colleges will be requesting final transcripts for review, so students should stay focused and keep grades up. Significant drops in grades could put college acceptance in jeopardy.

Consider Visiting or Revisiting Top Choice Schools

Since there are many factors that make a school the right fit (including if a student feels like they are at home on campus and with other students), make another visit, or be sure to visit if you haven’t already done so to decide if the college campus is right for your student.

Check out school resources, student activities, and even the geography and area of the school.

Take any opportunities to speak with students, faculty, advisors and department chairs.

Prepare for Acceptance Letters (and Possibly Rejection Letters)

In the coming weeks you will start to receive decision letters.

This is exciting! However, it can be stressful.

It is good to remember for your peace of mind that even if there are rejections, there is a school out there for your student where they will have a place to connect with peers and have the resources to succeed and enjoy the next four-year chapter of college life.

And Finally, Celebrate!

Over the coming weeks and months, especially during the holidays, you will likely have the opportunity to celebrate some acceptance decisions from your college list.

Be proud of this accomplishment and share with your family and friends. You (students and parents) have earned it!

-DC

Our colleague and college specialist Donna Cournoyer contributed the following update for college planning

The topic of the FAFSA (Free Application for Federal Student Aid) has made frequent appearances in our client letters, especially since the major changes from the FAFSA Simplification Act were rolled out last year in the 2024-2025 application.

Many would say the FAFSA rollout could not have gone worse.

Late opening, lack of accessibility, and late communication of data to schools made for a very unpleasant year for financial aid applicants, as well as financial aid administrators.

There is hope for some improvement this year, although the opening is again delayed with the Department of Education aiming for a December 1 launch for the 2025-2026 form, instead of the usual October 1.

For first-time applicants, this can add additional stress to the already onerous process of preparing and applying to college and applying for financial aid.

Below is a breakdown of the information needed on the financial aid forms, with a focus on asset reporting requirements.

The Application Forms

FAFSA: The Federal application used to determine eligibility for any Federal funds, including Pell Grants, Federal Work Study and Federal Student Loans.

• Required by every school for financial aid applicants
• More limited questions on assets for parents

CSS Profile: The application provided by the College Scholarship Service, which schools can require for their applicants with additional questions for eligibility review.

• Required for approximately 250 schools, mostly private, as a secondary form in addition to the FAFSA for determining eligibility for school grants and funds
• More questions on parent assets which can lower a student’s eligibility for college specific need-based funds

Positive changes to the simplified FAFSA include fewer questions and some changes for 529 college savings account reporting.

• Applicants’ sibling 529 accountslonger need to be reported
• Distributions from any 529 accountfor educational expenses no longer need to be reported as untaxed income

Parents often have a lot of uncertainty about how assets are reported and weighed on the FAFSA and CSS Profile applications. And rightly so, as there are significant inconsistencies on how the Federal government looks at parental assets compared with how colleges view those assets.

Colleges have their own funds and awarding policies and can award their funds as they wish to their applicants.

Asset Comparison and Requirements for the FAFSA and CSS Profile

Parent Assets are counted at 5.64%, and Student Assets are counted at 20% (and in some cases up to 25%) on the CSS Profile.

Home Equity

• FAFSA – Not required
• CSS Profile – Required and considered in eligibility calculation

Equity in Other Investment Real Estate

• Required on both FAFSA and CSS Profile and considered in eligibility calculation

Family Businesses

• Required for both FAFSA and CSS Profile and considered in eligibility calculation

Cash Values of Life Insurance Policies and Qualified Annuities

• Not required on FAFSA
• CSS Profile – Non-Qualified Annuities are countedas assets

529 College Savings Accounts

• Parent or Student Accounts required for both FAFSA and CSS Profile
• Accounts in other names, such as grandparents or relatives are NOT required on the FAFSA, the CSS Profile may ask for this information
• Withdrawals used to pay for college are not included on the forms

Parent Retirement Accounts

• Parents’ personal retirement accounts, such as 401(k), IRA, Roth IRA, pensions, Keough Plans, are NOT required on the FAFSA, but the CSS Profile will ask for these, and could consider them

Other Parent Investments

• Other investments which are non-retirement accounts, such as mutual funds, brokerage accounts and any other non-retirement accounts are required and considered on the FAFSA and CSS Profile

UGMA/UTMA Account

• Required on the FAFSA and CSS Profile, and are in the Student’s Asset section, if the student is the custodian

Interest and Capital Gains

• Will be considered, as they will show in income on your Federal Tax Return

Planning Ahead

If you are a few years or more away from your student applying to college, work with your accountant and financial advisor if you have expected one-time fluctuations in your income, such as the sale of a business.

Your financial advisor and accountant may also have suggestions on how to lower your adjusted gross income (within adherence to any tax laws) in the years leading up to the financial aid applications, which may help increase your eligibility for financial aid.

Final Thoughts

My general advice for completing these forms, especially the CSS Profile:

• Report Accurately
• Don’t Overestimate
• Don’t Overshare

Parents may have conflicted feelings and concerns on sharing their personal information.

Getting qualified guidance for planning for any upcoming income changes in the years prior to college applications, along with guidance on how to answer FAFSA and CSS questions, will go a long way in contributing to your confidence in receiving accurate awards and talking to school counselors about your personal financial situation.

Our colleague and college specialist Donna Cournoyer contributed the following update for college planning, as a follow-up to her April article, Shifting the “Dream School” Mindset

There are many factors that shape the philosophies, policies, and practices of colleges throughout the US. However, the overarching key factor is this: colleges are businesses that need revenue to exist.

Most of this revenue comes in the form of tuition and housing fees that families pay each year. And of course, fundraising and building upon existing endowments are significant contributors, too.

Endowments are permanent funds, used as a self-sustaining funding source for the school’s mission, including funding for scholarships and grants for students.

However, endowments are invested funds and only a small portion is consumed each year. In many cases most universities spend only the interest that accrues annually from the investments.

The need for colleges and universities to enroll a certain number of students each year, in order to stay within their operating budgets, drives institutional goals and determines how the schools market to students they want to attract.

The Enrollment Cliff

Another factor driving the enrollment policies of universities is the significant decline in the number of college-bound students expected in the years ahead.

This drop in predicted enrollment is a function of a declining birth rate; fewer high school graduates choosing to go to college (related to price and value perception, among other reasons); and predicted lower high school graduation rates.

This puts a lot of pressure on colleges and universities to meet their enrollment goals each year, in an environment where it’s getting harder and harder to do.

How Colleges Entice Students

Marketing is a large expense at many colleges and universities. Schools want to entice students by creating beautiful grounds, building new dorms, providing the latest technology in classrooms, and guiding families on tours where they aim to make an emotional connection with the student.

Schools market to all students and families on the tours – even the ones who cannot afford to attend.

Think about this: as has been a common practice for decades, many families create a list of schools based on perceived elite status, reputation, location, aesthetics, amenities, and, of course, academic programs. Sometimes, price is considered before visiting. But often it isn’t.

Then families visit their chosen schools, where tour guides aim to make that highly charged emotional connection with the student (and the student’s family). They are often very successful. When you come down to it, this is the process of the sale, and tour guides are selling the school to the student.

What happens next?

The student makes a snap decision to attend one of the visited schools based on feeling and emotion (I have seen this many times in my experience working at a university) and ultimately the family agrees.

Cost might not even have factored into the decision, and this can have far-reaching financial implications for the student and parents.

Consider this: the four-year sticker price for many schools now totals nearly $400,000, which is very close to the current median price for existing-home sales in the US, according to the National Association of Realtors.

In a Bloomberg article from September 26, columnist Charlie Wells said something that resonates with me as a college planner and financial advisor:

“Financial advisers say having a budget and setting expectations is crucial to avoiding disappointment — or mountains of debt — later. (Just think: Would you let your 16-year-old decide which house you were going to buy after one walk-through? School choice is not so different.)”

Looking at a family’s plan to pay for college is intertwined with many factors including the ways in which colleges aim to attract and solidify commitments from students to attend their school.

When planning your strategy for choosing and paying for college, remember these key points:

• Rankings: Some of the factors that have been touted for years about U.S. News and World rankings, for example, are starting to take a back seat as many people no longer believe they are relevant to deciding on a college.
• Elite Status: Studies have shown that WHERE a student goes to college is not a significant factor in their success.
• Apply to Competing Schools: This may give you a chance to leverage offers from one school to gain additional funds from another, as many schools will “match offers” to get a student to commit.
• Set Financial Expectations: Have a Financial Plan and start early. Discuss together as a family what are the realistic and agreed upon financial strategies: How much are parent(s) willing and able to contribute? Will anyone need to borrow? What is the student’s responsibility? Do this BEFORE visiting and applying to schools.
• Merit Scholarships and Financial Aid: Research the financial health of the school, along with their policy and average amounts of aid and merit scholarships. This is not always transparent so call the Admissions staff to ask for average, if necessary.
• Appeals: While not everyone’s favorite process, often students may benefit from appealing their offer. Remember, schools need to make their enrollment, so offering additional incentives is a way in which they aim to do so.

One of my goals as a college financial planner is to help shift how parents perceive “what is the best school for my student”.

I’ve observed that families with well-planned strategies that consider the current landscape of college admissions are more likely to conclude their college search confidently, and are more successful in ensuring that, in the end, their college dollars are well-spent.

-DC

Our colleague and college specialist Donna Cournoyer contributed the following update for college planning

Senior year for a high school student and their family is usually quite busy. Settling into the new school year schedule and activities begins in earnest as Labor Day brings summer to a close.

Organization can keep a college-bound senior and their family on top of the to-do’s and deadlines, ensuring this last leg of college preparation and the application phase goes smoothly.

To help in this effort, I’ve provided need-to-know information in the following five sections:

1. Key Considerations for High School Seniors
2. FAFSA Application Form Availability & Deadlines
3. FAFSA Formula & Net Price Calculator
4. Merit Scholarships
5. The Fall Checklist

Key Considerations for High School Seniors

Eligibility for financial need-based Federal financial aid from the US Government and need-based grants and aid from US colleges is based on the Federal FAFSA application (Free Application for Federal Student Aid) and its formula.

This includes free grant money from the government such as the Pell Grant, the colleges’ free grants, Federal Subsidized student loans and the Federal Work Study program.

The following link to studentaid.gov website runs through the Types of Federal Student Aid.

Eligibility for the student is determined by the financial aid office at the college or university to which the student is applying.

Even if you are likely not eligible for financial aid and need-based funds, I strongly recommend that everyone complete the FAFSA form.

Schools often award some free grant money to students for completing the FAFSA form regardless of eligibility and some schools require it for the student to be considered for a merit scholarship, even though those are not based on financial need.

FAFSA Application Form Availability & Deadlines

The traditional opening date of the FAFSA form is October 1 for the following academic year. (October 1, 2024, for the 2025-2026 year).

However, last fall due to major changes in the form for the first time in many years, there were many hiccups and delays from the Department of Education and the 2024-2025 application did not open until January 1, 2024. From there, issues continued for months.

In August, The Department of Education announced that the FAFSA is expected to open for testing with a limited set of students and institutions on October 1. The DoE also stated they will make the application available to all students on or before December 1.

Be sure to check the financial aid pages on the websites of your college list to keep up with the opening date of the FAFSA and each school’s required forms, and check online on the Federal Student Aid website- look for “2025-26 FAFSA form” here: FAFSA.

For schools on your list check to see if any also require the CSS Profile

FAFSA Formula & Net Price Calculator

The FAFSA formula uses some key figures to determine a student’s eligibility for financial aid, some key elements in that formula are:

• Parents’ Adjusted Gross Income (AGI)
• Parents’ Taxes paid
• Parents’ investments OTHER than personal retirement accounts. (not including accounts such as your IRA, 401(k), etc.)
• Number of family members

Another way to estimate financial aid ahead of access to the FAFSA and college financial aid letters is to use each college’s Net Price Calculator.

• The simplest way to find a school’s Net Price Calculator is to search the name of the college followed by “npc”, such as: yourschoolnpc.
• Keep in mind that they do not all include merit scholarship estimates, which will help your net cost if the student is awarded one with admission to the school.

Merit Scholarships

Merit Scholarships are school-awarded scholarships NOT based on the FAFSA form and financial need.

Merit Scholarships (also called Academic Scholarships) are based on the student’s overall admissions application which includes GPA, essays, possibly SAT or ACT scores and interviews, and any other requirements from the admissions office.

Schools usually have a range of amounts they may offer students, and Merit Scholarships are usually awarded for four years and may have a GPA requirement for continued eligibility. Each school will have different criteria and amounts available according to their own policies. Eligibility is determined by the admissions office.

Be sure to get your admissions applications and the Common App done early, to help put yourself in the best position to be awarded a merit scholarship. And make a list of the application deadlines for each school you are applying to.

The Fall Checklist

• Deadlines: Make a list of deadlines for admissions and financial aid for your college list
• FAFSA: Watch for the opening of the FAFSA and complete as soon as possible
• Net Price Calculator: Estimate Your Net Cost for schools on your list (use NPCs for now, and merit and financial aid offers later)
• Your Budget: Estimate how much you are able and willing to spend and / or borrow for your student’s education
• Complete the Common App/Admissions Applications Early: Be sure to get applications done early. Early applicants are likely to receive decisions the earliest.
• SAT/ACT: Decide if your student will submit scores and/or retake any tests.
• Engage with your Admission Representatives: For your top schools reach out to your admissions counselors and let them get to know you so they can advocate for your admission and merit scholarship.
• Make Another School Visit: If you are having trouble narrowing your list, or deciding which school is at the top, try to visit the school again. It is also good to tour when students are there.
• Make a List of Pros and Cons for Each School: Look at programs, school size, student resources and activities, location, cost estimate and of your important decision factors for your college choice. This is helpful as you start applications, and the process gets closer to decision making time.

If you are interested in some guidance, we offer hourly college planning services, and a complimentary 30-minute consultation to discuss your personal situation. You can schedule an appointment here on our website: Schedule an Introductory Meeting.

Good luck and have a great year, seniors! 

Our colleague and college planning specialist Donna Cournoyer contributed the following article.

Summer before senior year for a high school student is often filled with good times, maybe a summer job, and also great anticipation of the final stretch of the college planning process with fall college applications looming in the coming weeks.

For families of college bound students entering their final year in high school, the end of summer is a great time to ensure most of the preparation is done, and that you’re organized and ready for application season this Fall.

Focus Items for Being Well-Prepared

• Narrow your school list and decide on a final list for applications (for all criteria including costs)
• Have accurate estimates for out-of-pocket costs for each school; either by working with a college planner, and/or using the Net Price Calculators on each school’s website for financial aid and merit scholarship estimates
• Make a list of deadlines and choose your application timeline (early action, regular decision, etc.) for each school and list any materials needed for your applications
• Finalize essay or essays for your applications
• Have your list of extracurriculars, achievements, and awards up to date and ready
• Have any personal statements and teacher recommendations ready
• Start the Common App soon after it opens on August 1 to be sure you stay on schedule

For high school students heading into senior year, here are a few things which are important to keep in mind:

High School Courses and Activities

Keep up focus on grades and activities. Admissions will require final transcripts and may question if your student’s grades suddenly dip after the application has been submitted.

Do not make significant changes to your curriculum, or switch from AP and honors to all regular courses. Again, keeping up with your plan is important so that you will maintain your status as a highly focused student.

Admissions Process

If the schools on your college list heavily consider demonstrated interest in applicants, be sure to reply to requests for communications and attend events in the fall during the admissions process. Interact with your admissions counselors when they reach out.

Some schools weigh a student’s engagement and interest when reviewing applications. However, if you contact the school, be sure to have specific questions and make it a productive call for both you and the admissions staff.

You should be assigned an admissions counselor at each school. Be sure to reach out to them if you have important questions, especially if it affects your decision about where you will be attending, such as costs, or any other key factors in decision making.

Finally, get organized for your senior year and create a plan for applications so you can balance completing applications with your senior year coursework and activities. This will also help to keep the stress to a minimum. Reach out for help from parents and school counselors when needed.

Remember: most of the hard work is done!

Head into fall organized and prepared with enthusiasm to complete college applications. Before you know it, the holidays will be here, and your students may soon know where they’ll be headed off to college next year.

-DC

Our colleague and college specialist Donna Cournoyer contributed the following update for college planning

Applying to college can be a complex and multifaceted process, including several steps and requiring careful planning and attention to detail.

The most recent yearly cycle of the college admissions process has just finished, as high school seniors and their parents have completed the years-long college preparation and detailed application process by making a financial commitment to the school they will attend for the next four years this beginning this coming fall.

The current level of complexity of this process sent some families into procrastination mode, pushing off the inevitable facing of facts. For others, it means assuming an uncomfortable level of debt.

For those who started early and bravely committed to fully engaging and digging into the process- navigating all the steps and intricacies along the way- many found themselves completely exhausted emotionally, and unfortunately for some, financially.

How did we get here? Has the craziness finally peaked with the FAFSA debacle of 2024-2025? Not likely. Although we will learn more when the process starts up again this fall with the next application season.

The college application process in 2024 has been particularly tumultuous due to several key trends and changes that have intensified its complexity and competitiveness.

Key Trends and Challenges

1. Surge in Applications: The number of college applications has increased dramatically. This surge is partly due to the widespread adoption of test-optional policies, which has encouraged more students to apply to a broader range of schools. Applications to public institutions have seen an 82% increase since 2019-20, while private institutions saw a 47% increase​ (IvyWise)​​ (Crimson Education US)​.
2. Early Decision and Early Action: Early application options have become more popular, but acceptance rates for these rounds have decreased. Many top universities still admit a significant portion of their incoming class through these early rounds, which makes the competition fierce.​
3. Impact of Affirmative Action: The Supreme Court’s ruling on affirmative action has removed race and ethnicity as factors in admissions decisions. Colleges are now exploring new ways to maintain diverse student bodies, such as through supplemental essays and other holistic review strategies.​
4. Financial Aid Delays: The rollout of a new FAFSA form resulted in a large decline in applications, and caused delays, which means students received financial aid offers much later than usual. This had a huge impact for some students and families and their ability to make informed decisions about which college to attend​.
5. AI in Admissions: AI technology is increasingly used by colleges to streamline the application review process, including evaluating transcripts and letters of recommendation. This has raised concerns about the authenticity of student submissions, especially with some students using AI tools to assist with their essays​ (CollegeData)​​ (College MatchPoint)​.

Overall, the college application process is a significant undertaking that requires organization, time management, and support from various sources.

Strategies for Applicants

• Broaden Your Application List: Consider adding a mix of public and private institutions, including those that might not be traditionally prestigious but offer strong programs in your areas of interest.
• Early Applications: Apply early if you are confident about your top-choice schools but be aware of the competitive nature of these rounds.
• Holistic Applications: Focus on creating a well-rounded application that highlights personal experiences, extracurricular activities, and leadership roles.
• Stay Informed: Keep up with the latest testing policies of your target schools and prepare accordingly.
• Use AI Responsibly: AI can be a helpful tool, however, be sure your application essays contain your work and authenticity.

The 2024 college application process has indeed been chaotic, driven by increased application volumes, evolving admission policies, and the integration of new technologies.

Preparing for the upcoming college admissions season: Staying informed and strategically planning your application approach can help navigate these challenges effectively.

DC