Navigating the High School Years and Final Preparations for College

What You’ll Learn: This post will guide you through the financial planning and decision-making processes during your child’s high school years, highlighting:

• How to set financial expectations and prepare for the costs of higher education.
• The role of academic performance in securing merit-based aid and scholarships.
• Key considerations for the college application process, including when and how to apply.
• Detailed insights into navigating financial aid forms like the FAFSA and CSS Profile.
• Strategies for using scholarship offers from various schools to negotiate better financial aid packages.

Recap and Introduction to High School Planning

In our previous post, we discussed the importance of starting early on your child’s path to college education. As they enter high school, planning becomes even more tactical and urgent.

Freshman & Sophomore Year: Setting Expectations and Understanding Costs

High school is when you should begin having serious discussions about college financing. By your child’s sophomore year, it’s crucial to set clear expectations about what you are willing to contribute per year and what you expect them to contribute, keeping in mind that students only qualify for a limited amount of loans in their own name (currently $31K total over 4 years for a dependent student). Revisit your cash flow and determine what expenses will end once your child graduates high-school and what can be redirected to college expenses.  Review your 529 balances and determine if you need to boost those balances to align with your funding goals.  Knowing your annual budget will help to narrow down the list of colleges to those within your financial reach before you even start visiting campuses.

We DO NOT recommend parents going into debt and risking their own retirement dreams to send their child to their “dream” school.  We’d suggest you focus more on finding a right-fit school within your budget that provides a “dream” experience, whatever that means for your child. 

There are numerous websites out there with free and paid subscriptions that help you determine what your potential cost of attendance is for your child’s targeted list of schools such as College Aid Pro, Yorkshire College Planning, and Road2College Insights .  All offer free advice and include webinars on a wide range of topics to educate yourself on the process.  

The Importance of Academic Performance

Merit aid and scholarships can dramatically reduce the cost of college education. A strong GPA and high SAT/ACT scores can unlock these opportunities. For high-achieving families that may not qualify for need-based aid, these can be crucial for keeping costs down. Consider investing in prep courses if your child is willing to put in the effort to improve their scores.

Senior Year: Applications and Financial Aid

The college application season officially begins in the senior year with the opening of the Common App on August 1st. Applying early can give your child a competitive edge in securing scholarship funds. It’s also the time to complete essential financial aid forms like the FAFSA (Free Application for Federal Student Aid) form and or the CSS Profile. These forms may be necessary even if you don’t expect to qualify for need-based aid, as they are often required for merit-based scholarships.  

You will be required to provide income information based on the prior tax year to when your student is graduating (so if you have a 2026 graduate, the income reported will be from your 2024 tax return), and you’ll be providing asset information as of the date you are completing the form. If you happen to be in a situation where you could qualify for need, there may be some opportunities to do some pre-planning regarding your income and assets. Your marital status will have an impact on who completes the form as well. Knowing how to complete the forms correctly is critical if you believe you could qualify for need based aid, so be sure to educate yourself in advance (see above noted websites) on how to complete the forms. 

Navigating Offers and Negotiations

As acceptance letters and financial aid offers come in, don’t rush to accept the first offer. If your child receives more competitive offers from other institutions, use those as leverage to negotiate better financial aid packages with their top-choice school.

Conclusion

The high school years are crucial for making informed, strategic decisions about financing a college education. START EARLY by joining relevant Facebook groups such as Paying for College 101, and Paying for College for High Income Families 101 to learn from other’s experiences. 

By understanding the financial aid process, setting clear expectations, and actively managing application strategies, you can help ensure that your child’s transition to college is as smooth and financially manageable as possible. 

The Cogent Team is here to help you craft an education plan for your family. 

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