June Financial Aid Action Plan

Finances and Orientation

Doesn’t it feel great to be a high school graduate? At this point, you are truly ‘college bound’! For most of you, your college career will hit full stride around next September. Right now, you can now relax and enjoy your summer; however the college preparations never stop. They are not as stressful or demanding as they were in the beginning, but they are just as important. This month, you will be making arrangements for college – what to bring, getting there, etc. You should also be considering getting college credits early. Sometime during the summer, you will attend a new student orientation, and it will be wise to find a summer job to help cover college expenses.

Last month, you decided where to live and made housing arrangements. This month, talk to your roommate about what items each of you will bring to your apartment or dorm. For those of you who do not know who your roommate is, the school should send you a letter with the person’s contact information during summer. Take the initiative to call your roommate when you receive the letter, if he/she hasn’t already contacted you. Discuss and decide who will bring major appliances, like a television, mini refrigerator, sofa, etc. After you have made a list of the items you will bring, start thinking about how you will pay for them.

If you haven’t already looked at getting a head start by trying to earn credits this summer, you need to consider it right away. While no one thinks summer school sounds fun, you will soon see that if you can spend a little time this summer on school you will certainly be able to enjoy your college time more and have less stress. It also tends to be less expensive. There are many options for earning early credits. We have discussed what you may have earned through AP classes. Attending a basic class or 2 at your local community college  or online college is another great option. Classes in summer tend to be more relaxed and you have plenty of time to get the work done. Online classes are becoming extremely popular. Your work is all submitted online and you can complete it on your own schedule as long as it is finished by the deadline. Whichever of these options you choose, before you commit to the class, check with the school you chose as your main college to make sure your summer classes will transfer in as credits. Also, make sure how the transfers impact your grades. Some classes accept other school credits as pass/fail only or may have other requirements to accept your credits. You aren’t doing this work for nothing, so make sure you get credit. Most students find it helpful to use an online tool to research college information in one place. You can get started researching college options here.

It is always a good idea to find employment over the summer if you don’t already have a job. Finding employment will help you earn money for school expenses. As previously mentioned, you will not receive your financial aid money until the beginning of the school year, so you cannot rely on it for things you will need to purchase before the school year begins. So, make your list of items, and determine how much you will need to earn over the summer to purchase them. Also, check with your parents to find out if they can help you with the costs of some of the larger purchases so you can use any extra money for the trip to college and to help sustain you for a couple of weeks. Getting organized now about what you will need when you leave will help you spread the costs over the summer. Also, your parents may help you cover these expenses more now than after you are out on your own budget.

If you do not yet have a checking account, it is vital that you get open one before attending school! You can use the same bank your parents use, or choose your own bank. In choosing a bank, consider which banks are in close proximity to your campus, whether the bank offers free or student checking accounts, credit card options, and savings account options. You will need a way to access your money while you are away from home. Now that you are an adult, a piggy bank in your room won’t cut it anymore! Checking accounts are a much easier way to handle your money. When looking at checking accounts, look closely at fees. A few fees for bounced checks or late night ATM withdrawals can come as a big surprise and take a big bite out of your budget. Credit cards can be helpful, but they can also get you in a lot of trouble. Be careful and understand how they work. It is anything but ‘free money’.

Instead of opening a bank account at a traditional bank, you may want to consider just having a prepaid Visa card account. On campus these days, students tend to pay for everything with a plastic or electronically through services like PayPal. Credit cards can be a problem as you can find yourself with a pile of debt before you know it. Prepaid cards help keep you from getting into bad situations like overdraft fees, big credit card balances, etc. We hear good things about the Vision Premier Visa card. This also basically acts like a bank account in that you can add money to it at thousands of retail locations such as Wal-Mart and Western Union locations or through PayPal. Parents can set up direct deposits into the account as well or easily load the account quickly with additional ‘emergency funds’. Again, students don’t often need a relationship with the bank the way adults do, they just need access to add and use cash easily without the risk of high fees. This could be a good option for you and is worth at least considering. If you want to go with a credit card, many students find the new Discover Card to be a good starting card .  Parents like that also as it allows them some control so the student won't get in financial trouble.  For the traditional Discover Card - this link gets you started with a $50 cash back offer

Sometime during the acceptance process, you should have received information from your campus regarding a new student orientation. This orientation is usually mandatory for every incoming freshman. The new student orientation is provided for the student and one or both parents and usually includes a guided tour of the campus. The orientation gives you and your parents the opportunity to learn about the school and tie up any loose ends or ask any questions before the semester starts.

Another important facet of new student orientation is meeting with an advisor for your chosen major. During this meeting you will get a copy of your degree plan, which will list the classes you need to graduate with a degree in the field you choose. The advisor should have a course catalog for you and provide you a sheet to write down the classes you want to take during the fall semester based on your degree plan and available courses. Sometimes the advisor will register you; otherwise, you will register at another point during the orientation, often by computer. Remember that 12 hours is considered ‘full-time’ for the semester. Sometimes the advisor may have awareness of departmental scholarships. Take the time to ask the advisor if they are aware of any for which you might qualify.

Now is a good time to discuss travel arrangements with your parents. Are you heading out of state for school? If so, order your airline tickets ahead of time since they tend to be cheaper the earlier you purchase them. If you attend a school in-state, then decide how you and your belongings will be arriving on campus. If your parents are willing to drive you there, that will help reduce costs and can certainly be a fun experience for all of you.

Decide whether or not you will be taking a car with you to college. If you are, you will need to get online and order a parking permit for your school. If you are living on-campus, then order a permit that is within close walking distance to your dorm. It is fairly easy to get around on and off campus without the use of a vehicle. Large universities have bus routes available for students throughout the campus and city. You will be surprised how many people commute by bus or even by bike to the campus. This is a great way to save money, and since it is already included in your tuition, take advantage of it!

You also will need to talk with your parents about insurance. If you are taking a car, do you have appropriate coverage? How about your health and dental insurance? Do you know what to do if you have an emergency and are you covered? You need to see if your possessions are covered if stolen from your room. Would your laptop be replaced if stolen? Check on your current coverage or get a few quotes from other individual companies. We recommend trying Hometown Quotes which collects your information one time and generates multiple competitive quotes for you from reputable, local insurance companies. Allstate is good student insurer that often has the best rates.

Your time remaining at home is becoming very limited. You are probably ecstatic about leaving the house and being independent, but try to maintain some degree of remorse for your parent’s sake. You will be missed much more than you realize and you may even find yourself missing them! Also, take time to enjoy your high school friends.

This month’s to do list is:

o Contact your roommate about what items to bring

o Get a job to help cover expenses

o Use the summer to build up some initial savings

o Research your banking and insurance needs

o Attend your New Student Orientation and meet with your advisor

o Make travel arrangements

o Enjoy your family and friends

Next month, you will begin packing, finalizing any enrollment issues, and learning about financial aid refunds and emergency loans. Remember to savor the remaining time you have left with your friends and family!

If you missed any of our previous Monthly Financial Aid Action Plan newsletters, you can find them here:

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