Summer Preparation for College: Financial Aid Tips

Congratulations High School Graduate!  Summer has begun and this is the time to relax and enjoy your freedom from all those years of high school.  But wait!  Have you considered what you should be doing in preparation for college as a new freshman in the Fall?  Besides shopping for dorm room accessories, have you considered how your financial aid will help cover all your expenses throughout the semester?

Here are some financially smart tips to help ensure your financial aid refund monies last throughout your fall semester:

1.    Create an expense spreadsheet.  

• Sit down with your parents and prepare a budget for  the total cost of tuition, fees and room and board. 
• Consider your expected financial aid (scholarships, grants and any student loans needed) for the fall semester. 
• Determine the amount of your financial aid refund (financial aid minus fees).
• Calculate your fall semester textbooks and materials fees. Allow for funds such as gas, transportation costs, extracurricular costs for education (museum trips, honors program fees, etc.)
• If you will have a roommate, how much
• Allow money for food and extracurricular activities.  You may want to keep snacks in your room for late night study sessions.  And if you want to experience the total college life, you will need to have a bit of fun (i.e. movie tickets, college events, dinner off-campus with friends, etc.)

2.   Increase your "free money" options.

The cost of college textbooks ranges from $500 - $750 per semester. Therefore, receiving small and moderate scholarship dollars can be extremely helpful when covering costs versus directly out-of-pocket.

• Search for available scholarships and grants offered through local organizations and corporate offices (civic organizations, rotary clubs, credit unions, parents' employers, etc.)
• Contact your previous or current employers to inquire if there are any employee benefits which offer college scholarships.
• Continue to check your scholarship profile accounts (FASTWEB, Scholarships.com) for additional funding opportunities.
• ALWAYS have a generic essay/statement you can use to attach to any scholarship application. This will ensure that your application is promptly concerned.

3.  Contact your Financial Aid Office.

• Ensure your school's financial aid office has all the required documents from you in order to process your aid.
• Ask your counselor if there are any additional scholarships available.
• Select your preferred financial aid refund method before the semester begins.Most colleges offer check, ACH transfers or debit card refund methods through their bursars’ office for financial aid students. 

Being proactive now, before your first semester begins, will help eliminate increased anxiety and promote readiness to a great start to your freshmen year!  For additional tips on financial aid college preparedness, contact your financial aid office or e-mail questions to MissDCInternational@gmail.com.

Paying it Forward,

Keia Brown

Miss District of Columbia International 2015