College Prep: What You Need to Know
Podcast Transcription
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Hi everyone, welcome to another episode of PFCU’s Money Talk Podcast, I’m your host Maddy. Heading off to college is a major milestone for students and their parents. From emotional transitions to financial planning, there’s a lot to consider.
It’s October right now as I record this podcast, which might seem early to be talking about those seniors going off to college next fall but in reality, most applications open in the fall if not late in the summer. And applying to college can take some time from gathering references and recommendation letters to writing essays, it’s best to get head start.
So, I not only want to lay out an easy and practical checklist for college prep but I also want to talk about some budgeting considerations because that college that college is not cheap!
First, let’s go through the checklist. I have 7 steps in this checklist.
Step #1 is to finalize the college list. If this hasn’t been done yet, now is a great time to narrow down the list of potential schools. Make sure to look at the location, size, academic programs, financial aid opportunities and even the campus culture. If possible, a campus tour is a great way to get a feel for the campus. That’s how I fell in love with the college I attended is I went on a campus tour, and I just really loved the atmosphere of the campus.
Step # 2 is application preparation. As I said before, college applications can definitely take some time with multiple parts. It’s a good idea to have someone review the application, especially any essays or personal statements. Gather other items and information like letters of recommendation, transcripts, awards and honors and extracurriculars.
Step #3, financial aid and scholarships. Research your available options, complete the FAFSA and apply for scholarships! Millions of dollars’ worth of scholarship money goes unclaimed every year. Make sure you apply for as many scholarships as you can.
#4, submission, review your final application and submit well before the deadline- at least 2 weeks.
#5, interviews, keep in mind that every school is different in this regard. Some colleges interview every applicant, some only a select group and some don’t interview at all. If you do have an interview, do some more research on the school, practice common questions beforehand and find out what past candidates have experienced.
Step #6, acceptance, once those acceptance letters start coming in, now it’s to take a close look at each one including financial aid offers, scholarships, and the final cost.
#7, final transcripts, now once you have committed to a college, it’s important to make sure your high school sends over final transcripts to verify your graduation.
That was a lot but I’m confident that you can do it! Just get a jumpstart on the process and take it one step at a time.
Okay, now moving on to budgeting considerations and I don’t want to do too much with this portion but I do want to share some costs to consider when deciding on a college and preparing for that life transition as a child and a parent.
- There are college application fees! Yes, the cost of college starts before you even submit the application.
- You’ll likely need to head to the store to buy items just so you can comfortably move in, likely to your dorm. Things like sheets, a shower caddy, adhesive hooks to hang things, a small trashcan, toiletries, household cleaners, a laundry basket, detergent, maybe a small fan, a desk lamp, storage. Whew, it’s a lot! But take a look at what you already have. It’s going to be a pricey shopping trip and one you’ll want to be prepared for. And not only take a look at what you already have but do some shopping around to find the best prices.
- Do you need a laptop? I know a lot of high schools provide a laptop for in-school use but all that essay writing and note taking might be easier with your own computer once you go off to college.
- Some more obvious costs are going to include food, both grocery shopping and if you’re buying a meal plan with the school, your housing and your transportation and don’t forget the books and other additional course materials that you might need.
Now we understand why you’re told to start saving young for college.
Remember, make smart decisions with your money starting with where you go to school, and where you’re going to live to repurposing what you already have and applying for as many scholarships as you can. Plus having a budget to plan and track your spending is going to help tremendously.
This is an exciting time! And if you feel like you need further support, feel free to reach out to our financial coaches at absolutely no cost and take a look at our many online resources from our student hub and blogs to our podcast and our Banzai wellness center, all available on our website. Thanks for listening and see you next time!
Money Talk is a podcast brought to you by PFCU. PFCU offers many products and services to fit your needs. From our various loan and account options to our team of financial coaches to help you reach your goals. Make sure to take advantage of the many conveniences PFCU offers, such as the mobile app, mobile wallets, bill pay, and more. Visit our website at pfcu4me.com to learn more. PFCU is an equal housing lender and is federally insured by the NCUA.