Help Your High School Student Be Financially Prepared For Decision Day

Millions of high school students are balls of stress in their senior year. There are numerous deadlines and decisions to make surrounding their college careers. Decision Day is no different.

What Is Decision Day?

Decision Day, usually held on or around May 1, is the deadline for students to submit their college decisions. Students usually apply in the fall and hear back from schools in winter months. For many students, the choice is easy. For others, not so much.

Students must compare programs, professors, proximity to homes, and, of course, finances. Financial aid and money is where the decision can get a little tricky.

Be Financially Prepared For Decision Day

In the United States, dream schools are dreams not just because students don’t have the grades to get it in, but also because some of the schools are completely unaffordable. Luckily, schools may offer financial aid packages, federal loans, scholarships and stipends. These financial aid packages need to be weighed with the eventual cost of the college.

If you can, review FAFSA and financial aid packages with your child. Explain confusing terms, their possible student loan debt burden, and other costs and fees. You’ll also want to consider the following.

Consider Fees And Strings

Some colleges might offer large financial aid packages or scholarships, but the packages may not be all-inclusive. Pay close attention to your financial aid package, money from your 529 college savings, and your personal savings accounts. Make sure your tuition plus cost of living adds up.

Others attach strings to their aid packages and drop certain students depending on their academic success. Students who are somewhat uncertain about their success in college must make sure their financial aid packages can weather one or two difficult semesters.

Cost Of Living

In other cases, financial aid packages pale in comparison to the higher standard of living for some schools. A massive financial aid package for a school in New York City may be much less feasible than a small package in Davidson, North Carolina.

Housing, food, car insurance, health insurance and related services may be considerably more expensive. Even if your student plans to live on campus their first year, browse the web for market-rate apartments. If the cost is considerably high and can't be paid off with loans or a part-time job, you may want to reconsider the school.

Decision Day is the culmination of years of hard work and dedication by your high school student. Parents should help students navigate the world of college and make the most informed financial decision possible. But, in the end, it's the responsibility of college students to decide what school they're going to attend and, ultimately, what costs and debts they're willing to take on. You just have to give them the right tools.