The average college graduate today owes $38,375 in student debt, whilethe average starting salary for a recent graduate is $68,516.¹² Those numbersmake one thing clear: the earlier families start thinking about college —academically and financially — the more options they'll have. Here's ayear-by-year look at what to focus on.
Before high school begins, it helps to have a short list of colleges yourchild is interested in. That list will likely change, so staying flexiblematters — but having a target gives the next four years more focus.
Encourage your child to choose challenging coursework. Colleges look forstudents who push themselves academically, though the balance betweendifficulty and strong grades is equally important. Meeting with a guidancecounselor early can help your child identify which classes, activities, andgoals make sense.
Sophomore year is a good time to take a practice SAT — not because thestakes are high yet, but because familiarity with the test format helps.Exploring extracurricular activities is equally important this year. Collegeslook for well-rounded students, so encouraging your child to pursue genuineinterests now can strengthen their application later. Summer is also apractical time to consider a part-time job, internship, or travel experience.
Junior year centers on standardized testing. Every October, students cantake the PSAT/NMSQT — required for many scholarships, including the NationalMerit Scholarship.³ In spring, your child should plan to take the SAT or ACT.An early test date leaves room to retake the exam senior year if needed. Mostcolleges consider only the best score.
This is also the year to pursue a leadership role in an activity yourchild already participates in. Leading doesn't require a title — it can meanorganizing a fundraiser, managing communications, or running a communityoutreach effort.
Senior year is when the work of the previous three years pays off. Keepclose track of application deadlines — applying early can improve acceptanceodds.
This is also the time to apply for scholarships. Billions of dollars infederal grant money go unclaimed each year because students don't complete theFree Application for Federal Student Aid (FAFSA).⁴ Make sure your child submitsthe FAFSA and consults their guidance counselor to identify scholarships withinreach.
Finally, have a practical conversation about managing moneyindependently. The adjustment to college life involves more than academics.
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Brent Forrest & Associates, LLC. dba Wela Financial Advisory (Wela) is a registered investment adviser. The information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. This article and images may have been enhanced by utilizing artificial intelligence (AI). Wela may discuss and display, charts, graphs, formulas which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions.
