College-bound high school juniors and seniors focus on a strong finish

As high school students approach their college decisions, the last two years are crucial for both academic success and financial planning. Parents should reassess their financial strategies, focusing on savings, financial aid, scholarships, and loan options, while students must meet various deadlines for tests and applications. Key priorities during junior year include understanding the Student Aid Index (SAI) for federal financial aid, reviewing financial aid calculations based on prior income, and researching college-specific requirements like the CSS Profile. Students should also prepare for standardized tests, construct their resumes, and initiate college visits.

In senior year, financial priorities emphasize maintaining sufficient liquid assets for expenses and strategic withdrawals from various accounts to optimize aid eligibility. Completing the FAFSA promptly is essential, as many institutions prioritize early submissions for aid consideration. Students should also finalize college applications, refine their college lists, and prepare for potential athletic recruitment.

Engaging a financial advisor can provide valuable guidance throughout this process, ensuring families effectively manage savings and develop tax-efficient strategies for college financing. Tools like the Franklin Templeton 529 plan can further assist in educational investment planning.