Typically, high school freshmen and sophomores are not yet fully engaged in the college search process. However, it is critical that parents of these students commit early in the process to learning and preparing for the impact of their personal finances on college.
For financial aid consideration, each student and their parent(s) must submit the FAFSA (Free Application for Federal Student Aid) form and possibly other financial aid forms (the requirement to submit additional forms is determined by each college). The Department of Education, via a FAFSA submission, takes into consideration one year's previous financial profile (this year is one prior to the student's first year of college). After reviewing the financial profile, the college gets an idea of the financial situation for the family which defines aid packages for the first and subsequent years for that student. This initial aid award year is called the "base year". The base year financial aid "impressions" are often hard to change, so plan accordingly. Talking to a financial advisor who understands the college aid process helps in setting realistic expectations early on for "fit" colleges. Any strategies for receiving more financial aid should be thoroughly discussed and considered well before the base year.
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