High School Action Plan Part 2: Junior and Senior Years

As students get closer to making a final college decision, the last two years of high school are particularly important. Parents will want to review their financial strategy to meet the costs of college, including a review of current savings, financial and merit aid, scholarships and loan options. Students face many deadlines for standardized tests and application requirements. Having an action plan can help families focus on multiple tasks, stay on top of deadlines and decrease stress. Consider using a four-year action plan to help families stay on track. Four-year action plan to prepare for college

Considerations for Junior Year

While not quite crunch-time in the task of preparing for college, the junior year is busy. Parents will take a deeper look at potential college costs and funding options, while students focus on academic requirements. Since the application process begins during the first half of senior year, a student’s academic record during junior year is especially important.

Financial Priorities for Parents

• Explore potential financial aid. Visit StudentAid.gov to access the Federal Student Aid Estimator, which can provide an estimate of a student’s potential eligibility for federal student aid.
• Understand how the financial aid calculation works. Note that the aid calculation on the Free Application for Federal Student Aid (FAFSA) is based on family and student income from the “prior-prior” year. This means that, for a student entering college in the fall of 2026, the financial aid calculation will be based on information from the 2024 calendar year tax return (which was generally filed in April 2025). Note that certain financial transactions that increase taxable income, such as realizing capital gains from the sale of investments or completing a Roth IRA conversion, may affect financial aid eligibility.
• Review 529 account ownership. Does it make sense to revisit account ownership if federal financial aid is a factor? There have been recent changes in how financial aid is calculated. For example, savings held in 529 college savings plans owned by non-parents such as grandparents are not included as part of the asset calculation for determining aid. Also, due to recent changes, distributions from these accounts will no longer have a negative impact on the aid calculation.
• Review how college savings are invested. As college approaches, families may want to review whether the investment allocation of college savings remains appropriate for their time horizon and anticipated withdrawals. Target enrollment-year portfolios generally adjust their investment allocation as the beneficiary approaches college age.

Action Items for Students

• Prepare for standardized tests. The official PSAT/NMSQT test is typically taken in the fall, and students may consider taking the SAT later in the year. Consider taking a test prep course or working with a tutor.

• Start building a resume. This can include interests, summer employment, internships, community service and achievements.
• Begin compiling a list of potential target schools. It may be helpful to think about schools across a spectrum of different attributes, such as size (small, medium, large) and location (rural, suburban, urban).
• Begin college visits. Make sure to get contact information for the admissions contact assigned to your region and email each contact about your interests. When visiting, consider signing up for an on-campus interview, which can provide an opportunity to learn more about the school and demonstrate interest.
• Request letters of recommendation. Try to do this before the end of the school year, since teachers and other mentors will often be inundated with requests during the first portion of senior year.

Considerations for Senior Year

Senior year in high school is a memorable one as students focus on a major milestone: graduation. For students planning for college, it’s a year with many deadlines and final preparations.

Financial Priorities for Parents

• Review available liquid assets for anticipated college-related expenses. Families may also want to review the investment allocation of college savings accounts as withdrawals approach.
• Consider holding funds within a custodial account. An UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act) account or a regular savings account may help offset travel costs, which are not considered “qualified expenses” for 529 plans.
• Have a plan for account withdrawals. Review which savings accounts may be appropriate to use for expenses, taking investment, tax and financial aid considerations into account.
• Take advantage of tax benefits. Research available education-related tax benefits and applicable eligibility requirements. https://www.irs.gov/newsroom/tax-benefits-for-education-information-center.
• Get educated on the process. Consider attending a college aid and admissions workshop or meeting with a professional college counselor.
• Complete the FAFSA form. It’s best to complete it as early as possible once it is available (usually October 1). Note that many states and colleges request FAFSA submission as soon as possible after the application period opens. Submitting early can be important because some states and schools have priority deadlines or limited aid funds. Families may want to consider filing the FAFSA even if they do not expect to qualify for need-based aid, as some schools may require it for certain forms of institutional or merit-based aid.

Action Items for Students

• Get started on paperwork. Over the summer, start working on the Common Application and college essays.
• Review test scores. Consider taking the SAT in the fall, depending on previous results and the range of scores required for the schools you are targeting.
• Review social media accounts and consider whether posted content presents an appropriate public profile.
• Establish a professional presence by creating a LinkedIn profile.
• Complete applications as soon as possible. Be aware of early decision/early action and regular decision dates. Make sure the high school has the final list of targeted schools to send transcripts to.
• Research and apply for local scholarships.
• Schedule official campus visits when school is in session to get a better sense of the typical student environment. If pursuing athletics, contact coaches to schedule official on-campus visits in the fall.
• Narrow your college list to a range of options: safety, match and reach schools.