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Congratulations, you’ve graduated from high school. Now, you’ve got just a few more weeks to soak up all that home has to offer before heading off to college.

The summer before college can be a transformative time in its own right. It’s a time to reflect, wrap up loose ends, and spend quality time with the people you love at the places you love one last time before heading off on your own.

At the same time, there are a number of tasks you’ll need to complete to make sure your transition to school goes as smoothly as possible. Here’s a simple checklist that can help ensure you make the most of your last summer before college.

Getting Organized

Now is the time to clear out the old so you can bring in the new. The bedroom is a good place to start.

Clear out your closet: Use the summer to clean out your closet and dresser and get rid of any clothing you may no longer need or want for college. Start by pulling every single item out and making a giant pile on the floor, separating the clothing into piles to keep, toss, and donate. Donating gently used items to a local charity or second-hand shop will help them find a second life.

Toss old academic work: Go through notebooks, binders, and bookbags, using the same sorting method as with clothing. Cleaning out your computer and deleting any files you no longer need — perhaps moving some to cloud storage — can allow you to enter college with a clean desktop and plenty of space on your hard drive.

Start packing: To make the moving process a little smoother, try organizing your items and packing slowly over the summer instead of cramming it all into one day. Creating boxes labeled as bedding, kitchen, bathroom, academic, and miscellaneous — maybe limiting the size of that particular box, though — then adding items as you’re organizing will make moving easier when the time comes.


💡 Quick Tip: Private student loans offer fixed or variable interest rates. So you can get a loan that fits your budget.

Cleaning up Your Social Media

Just like cleaning out your closet, it’s probably time to think about cleaning up your social media presence, too. You may have joined Facebook groups or liked pages that no longer reflect your interests or what you believe in.

On Twitter and Instagram, it may be a good idea to look back at your content to make sure what you’re sharing is appropriate for future employers to see. If not, you might want to consider deleting it.

Finally, think about your social media handles and your email address. If possible, it might be a good idea to use your full name or a combination of first initial and last name — something clean and simple. Potential employers will likely look at this information before hiring for summer internships or future jobs, so presenting yourself as a professional might pay off in the long run.

Recommended: College Freshman Checklist for the Upcoming School Year

Spending Quality Time With Your Family

Even though your parents may have sometimes embarrassed you through your high school years and your siblings may have annoyed you since you became siblings, you’ll probably still miss them when you head off to college. Use this time to make memories with your family so you have something fond to look back on if you’re ever homesick.

Over the summer, try creating family date nights. Play board games, cook together, go to your favorite restaurants, the movies, whatever makes you all happy. As a bonus, you’ll get to visit all your favorite hometown spots along the way, too.

Recommended: 5 Ways to Start Preparing For College

Connecting With Your New Roommate

If you’re living in a dorm in the fall, you likely already know who your roommate will be. You may want to use the few weeks before school begins to connect with them, via phone, text/email, Facetime, or, if possible, in-person.

Consider making a list of dorm room items that you can share, and try making a list of ground rules before you even move in. This could help alleviate any issues before they ever begin.

Recommended: A Guide to Making Friends in College

Preparing Your Dorm Essentials

After chatting with your roommate and figuring out what you both need, it’s time to make a full list of dorm essentials. This list should include bedding, toiletries that fit into a basket to carry to and from shared bathrooms, a pair of slippers to use in common areas (including shower areas), and office supplies like pens, paper, notebooks, labels, rubber bands, scissors, and sticky notes.

You’ll now be responsible for doing your own laundry, so make sure to add on a laundry basket and detergent. The list can also include decorations such as desk lamps, a bulletin board, and any fun decor that fits your style.

Becoming Familiar With Your College Town

You can get familiar with your new town even before you set foot in it by checking out local publications, including local news sites and your school’s newspaper. You might want to make a list of restaurants you want to try and local attractions you’d like to see.

You might also consider sharing the list with your new roommate so you can explore the town together.

Recommended: How to Get Involved on Campus in College

Registering for Classes

It could be prudent to check out class offerings before registration even opens. Familiarize yourself with the classes offered in your degree program, which ones are available to freshmen, and which electives you’d like to take. Make a list and have it handy for registration day.

Pro tip: Sign up for classes as soon as registration is open because popular classes may fill up fast.

Recommended: Understanding Lower Division Vs. Upper Division Courses

Checking out Your Professors Online

Once you’ve got your classes lined up, it’s time to check out your future professors. Doing a bit of online research on the people who will be teaching you could help identify any potential future mentors.

Getting to know professors can make asking for recommendations for internships and jobs easier. If they don’t know you well, it might be difficult for them to recommend you.


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

Getting Your Finances in Order

It’s time for the most adult step of all. During the summer before college, it’s probably time to get your finances in order. If you don’t already have a checking account, it’s a good idea to open one, ideally at a bank that you can access easily while at school.

Now is also a good time to explore — and discuss with your family — how you will finance all four years of your college education. If savings, financial aid, and federal student loans are enough to fully cover the cost of your education, you might also consider using private student loans to fill in any gaps.

Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Unlike federal student loans, private student loans will require a credit check. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that automatically come with federal student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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When considering where to go to college, a young adult has a dizzying array of choices, including public vs. private schools and colleges vs. universities. There are also liberal arts colleges, which can be appealing to creative types and those seeking a broad education resulting in exemplary problem solving and communication skills.

But what exactly is a liberal arts college? And how are liberal arts colleges different from other colleges and universities?

Liberal arts colleges tend to put more focus on broad academics and personal growth than on professional training programs. An education from a liberal arts college is still valuable in helping students start their careers, but the emphasis is more on producing well-rounded individuals than putting graduates on a specific career track like engineering.

Students can major in a wide range of subjects at a liberal arts college, including the arts, literature, philosophy, social sciences, natural sciences, and even math or engineering. However, these colleges are meant to be a place that values learning, without strictly limiting what students are learning.

Read on to learn more about liberal arts colleges, including what they offer, how they compare to larger schools and public universities, and how you can cover the cost of a liberal arts education.

A More Personal Vibe

Though both universities and liberal arts colleges will help prepare students for entering the working world, there are some differences in what the experience will be like:

1. Liberal arts colleges are smaller. Most classes will have far fewer students than is the case at a university lecture hall, which can have hundreds attending at the same time.
2. Because of the smaller size, it may be easier for students to bond with their professors. The faculty members often have more time to spend with their students.
3. The focus of a liberal arts school is undergraduate education. At universities, there will likely be graduate programs and major research efforts.

A liberal arts college may be the best college fit for students who prefer a more personal experience where they can get to know faculty members and other students.

Those trying to decide which college is right for them can take this eight-question college personality quiz.


💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

The Admissions Process

The application process for getting into a liberal arts college is similar to other schools. Students will have to submit the usual components: an application with transcripts, test scores, essays, and letters of recommendation.

Liberal arts colleges may have a different focus when it comes to reviewing applications, though, so it’s essential to keep the following information in mind when applying to a liberal arts college.

When it comes to test scores and grades, liberal arts colleges don’t always have specific requirements. Admissions can still be very competitive at these schools, but they’re often more interested in whether or not students challenged themselves in high school. Generally, they want to see that applicants are well-rounded but also have an area of interest they specialize in.

Extracurriculars are important when applying to any college, but liberal arts colleges often value a wide range of activities, not just those that involve leadership.

A liberal arts college may be more likely to value extracurricular activities that are outside the box, so students applying to these schools have more options for what they can get involved in.

The Common Application, which can be used to apply to more than 900 schools, only requires one essay. However, many liberal arts colleges will require at least two supplemental essays. The reason is that these schools tend to put a high value on writing and critical thinking. This can be beneficial for students who have strong writing skills but may be weaker in other areas.

Many liberal arts colleges are also interested in a student’s character and how they’ll contribute to the school, so they may put more weight on letters of recommendation and interviews than other schools.

Top Ranked Liberal Arts Colleges

According to U.S. News’s National Liberal Arts Colleges Rankings for 2022-2023, the top ten liberal arts colleges are:

1. Williams College
2. Amherst College
3. Pomona College
4. Swarthmore College
5. Wellesley College
6. Bowdoin College
7. Carleton College
8. United States Naval Academy
9. Claremont McKenna College
10. United States Military Academy at West Point
11. Middlebury College

Financial Value of a Liberal Arts Education

There’s a stereotype about people who pursue a liberal arts education: that they won’t find financial success and their degree could be useless. This claim isn’t backed by evidence, though, so students who feel like a liberal arts college is the right choice for them shouldn’t be scared away by this false narrative.

The gap in income between those who attend a liberal arts college and those who attend other schools isn’t necessarily linked to the institution.

Instead, it’s determined more by a student’s career path and the market forces at the time, according to two economists who analyzed the payoff of a liberal arts college education.

Another reason for this misconception is that people are unaware of the diverse selection of topics that are studied at liberal arts colleges. If people don’t actually know what is being studied at these colleges, they’ll have a more difficult time conceptualizing what a student’s future could entail.

Though graduates of liberal arts colleges may not earn as much as those from STEM-oriented institutions right away, the economists’ study found that 60% of students ended up in the top 40% of U.S. income after graduation, even if they started out in the bottom 60%.

Choosing where to attend college and whether or not it will have a “payoff” is personal to each student.

Attending a liberal arts college can lead to upward mobility, but students also have to take into account the cost of the education and the availability of financial aid when choosing which school will have the most value for them.

Paying for College

Along with the painstaking process of choosing where to apply for college and making a final decision, there is another difficult process: figuring out the cost of tuition and how to pay for it all.

Luckily, students usually have access to a few options that may help fund the yearly cost of attendance, which goes beyond tuition and fees to usually include room and board, books, supplies, transportation, loan fees, costs related to a disability, and reasonable costs for eligible study-abroad programs.

To figure out financing, a good place to start is by filling out the Free Application for Federal Student Aid (FAFSA). This will let you know if you are eligible for federal financial aid, which includes grants, scholarships, work-study, and federal student loans (which may be subsidized or unsubsidized).

Some private colleges use a supplemental form called the College Scholarship Service (CSS) Profile, to determine how to give out their own financial aid. The form is more detailed than the FAFSA. Almost every college that meets financial need for all enrolled students without federal student loans uses the CSS Profile.

Most liberal arts colleges are private and carry a relatively high “sticker price,” which includes tuition, fees, room and board. But students will typically pay less, and sometimes far less, when grants, scholarships, and other benefits are factored in.

If students will require loans to cover the cost of college, it’s recommended they take out federal loans before private loans, because the former come with benefits that the latter usually do not, like lower fixed interest rates and income-based repayment plans.

Private scholarships are also widely available. Some are need based; others are merit based. They’re offered by schools, companies, community organizations, religious groups, and more.

Private student loans are an option as well. Eligibility usually depends on a student’s income and credit score or those of a cosigner. These loans are available through banks, credit unions, and online lenders and rates and terms vary, depending on the lender.


💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

The Takeaway

Whether you choose to go to a state university or a private liberal arts college, the experience will be enriching and can set you up for long-term career success.

Though a liberal arts school isn’t solely focused on teaching students a profession, a Bachelor of Arts from a reputable liberal arts school can lead to a rewarding career. The skills students learn at a liberal arts college — which include communication skills, analytic skills, the ability to work in a team, and a strong work ethic — are ones that often highly valued by today’s employers

While liberal arts colleges are known for their high cost, keep in mind that your actual cost of attendance will likely be much lower than the “sticker price,” once you take grants, scholarships, and other types of financial aid into consideration.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Saving steadily for retirement is important, but how you invest that money also matters. Fortunately, today’s retirement saver has a number of options to consider — many of which can make the task of investing for the future less daunting.

These days, you can choose from DIY investing options like a portfolio of stocks and bonds or other securities you choose yourself. You can also invest in mutual funds or exchange-traded funds to help lower costs and add diversification. There are also certain types of pre-set retirement funds and automated platforms (i.e. robo advisors) that use technology to help manage your portfolio.

If you’re saving for retirement, it helps to understand the options that best suit your goals and your personality so that you’re more likely to stick with a plan for the long term.

This article is part of SoFi’s Retirement Planning Guide, our coverage of all the steps you need to create a successful retirement plan.

The Importance of Investing for Retirement

Retirement may be a long way off or a short way down the road, depending on your age and stage of life. Either way, developing an investment strategy that can help your savings to grow is essential. For many people, retirement might last 10, 20, 30 years — or even more. A solid long-term investment strategy can help you build up the amount you need for those years where you’re no longer in the workforce.

Remember that the longer your money is invested, the more time you have for potential gains to compound and help your money grow. Compounding simply means that if your money potentially sees a return, or a profit from various investments, that growth can compound over time, with both your savings and your earnings seeing gains.

Time can also help with losses. The longer your time horizon, the more volatility or risk it may be safe for you to assume. If you have a time horizon of 30 or 40 years before you retire, you can probably afford to weather some short-term losses, knowing that your investment returns will likely balance themselves out over time.

Understanding Retirement Accounts

While this article will focus on investment options, it’s worth a reminder that the type of retirement account you choose is also important. You may have a workplace retirement account like a 401(k) or 403(b). You may have opened an Individual Retirement Arrangement (IRA), like a traditional IRA, a Roth IRA, or a SEP IRA.

Different accounts have different contribution limits, and different tax implications. Since both the amount you can save and how it will be taxed can have a long-term impact on your nest egg, be sure to spend time strategizing about which types of accounts make the most sense for you.

With a suitable combination of accounts, you can then begin to choose the investments that will populate that account.

Remember: Just because you open an IRA or set up your 401(k) at work doesn’t mean it comes with any investments. Like moving into a new home, it’s up to you to furnish the account.

Recommended: 401(k) vs IRA: What’s the Difference?

Investment Options

While investing for retirement can seem overwhelming, it doesn’t have to be. Again, there are various retirement strategies that have stood the test of time, as well as a number of investment options that can make a retirement saver’s life easier.

Here are a few options for retirement investing that you can consider:

DIY Investing

For investors who feel confident in managing their own retirement portfolio, and the securities within it, taking a DIY approach is an option.

You can purchase stocks, bonds, commodities, mutual funds, or any other types of securities for your long-term portfolio. While the term active investing brings to mind day traders, active investing can also mean taking a hands-on approach to managing your own portfolio.

This approach isn’t for everyone. It’s time and energy intensive, and it requires a certain amount of expertise in order to be successful. In addition, if you go this route, bear in mind that the same rules apply to all long-term investors.

•   Be mindful of the contribution limits and tax implications of the retirement account you choose.

•   Consider the cost of your investments, as fees can reduce your earnings over time.

•   Consider using a strategy that includes some diversification, as this may help mitigate certain risks over time.

💡 Quick Tip: Before opening any investment account, consider what level of risk you are comfortable with. If you’re not sure, start with more conservative investments, and then adjust your portfolio as you learn more.

Index Funds

Index funds offer a basic way to invest for retirement. An index fund is a type of fund that tracks a broad market index. One of the most popular types of index funds tracks the S&P 500 index, for example, which mirrors the performance of the 500 largest U.S. companies.

There are hundreds of indexes, and many have corresponding funds that track different sectors of the market, e.g.: smaller companies, technology companies; sustainable or green companies; various types of bonds, and more.

Index funds don’t rely on a live team of portfolio managers, so they tend to be less expensive than actively managed funds. However, they have a downside which is that your money is pegged to the securities in that sector.

Automated Options

In the world of investing there really isn’t a truly automated “set it and forget it” strategy that will work on its own, without any input, for decades. But there are some options that are more hands-off than others.

Hire an Advisor

If you still are not feeling comfortable investing for retirement on your own, you may want to consider using a financial advisor. Talk with your trusted friends or family members to get a recommendation.

Because an advisor introduces a new level of cost, be sure to ask how the person is compensated. Some advisors charge a flat fee, or an hourly rate, or some earn commissions — or combinations of the above.

Tips When Investing for Retirement

As you start investing for retirement, here are a few things that you’ll want to keep in mind:

Ask About Fees

Many investments come with fees that are charged by the advisor or company that manages the investment. These investment fees may be explicitly charged to your account, or they may be captured as part of the investment’s returns. Make sure to check any fees that are charged before you invest. There are many low-cost mutual funds that offer investment fees under 0.1% as compared to a financial advisor who may charge 1% or more. Even a small difference in the fees charged can make a huge difference on your returns when compounded over decades.

Plan for Taxes

You’ll also want to account for how your retirement investments will be taxed.

How Often Should I Adjust My Investments?

It’s generally considered a good idea to periodically adjust your investments by rebalancing your portfolio. Portfolio rebalancing is a way to adjust the mix of your investments. It means realigning the assets of a portfolio’s holdings to match your desired asset allocation.

If you have a robo advisor or investment advisor, they likely have you set up with a specific target of different types of investments. Over time, the advisor will rebalance your portfolio to keep it in line with your target percentages.

If you’re managing your investments yourself, you might rebalance your portfolio monthly, quarterly or annually, depending on the type of investments that you have.

The Takeaway

Investing for your retirement is one of the smartest things that you can do as part of an overall financial plan. While it may seem overwhelming, there are a few things that you can do to help streamline your investment plan.

Make sure that you understand the fees and taxes that come with different investment options. If you don’t feel comfortable managing your own portfolio, consider working with an advisor or investing in an automated portfolio.

Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

FAQ

Can I invest for retirement if I have limited funds?

It is possible to invest for retirement if you have limited funds. In fact, if you have limited funds, that is one reason it’s even more important to invest for retirement. Especially if you are younger and have a long time before retirement, even a small amount can grow to be a sizable nest egg when its returns are compounded over many decades.

Should I adjust my investment strategy as I approach retirement?

How you choose to invest will depend on a number of factors, one of which is how close you are to retirement. One common strategy is to be more aggressive with your investment strategy when you are years or decades away from retirement. This can possibly lead to higher overall returns while you have a long time to smooth out the ups and downs of a high-risk, high-reward strategy. Then, as you get closer to retirement, you start to be more conservative with your investments in an attempt to better preserve capital.

What investment options are suitable for conservative investors?

Choosing your investment options will depend on your overall financial situation and tolerance for risk. Some examples of more conservative investments include bonds, cash, CDs, or Treasury bills. As you get closer to retirement, it can make sense to choose more conservative investments. You may give up some possible returns, but you may also be better insulated against large losses.

Photo credit: iStock/monkeybusinessimages

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