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If there was one silver lining in the confusing landscape of higher education during the COVID-19 crisis, it was colleges offering students the choice to opt out of standardized testing, like the SAT and ACT.

This change had already been brewing prior to the pandemic, with some selective universities making standardized testing scores optional. One of the most notable was the University of Chicago, which dropped its SAT requirement in 2018.

The COVID-19 pandemic led to many schools dropping requirements for standardized testing, due, in part, to the lack of testing facilities for students. But even as the world has returned to normal, some colleges have continued to make standardized testing optional for incoming applicants.

Standardized testing has long been controversial, in part because it may shift favor toward affluent applicants who can afford test preparation courses, or who go to well-funded public schools or private schools that can teach test-taking skills. In this way, critics of standardized testing say that standardized testing doesn’t measure aptitude; it merely measures a student’s ability to take a test.

And while seeing that a school is test optional may make some students breathe a sigh of relief, it can lead to confusion for many applicants, especially those who are strong test-takers. Understanding how colleges may use these scores can help you make the decision as to whether to include them in your application package.

Test Optional Versus Test Blind

To assess how a university will potentially use test scores, it’s helpful to see whether the school is test optional or test blind.

Test Optional

The school doesn’t require standardized test scores, but if they’re submitted, they will be evaluated alongside the application package.

Test Blind

The school does not require standardized testing. If a student submits standardized test scores, they will not be looked at or evaluated by the institution.

The difference in these definitions can be helpful to determine whether or not to submit test scores. If the school you apply to is test blind, then sending your scores will not matter. But if the school is test optional, then some applicants may consider sending their test scores if they performed well.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Standardized Testing Can Give Students Options

Students who aren’t sure of where they want to apply, or who are interested in a wide range of potential options, may consider opting in to standardized testing. Also consider that some private scholarships may use standardized testing as one method of evaluation.

As you consider your high school and college career, it can be helpful to ask the following questions:

• What does my school counselor think about opting out of testing?

• How do I perform on testing? Does testing cause me significant anxiety, or is it something that I can excel in with relatively minimal stress?

• Do I plan to apply for college scholarships?

• Do I know which schools I want to apply to? You may not have the answer yet depending on which stage of the college search you’re in, but looking at a few dream or reach school admission requirements can be helpful to assess whether or not you’ll likely need standardized testing.

Recommended: How Many Colleges Should I Apply To?

Know the Test Calendar

For some students, standardized testing for higher education begins with the PSAT/NMSQT. Also known as the PSAT 10. This test assesses “readiness for college” and may be used for scholarship eligibility. This test is also the qualifying test for the National Merit Scholarship. While it’s commonly taken in tenth or eleventh grade, some middle-schoolers may also take the PSAT 8/9 both for practice and for high school eligibility.

The PSAT does not count toward college admission and colleges will not see a student’s results. That’s why the PSAT can be a helpful first step in assessing how you perform on a standardized test, pinpoint any areas that may need work, and create a plan for the next steps.

Both the ACT and SAT are offered about seven times a year in the United States. Some students take these standardized tests in the spring of their junior year and then retake them in the fall of their senior year. But the right cadence is dependent on a student’s unique profile. For some students, taking the standardized tests just once is enough. Others like to use the first test as a benchmark, then spend the summer studying or taking a prep course before taking the test a second time.

Keep in mind too, that some colleges that consider standardized test scores will allow students to submit only their highest scores. Other schools will look at all of a student’s scores. Knowing how your potential schools will consider standardized test scores can also help you assess how many times you want to take the test.

Recommended: How to Help Your Child with SAT Practice

What Are Alternatives to Standardized Testing?

Some students worry that their applications may be viewed less competitively if they opt out of standardized testing. But it’s important to remember that for many admissions offices, evaluating applications is an art — not a science. Reading through admission requirements can give you a sense of what the university expects from applicants. Some public institutions may have specific numbers that students need to meet to be guaranteed admission. But for many schools, admission is dependent on multiple factors including:

• Essays

• Range and breadth of high school courses taken

• Teacher recommendations

• Extracurricular activities

• College interview

• Other factors, which may include state residency, alumni parents, extracurricular activities, or majors planned to pursue in college

• Standardized tests

In short, standardized tests are generally one small part of an admissions package. Talking with a college counselor can help students maximize all other parts of their application for competitive consideration.

Recommended: Do Your SAT Scores Really Matter for College?

Don’t Overlook How You’ll Pay for College

In the leadup to developing a competitive application, it can be easy to overlook the question of how to pay for college. It’s never too early to begin researching methods of payment. This may include:

• Support from parents and family members

• A student’s own savings

• Private scholarships

• Federal financial aid including; work-study, scholarships, grants for college, and federal student loans

• Private student loans

While private student loans can help students fill the gap in how they plan to pay for college, they’re generally used as a last resort because they lack borrower protections offered by federal student loans. But, when students don’t receive enough federal aid to pay for college, private student loans can be one option worth considering.

Students may also look at the tuition cost as they are building the list of colleges they plan on applying to. In general, in-state public universities may be less expensive than private universities, but some private universities have generous financial aid for people who meet certain requirements. Having an understanding of the potential financial commitment alongside the application and admissions process can help students build a clear perspective on how much college will cost depending on where they get accepted.


💡 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.

The Takeaway

The college admissions process can be intense, and standardized tests are only one part of the puzzle. Fortunately, you can minimize stress by taking your time, doing research, and asking questions early. Carefully considering where you want to go to school, how you’ll pay for it, and what will make the experience successful for you can help you choose the school that is the right fit for you.

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.

Photo credit: iStock/FreshSplash

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.

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As a parent, learning how to communicate with college students can be a challenge. Adjusting to college is an emotional transition for the whole family, but keep in mind that this is an important phase in a young adult’s life that helps to prepare them for the real world.

To help keep the lines of communication open, it can be a good idea to set up regular calls and do your best to support your child without nagging. If you maintain a strong connection without overdoing it, they might even divulge more of the good times, and you’ll be able to share in the full experience of their new adventure.

Here are some tips for parents on how to stay close with college students, even if they now live many miles away from home.

Tips for Communicating with College Kids

Be Their Ally

It’s tempting to want to make sure your kid is taking care of themselves: Are they eating enough vegetables? Are they making friends? Are they partying too much?

Your parental instincts are inevitable, but you’ll want to avoid nagging. Try to be their ally instead. Of course, it’s important to check in on them and make sure everything’s okay, but you’d be surprised to find that the more freedom you give them to make their own decisions, the more they may share with you.

Recommended: Dealing With Helicopter Parents in College

Let Them Know They Can Talk to You

Along with being their ally, it’s also important for them to feel comfortable talking to you about more serious things. College is a major transition and many incoming students struggle with the adjustment.

If they are unhappy at their new school, they may be considering the possibility of transferring schools. It can be a good idea to make sure your child knows that they can talk to you about anything. That’s what parents are for, after all.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Utilize Technology

Video chat is an incredible tool that wasn’t around back when parents were in college. These days, there are seemingly endless options to connect via video from FaceTime to Zoom to Google Hangouts and more. Video calls can be especially helpful for students who are far away from home.

If your child is not one to call you every day, you could set up a time once a week to catch up.

What to Talk About

Academics

While it may be forgotten among all the exciting aspects of college, taking advantage of the incredible educational resources on campus, working hard, and getting a solid education are some of the main reasons for attending university.

Without overwhelming your student, remind them that grades could have an impact on their plans after graduation.

Play to Your Strengths

While we’re on the topic of academics, you can also get involved in your child’s studies, if they ask for help. Aside from reminding them to focus: help them choose classes for their first semester; reread some Nietzsche or Aristotle along with them; or offer to be a second set of eyes for their papers. When they are choosing their major, you could help them realize what it is they’re passionate about.

Grown-Up Stuff

There are some things you may want to periodically bring up with your student that they likely won’t enjoy talking about, which involves money management, including student loans and budgeting. While these might not be on anyone’s list of the best ways to communicate with college students, it’s your duty as the parent to remind them.

It can be a good idea to have an ongoing dialogue about student loans and educate them on how not to make their debt even higher.

This is a conversation that can begin in high school when making the decision on which college to attend and what the financial impact will be for them and for you in the years to come.

As for budgeting, know that many young adults make financial mistakes in their early twenties. It’s okay — mistakes allow students to learn and adjust their habits moving forward.

However, if you can teach your student good spending habits, especially if this is their first time with a credit card, they’ll be thankful to you in the long run.

Share with your kids: 10 Money Management Tips for College Students

Future Plans

You may have a son or daughter who has dreamed of going to med school since they were little, but most students are unsure of what they want to do with their futures or what life after graduation will look like. This might be a common thread throughout their four years in college.

Find ways to make this conversation exciting and optimistic without asking the question they’ve heard a million times: “What do you want to do with your life?” The truth is, they might not know, even upon graduation, and that’s okay.

If they are considering graduate school, it could be useful to discuss what’s involved financially. Will they need additional student loans for grad school? Will you be able to help with any costs?

While these are just some guidelines on how to communicate with college students, ultimately, the best approach for you and your child depends on your relationship and your personality.

It’s recommended for a parent to find a healthy balance between staying involved and being overbearing. You can watch with pride from a healthy distance and still experience this exciting time in your child’s journey through young adulthood.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

The Takeaway

The transition to college can be an overwhelming one, for both students and their parents. While your student is building their new life at school, you may find it challenging to keep in touch with them. Try setting a time for a weekly catch-up session with your child. Be open and honest with them and make sure they know that they can come to you with any questions, concerns, or issues they may be facing at school.

In addition to providing advice and guidance, you may also be helping your child pay for school. If your financial aid package (which may include grants, work-study, and federal loans) isn’t enough to cover the costs, you might also consider private student loans. If your child hasn’t yet established much credit, you will likely need to be a cosigner. Or, you might consider a private parent student loan.

Just keep in mind that private loans don’t offer government-sponsored protections, like forgiveness or forbearance, that 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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Going to college is an exciting adventure, but it can also be incredibly nerve wracking, especially as a college freshman. With so much new and unknown ahead of you, it’s easy to let the stress build.

But being prepared for what’s ahead could help alleviate some of the first-year worries. This checklist is filled with things that you can do to prepare for your freshman year, starting with things like filling out the FAFSA, getting your packing list and school supplies together, and preparing financially for your life on campus.

Checklist for Preparing for Freshman Year

Acclimating to life on campus can be a big transition. Fortunately, there is a lot you can do to smooth the way before you even arrive.

Registering for Classes

Registration will likely take place before you get to campus for the school year. Some schools have freshman register during orientation, which gives them the opportunity to connect with an on-campus advisor. Once enrolled, check out the syllabus for each class to help you gauge expectations and determine what books and supplies you’ll need.

Recommended: 5 Ways to Start Preparing For College

Order Books and Other Supplies

Once you’re registered for classes, you’ll likely have a good idea of the books and supplies you’ll need. Cut costs on college textbooks by ordering used copies or renting the book.

Touching Base With Your Roommate

If you’re going to be living with a roommate, it’s a good idea to reach out to them before you get to campus. Open the lines of communication so you can discuss things like who’ll bring what (to avoid duplicate rugs, mini-fridges…). This is someone you’ll probably be spending a lot of time with so establishing a friendly relationship, setting roommate guidelines, and discussing how you’ll share expenses with your roommate are important.

Packing for College

Making your college feel like home may take some careful preparation. To create the ultimate college packing list, think of things you use regularly that you’ll need on-campus. This might include clothes, bedding for your Twin XL mattress, towels, toiletries, and more. Some schools may have restrictions on certain items, such as candles, so read any guidelines provided by the residential life office at your school.

Don’t forget to pack the supplies you’ll need for classes — depending on your course of study, this may include things like books, a computer, a calculator, lab safety equipment, or more.

Preparing Important Documents

Make sure you have identification information like your driver’s license or passport. Make a copy of your health insurance card so you’re prepared in the event of any issues.

Filling Out the FAFSA

The Free Application for Federal Student Aid, better known as the FAFSA, is the application students fill out each year to apply for federal financial aid, including grants, scholarships, work-study, and federal student loans. If you are a dependent student, the FAFSA will also generally require your parent’s financial information as well.

Some aid is awarded on a first-come-first-served basis, so it may be beneficial to submit your application as early as possible. Schools may use information from the FAFSA to determine awards for school-specific scholarships too.

Understanding how much aid, and what types of aid you can expect will be important as you craft a plan to pay for college. Some students may consider private student loans in the event that other funding streams, like savings, federal student loans, and scholarships aren’t enough to cover their tuition. While private student loans can help fill in any financial gaps, they don’t always offer the same borrower protections — like deferment or the option to pursue Public Service Loan Forgiveness — as federal student loans. As a result, they are generally only considered after all other sources of aid have been exhausted.

Getting Your Finances in Order

As a college student, this may be one of your first steps toward financial independence. Here are a few tips to help you prepare for the financial responsibilities that await you on campus.

Opening a Checking Account

As a college student, you may be living away from home for the first time. Now that you’re starting to be independent, you may find the need to open a checking account of your own (if you don’t have one already).

Some colleges have banks on campus that make it easy and convenient for you to open a checking account. It’s worth comparing different banks and credit unions before you make your final decision. Look at fees, minimum balance requirements, ease of online or app use, and branch locations.

Tracking Your Spending

Creating a budget can help you stay on top of your spending. If you’ve never stuck to a budget before, there’s no time like the present. Begin by listing all your monthly income, whether it comes from a job, helpful parents, or both. Then list your expenses, like car insurance, a phone bill, or books for school.

Also include your “fun” money, for things like dining out, shopping, or travel. But if your expenses are more than your income, you’ll need to make adjustments. You can find budget spreadsheets online or convenient apps to keep track of your spending if you don’t want to start from scratch.

And remember, a budget isn’t set in stone. It’s a living document that is always changing based on your financial situation. Try your best and always look to improve it.

Looking Into Getting a Credit Card (and Handling It Responsibly)

Now that you’re on your way to adulthood, it may be worth starting to build your credit history. If you can be responsible with the credit card, having one in college is one way to help you establish a baseline for your credit history.

If you do open a credit card, it’s important to make an effort to pay your bills on time and pay off the total amount you owe every month. Once credit card debt starts to build, it can be difficult to get out from under it, so it’s wise to take steps to avoid it in the first place.

Responsibly using a credit card is one thing that can help you establish and build credit history. Whether it’s to buy a home or a new car, a better credit score could help potential borrowers secure more favorable loan terms.

When You Get to Campus

Hopefully, all your preparation will help streamline your college transition. These final few tips could help you find your footing at school.

Exploring Campus and the Surrounding Area

College is a whole new world. Take some time to walk around and explore the campus. Where are the dining halls and libraries in relation to your dorm. As you explore the campus, map out where each of your classes are located. This may help mitigate some of your college nerves.

Venture off campus and check out the town. You may just find a cute cafe perfect for study sessions.

Connecting with Professors and Advisors

Your professors are there to teach and want you to succeed. Take a few minutes to get to know them and don’t shy away from office hours. Go often and early with any questions or concerns.

Finding Extracurriculars

Colleges usually have a variety of extracurricular activities and clubs for students to join. Visit any activity fairs and find the clubs that interest you. Maybe it’s working for the school TV or Radio station, intramural soccer, or an acapella club. Getting involved on campus can be a great way to get to know new people and make friends.

Establishing a Routine

As a college student you’re likely experiencing a ton of newfound freedom. While all this autonomy is exciting, establishing a routine that works for you. For example, if you find you are most productive in the morning, block that time for classes and any top priority assignments. Then a break for a quick workout or lunch, followed by some studying. In addition to studying and classwork, it’s important to create healthy habits and space for self-care.

Checking Your List and Following Your Needs

College is a time to get out of your comfort zone and challenge yourself. It’s a learning experience in every sense of the word. This college freshman checklist is just a starting point to help you get acclimated.

Don’t forget to check in on — and add to — your college checklist as you continue your education. It can be easy to get swept up in the excitement of college, but it’s important not to lose sight of your financial and professional goals. Commiting to your financial health and literacy now will help you even after graduation. Skills like budgeting and networking will always be applicable.

The Takeaway

With these tips in mind, you can put together a personalized freshman year checklist. This may include things like filling out the FAFSA, registering for classes, connecting with your roommate, and packing for the move to college. Getting ready for freshman year might seem overwhelming at first, but breaking down to digestible action items may make it feel more manageable.

Part of preparing for freshman year is figuring out how you’re going to pay for college. Once you fill out your FAFSA and receive your award letter, you’ll know where you stand, and whether you need to seek out any additional sources of funding.

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.

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An unrealized gain or loss is the change in market value of an asset from its purchase price, before it is sold.

College planning is an exciting time for you and your child. But, as exciting as it may be, there is a lot of preparation involved.

So, whether your child is entering into their freshman year of high school or a few months away from graduation, there is no better time to start planning than the present.

From figuring out your financials to helping your child prepare for admission exams, this college planning checklist for parents can help streamline your child’s transition from high school to college.

Starting a Savings Plan

College can be expensive. According to the Education Data Initiative, the average cost of college in the U.S. is $36,436 per year, including books, supplies, and daily living expenses. Indeed, the cost of going to college has more than doubled over the past two decades.

As prices continue to soar, it’s easy to become worried about how your child will pay for college or that they will have to take out a crushing amount of student debt in order to pay for the college of their dreams.

With this reality top-of-mind, it’s wise to start saving for your child’s college tuition and fees. But, while many parents may have the best intention of helping their children pay for their college expenses, they often fail to prepare.

So, even if your child is just now entering high school, you can still start saving and preparing for college costs. It’s never too late to start setting money aside for your children’s education.


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

Paying Close Attention to Grades and Curriculum

Since grades and curriculum are crucial to getting an acceptance letter, you may want to keep close tabs on your student’s grades and study habits. From helping with studying to supporting homework expectations, getting involved with your kid’s coursework may help them perform better in school.

You may also want to encourage them to take Advanced Placement courses. Since AP courses allow you to tackle college-level material while your child is still in high school, your student may get ahead by taking some.

Also, if your student passes the AP exam at the end of the class, they could be rewarded with college credits. Racking up college credits could save you time and money in the future.

For example, if your child takes AP English in high school, they might be able to skip freshman-level English once they get to the college or university of their choice.

There are fees associated with taking AP exams. Fee reductions may be available for qualified applicants.

Recommended: ACT vs. SAT: Which Do Colleges Prefer?

Encouraging Involvement with the Community

College applications were up sharply for fall 2023, according to data collected by the Common App. With the increase in competition, your child will need to stand out. While the top factors in admission decisions tend to be academics, the next most important factors typically include a student’s demonstrated interest and extracurricular activities.

Encouraging your child to get involved in the community could also potentially help them write a solid college application, and even help them decide what they want to do with the rest of their lives.

For example, if your child loves to run, they may want to try out for the track team to round out their classes or volunteer as a track coach for a youth team. Or, if they prefer journalism instead of sports, they may want to try writing for the school newspaper.

Not only will getting involved help with their college application but it will help sharpen their skills. So, don’t be afraid to encourage them to explore their passions and get involved with the school and/or local community. You might even want to get involved with them.

Planning for the SAT and ACT

Another key component to receiving acceptance letters from colleges and universities is having acceptable SAT and ACT scores. Some schools require the Scholastic Aptitude Test known as the SAT, while others may require the American College Testing, known as the ACT. Some schools will accept either one, but it’s a good idea to check the preference of the schools your child will apply to.

To help your child prepare, you can encourage them to sign up for an after-school prep class or practice at home by using online resources such as Khan Academy’s free SAT practice program in partnership with The College Board.

Recommended: How to Help Your Child with SAT Practice

Researching Schools

One of the most important components of college planning for your child is helping them decide which university or college is the right fit. Fortunately, there are plenty of options available to help you find a school that will fit your child’s education and experience needs.

To get started in the decision-making process you may first want to help your child decide what degree they would like to achieve. If they know they want to be an engineer, you may want to focus on schools with good engineering programs.

Even if you may think their degree is too niche, there is often a program that will support it. Whether they want to study astrobiology or comic art, there is often a program for your child. However, if they are unsure of a major, they may want help finding a school with more program options available.

It’s also wise to consider factors such as location and the type of college experience your child wants to have. For example, if they want to go to a school close to home and commute to save money, that desire will limit the search parameters.

Remember, while you may be the voice of reason, the ultimate decision is up to your child — the student. Simply help them evaluate all of the key factors in making an informed decision.

Scheduling College Visits

College visits can be a big help when it comes to finding the right fit. With this in mind, you may want to help your child plan a college visit well in advance of making a decision. The College Board recommends scheduling your visits during your child’s junior year in the spring if you have already researched schools.

For seniors, it may be best to schedule visits in the fall through the winter months. This may help seniors narrow down their options.

Since you want your child to get a feel of the college experience, you’ll want to make sure classes are in session. Therefore, it’s also wise to avoid visits during holidays or break weeks.


💡 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.

Investigating Financial Aid Options

Even if you have saved for your child’s education, you may want or need to explore other funding options, which could include your child taking on some of the cost.

Completing a Free Application for Federal Student Aid (FAFSA) is one of the first recommended steps to applying for student financial aid, whether that is in the form of grants, scholarships, federal loans, or work-study. Filing for the 2024-2025 school year opens in December, 2023 (a delay from the usual October 1) and will continue until June 30, 2024.

It’s recommended to complete the form as soon as possible because there are differing deadlines to be aware of, including for individual colleges as well as federal and state deadlines. The sooner you submit your FAFSA, generally, the better your chances of receiving aid will be.

Colleges and universities will use the information reported on the FAFSA to determine how much aid a student is eligible for. Even if your child has not applied to a school yet, they can list that school on the FAFSA, so encourage them to include their dream school as well as those they consider safety schools.

A Student Aid Report (SAR), which is a summary of information provided on the FAFSA, will be sent within three weeks — sometimes sooner. Corrections to the FAFSA, if needed, can be made after reviewing this report. The SAR contains information about a student’s Expected Family Contribution (EFC) (which will soon be called the Student Aid Index or SAI). It is recommended that the report be kept for your records.

The schools listed on the FAFSA will have access to the information within a few days of when the form is submitted. If your student is approved for financial aid, they will receive financial aid award letters from each school they applied and were accepted to. These letters will include information such as the cost of attendance (COA), EFC/SAI, grants, scholarships, loans, and other financial aid that your child might be eligible for.

Comparing each financial aid award letter can help you and your child determine the financial obligation of attending each school. It is recommended to exhaust all federal aid options before considering a private loan. But if you are looking for supplemental funding for your child’s education, private student loans may be an option.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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