Summer is nearing its end and school is looming on the horizon. Keep reading for great tips on what you should be doing to get ready for college. Please note that your student falls in the category of the year that he or she will be entering; for example, a student who has just completed the junior year of high school is now considered a high school senior, and so on.

The importance of budgeting

It's almost time to go back to school! High school students are enjoying the last few days before going back to busy schedules, SAT and ACT tests, and planning for college; college freshmen are anxiously awaiting communications from new roommates and professors; and college upperclassmen are looking forward to a new semester with old friends. But what can you as the parent do to help them get ready?

We suggest taking the time to talk with your student, no matter how old he or she is, about creating a budget for the coming year. All young adults need to develop a wise spending plan, and if they start young, chances are they will continue to be responsible with their money as they get older. Here is an outline of a spending plan that they could follow:

The student's income should consist of any money that he makes from a job plus money that the parents give him. (This could be an allowance or whatever money you designate will go toward your student's expenses.) The student should be aware of how much money he has available at a given time so that he can plan how he wants to use it. Talk about what the student thinks he might want to buy during the coming year, and help him decide what is important. Make sure to plan for entertainment, meals out with friends, clothes, and school costs.

You should consider having the student calculate in a portion of his income for giving. It is important to develop a habit of giving to people in need or other worthy causes, and if you instill this in your student now, he will be more likely to continue giving as he gets older. He should also set aside money for saving, especially if he is in college. Saving money is a very important aspect of a financial plan. Unexpected expenses may come up, and it is always wise to have some money set aside. Also, it will help your student build up some money to buy a car or pay back loans later.

Loans are an area of spending plans that no one likes, but unfortunately we live in a time when they are a reality. Debt can be incurred from the student's credit card, any school loans that have interest payments while the student is in school, cars, or other large expensive. We advise students to avoid signing up for credit cards while they are in high school; it is very easy for a teenager to pull out the card to buy things, especially if it is a student who likes to shop. Students should learn the importance of spending real money, not spending money they don't have.

If the student is living at school, he may have room and board expenses as well. Calculate with him how much money he will spend on groceries and other household items, making sure to include a little extra for eating out. You may want to discuss the issue of a laptop computer for school; this is an added expense, but if you have the money, go for it. Computers can be wonderful tools for students, as long as they aren't used only for games.

Students who have cars may have insurance and gasoline costs. Calculate an estimated gas budget and remind your student how important it is to carpool or limit his driving in order to keep this cost down. With gas prices so high, driving isn't always the best option.

Finding the time to sit down with your child may be difficult, but if you can help him become a more responsible adult, it's well worth it! Teenagers still need their parents' advice, even if they don't want to admit it.

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High school sophomores

If your student has had a summer job, you should sit down with him or her to determine how much money he or she has earned and set up a budget for the coming year. Parents shouldn't put the student's money in a special savings account, but help them learn how to budget and set priorities.

Students should consider getting involved in community service activities. This can help complement a student's achievements in academics, athletics, or other areas and enable him or her to receive more or better scholarships.

Encourage students who are able to become involved in extracurricular activities and clubs at school. Getting involved in activities early will give your student the opportunity to be active in leadership in later high school years, providing more leverage when negotiating with college admissions offices. When a student does get involved in clubs or organizations, he or she should be an active participant, not just a member!

Parents should figure out how much money they will be able to pay for a student's college expenses. It is useless for a student to consider a college that his or her parents can't pay for.

Parents and students should continue to save money for the student's college education. If the student has a job lined up for the summer, plan on putting the money into the parents' account(s) rather than in the student's name. This shields the money from the federal formulas that determine how much the family can afford.

Students should begin preparing for the PSAT tests. Contact the guidance counselor at the high school to find out when the PSAT will be given; unlike the SAT test, it is not available at test centers and is administered directly through the high school. Doing well on the PSAT gives the student a chance to enter the National Merit Scholarship Corporation scholarship programs.

High school juniors

If your student has had a summer job, you should sit down with him or her to determine how much money he or she has earned and to set up a budget for the coming year. Students need to learn to be responsible, especially with regard to finances. Parents shouldn't put the student's money into a special account, but help them learn how to budget and set priorities.

Any students who were involved in clubs and organizations in earlier high school years should prepare to be in leadership roles. College admissions officers love student leaders, which will give you leverage if you need to ask for more aid.

Students should also consider getting involved in community service activities. This can help complement a student's achievements in academics, athletics, or other areas and make him or her more qualified to receive scholarships.

If they haven't already, students should check local community colleges to see if there are any courses that may be of interest to them. Look for courses in the major you are interested in pursuing; also look for any general courses that may count toward general education credits when you get to college. This can save you from having to pay a higher price for those credits later. When admitting students, colleges like to see that you have taken college-level classes, especially if you do well.

Students should go online to the websites of the colleges that they are most interested in attending. Collect information about college application procedures, entrance requirements, tuition and other fees, room and board costs, student activities, course offerings, and financial aid. Begin comparing schools by factors that you find most important.

After school begins, the student should meet with the guidance counselor at the high school to find out when the PSAT will be given; unlike the SAT test, it is not available at test centers but is administered directly through the high school. Doing well on the PSAT gives you a chance to enter the National Merit Scholarship Corporation scholarship programs. Remember to register for the PSAT!

Continue to refine your lists of potential colleges. Contact the admissions and financial aid offices at any colleges in which you are interested so that you can get information now on admission, scholarships, and financial aid. Talk with your parents about the colleges in which you are interested; parents often have wise insights and suggestions.

Students should begin preparing for the ACT and SAT tests. The next ACT test is September 16; registration is due by August 18. The next SAT test is October 14; regular registration is due by September 12, and late registration is due by September 20. Visit www.actstudent.org and www.collegeboard.com for more information and to find testing sites near you. There is also an SAT prep center at the website. It is extremely important that students prepare for these exams; better scores can mean better financial aid!

When the student has figured out the things he or she would like in a college, give the information to your College Assistance Plus representative if you have not yet done so. We will then give you a detailed comparative list of colleges that meet your search criteria and their up-to-date financial information. We will be available to sit down with you and discuss the list and where your student may fit the best.

Parents should move any qualified assets into non-qualified accounts. This strategy is an important key to receiving more financial aid than you may have thought possible. (Qualified assets are assets that qualify for the FAFSA, while non-qualified assets do not.) If your assets are exposed to either the federal or institutional methodology, you can reduce the amount you have to pay by altering the title or moving those assets into non-qualified accounts. Be careful to properly and legally implement these strategies. See your financial advisor or College Assistance Plus representative for any assistance in this process.

Students should spend 1 to 2 hours a week preparing for the SAT or ACT test. Remember, good SAT/ACT scores mean better financial aid packages, and the college will offer you more aid when they want you!

High school seniors

Students should begin to prepare now for the college application process by drafting essays, collecting writing samples, and assembling portfolios or audition tapes.

Athletes who plan on playing in college should contact the coaches at schools to which they are applying and ask about intercollegiate and intramural sports programs and athletic scholarships. Athletes should also complete the NCAA Initial Eligibility Clearinghouse form if they hope to play Division I or II sports. (This form cannot be mailed until the student finishes his or her sixth semester of high school.)

Students should be preparing to take the ACT and SAT tests, even if they took them as juniors. The highest combination of scores is always used, so taking the tests again won't hurt. The next ACT test is September 16; registration is due by August 18. The next SAT test is October 14; regular registration is due by September 12, and late registration is due by September 20. Visit www.actstudent.org and www.collegeboard.com for more information and to find testing sites near you. There is also an SAT prep center at the website. It is extremely important that students prepare for these exams; better scores can mean better financial aid!

Don't make rash decisions. Remember that many students transfer after their first year, and the average student changes his or her major at least 3 times in the course of their undergraduate education. Take your time and choose a school that you really would want to be at. Also, don't choose a school because of a boyfriend or girlfriend. Often relationships don't last throughout college, and one or the other of you may decide to transfer for academic or financial reasons.

Check on application and financial aid deadlines for the colleges to which the student wants to apply. Although most deadlines are after January 1, they do vary from school to school. It is essential to meet all deadlines!

Plan visits to any colleges and set up interviews if you did not get to them during the summer or if you would like to return to a campus for a second time. Read bulletin boards and the college newspaper while you are there; also, talk to current students and professors about their experiences. Be sure that you have talked with your College Assistance Plus representative and know the cost of the colleges before you go. There is no point in visiting a college that you know you cannot afford. We have this information (and more) available to you, so don't go without getting it!

Students should also beware of ending up at a school that is too selective for them. Applying to and choosing to attend a very selective school can often hurt more than it can help; if you are only considered average at that school, they will not want you as much as they would want someone who would be above their average. Schools offer better financial rewards to students that will help their institution appear better.

Taking advanced placement (AP) courses can boost a student's standing in the "admission game" and save money if the student can test out of a required course when he or she gets to college. It will also show the college that the student is willing to put extra effort into schoolwork, making him or her more attractive to the college.

You will probably hear many people talking about "senioritis" as you enter your senior year of high school. The college will include your senior year grades (especially from the beginning of the year) when determining whether to admit you or not, so don't start of the year poorly. Put effort into your schoolwork and don't slack off! That's what summer was for!

College freshmen

It's almost time for your freshman year of college to begin! You should be preparing for school now, keeping aware of how much money you are spending on school supplies and the like. Your roommate might want to buy matching bedspreads and wall décor, but is that really the best use of your money? Make a budget and stick to it.

While you're getting ready to go to college, use this checklist to make sure you have everything you need.

Avoid spending loan money on pizza and CDs. You may not realize it now, but you will be paying for that pizza for the next 30 years...with interest! It may cost $15 now, but add the interest and that one pizza will really cost you $65!

Parents should sit down with the student before college begins to discuss expectations for the year. Set expectations high! Good grades mean higher incentive for the college to give scholarships for the following year and years after that. Also, 30% of students transfer after their first or second year of college, and higher grades will give you the ability to get a better deal at the college to which the student transfers. Don't make the mistake of sending your child to college saying, "Just do your best!" The students need to know what is expected of them...and why.

Discuss with your student the possibility of on-campus work-study or an off-campus job if he or she is not playing sports or involved in other (such as musical or dramatic) activities. Students who work or are involved in time-consuming activities (i.e. music or drama) during the semester often get better grades than students who are not, simply because they have to set priorities, be disciplined, and find ways to get everything done. Students who are not involved in extra programs have a lot of time to waste and often just hang out, play video games, and procrastinate. (Plus, students who have jobs can often make a little more spending money!)

Parents should make it a point to caution their students about getting credit cards. We cannot stress enough the importance of controlling credit card use! Any late payment can be used as an excuse by the credit card company to increase the card's interest rate. Grace periods are also shrinking; whereas they used to be 30 days long, many credit card companies are decreasing these periods to 20 days, and some have no grace period at all. Be sure that both you and the student know the card's policies before signing up. Even inactivity on a credit card can result in high bank fees!

Students should open a bank account on or near campus.

Find out if the cost of a land phone line is included in room and board. If it is not, strongly consider having the student take only a cell phone to school; the monthly fee will be similar in price, but the student will likely get unlimited calling on nights and weekends to anyone in the United States. This can save quite a bit of money when the student is feeling homesick at the beginning of the school year. Having a cell phone also provides insurance if the student has a car or is traveling long distances alone. Remember to make sure that the student will be able to get a cellular signal at the school before purchasing a phone plan!

Students should avoid buying books from the campus bookstore if possible. Do NOT buy books before classes begin; sometimes professors will only recommend books instead of requiring them. Buying used books from other students or online is much cheaper than buying new books from the campus bookstore. You may be able to get up to 40% off new and used books through College Assistance Plus at Amazon.com and Barnes & Noble Online.

College sophomores and juniors

Students who have had work-study or off-campus jobs should make a phone call or two to ensure that they still have a job when they return to school. Students who did not have jobs might want to begin calling potential employers. Having a job or other intra-collegiate activities will help the student learn to set priorities and balance his or her time instead of squandering it on games, television, and other entertainment. There is a place for entertainment, but it shouldn't consume your life.

Avoid spending loan money on pizza and CDs. You may not realize it now, but you will be paying for that pizza for the next 30 years...with interest! It may cost $15 now, but add the interest and that one pizza will really cost you $65!

Parents should sit down with the student before college begins to discuss expectations for the year. Set expectations high! Good grades mean higher incentive for the college to give scholarships for the following year and years after that. Also, 30% of students transfer after their first or second year of college, and higher grades will give you the ability to get a better deal at the college to which the student transfers. Don't make the mistake of sending your child to college saying, "Just do your best!" The students need to know what is expected of them...and why.

If the student has a car and will be driving to college, parents should check their insurance policies to see if they have towing/roadside service. If the insurance policy does not include this, consider purchasing AAA for peace of mind. This can be especially helpful to parents who have daughters in college.

Parents should make it a point to caution their students about getting credit cards. We cannot stress enough the importance of controlling credit card use! Any late payment can be used as an excuse by the credit card company to increase the card's interest rate. Grace periods are also shrinking; whereas they used to be 30 days long, many credit card companies are decreasing these periods to 20 days, and some have no grace period at all. Be sure that both you and the student know the card's policies before signing up. Even inactivity on a credit card can result in high bank fees!

Parents should take time to discuss the college meal plan with the student. Meal plans tend to be costly, and many students don't take full advantage of the meals. If the student is not utilizing all of the meals in the plan, switch to one with fewer means and a consequently lower price. Even buying a microwave and some instant oatmeal packets are a better choice than a full meal plan for a student who only wants the occasional breakfast.

Continue looking for scholarships through the college and through online websites. There are always new opportunities!

Students should avoid buying books from the campus bookstore if possible. Do NOT buy books before classes begin; sometimes professors will only recommend books instead of requiring them. Buying used books from other students or online is much cheaper than buying new books from the campus bookstore. You may be able to get up to 40% off new and used books through College Assistance Plus at Amazon.com and Barnes & Noble Online.

College seniors

You're heading into your last year of college (hopefully)! Congratulations! But don't plan on taking it easy this year. It is still important to maintain good grades with a strong work ethic, as potential employers will see your GPA.

Students should start planning how they will find jobs once they graduate. Finding a job by graduation depends on how well you strategize and market yourself. Begin networking with others now; don't wait until graduation. You should also take some time to become familiar with possible jobs in your field. If you know what you'd like to do, it will help you focus in on potential job opportunities.

If you need help deciding what you would like to do with your degree, feel free to contact your College Assistance Plus representative. We are very knowledgeable and would be happy to share some of our experiences and suggestions with you.

Avoid buying books from the campus bookstore if possible. Do NOT buy books before classes begin; sometimes professors will only recommend books instead of requiring them. Buying used books from other students or online is much cheaper than buying new books from the campus bookstore. You may be able to get up to 40% off new and used books through College Assistance Plus at Amazon.com and Barnes & Noble Online.

Strategic Suggestions

It is extremely important for high school students, especially juniors and sophomores, to spend time studying for the SAT and ACT tests. Unless you got a nearly perfect score, retake the tests! The highest combination of scores is kept, so there is no way for you to hurt yourself by taking the tests again. Some schools automatically reduce the costs of tuition by 50% or more if the student's SAT score is 1100 (by the old standard) or above! There are also many scholarships that students can qualify for based only on their SAT/ACT scores. It is good for students to study during the summer to keep their minds sharp and active.

High school students should be positioning themselves to be in the best possible situation for college, focusing on things they enjoy and trying to do well at those things. Some examples are putting themselves in leadership positions such as team captains, class president/other offices, or band leader; taking advanced courses or tutoring at school; and becoming involved in volunteer, community, and church activities.

College students should work hard to get good grades, for getting excellent grades greatly enhances the ability to get extra money from the college. Even if you can't maintain a 3.5 GAP, don't be discouraged! If you work hard and raise your GPA, the college will notice. Also, if the student ends up transferring, a good GPA is extremely beneficial in getting a good financial aid package.

If there has been some circumstance in your family that has suddenly created financial hardship, write a letter to the college's Financial Aid Director explaining the situation. Make sure that he or she understands that you are not looking for loans but gifts/grants/hardship dollars directly from the college or university. If you call or email your CAPlus representative, he or she will assist you in drafting this letter.