As June comes to a close, it’s a great time for a quick financial check-in. Before fall deadlines, tuition bills, and back-to-school schedules begin to pile up, summer offers a valuable opportunity to get organized and plan ahead. Regardless of where you in the college process, these five smart moves can help you head into the new school year feeling more prepared.
1. Keep Up With the Summer Scholarship Sprint
Summer scholarships are still available, and many students overlook opportunities this time of year. Last week we launched the Summer Scholarship Sprint to help you bridge the gap. If you haven’t started your sprint yet, here is the focus for this week:
Focus on the Quick Wins: Focus on applying for easy or no-essay scholarships, updating your resume and activity list, and organizing your top opportunities so you’re ready when deadlines approach.
2. Know Your Real Funding Gap
Before you borrow, take a clear look at what you actually need. Start with your total cost of attendance, including tuition, housing, books, and other expenses. Then subtract grants, scholarships, savings, employer benefits, and any other resources you can use.
Once you know your true funding gap, you can make a smarter borrowing decision and avoid taking on more debt than necessary.
3. Stay Ahead of Loan Changes
Federal borrowing rules are changing. Parent PLUS loans now have new borrowing limits, and new graduate students beginning programs after July 1 will no longer have access to Grad PLUS loans. Planning ahead and exploring all funding options early can help avoid surprises. Learn more about Grad PLUS loan changes.
4. Create a Simple Summer Financial Checklist
Before August arrives, make sure you’ve:
✔ Completed the FAFSA
✔ Registered for orientation
✔ Reviewed payment deadlines
✔ Applied for scholarships
✔ Planned for books and other expenses
✔ Updated your contact information and reminders
5. Expect the Unexpected
Even the best plans change. An unexpected fee, a textbook, a last-minute expense, or a change in financial aid can happen to any family. Building some flexibility into your budget and knowing where to turn for additional resources can help you navigate the year with less stress.
Red Kite Pro Tip: Financial plans change and that’s okay. If your aid package, family circumstances, or expenses shift, don’t wait. Reach out to your financial aid office early and explore scholarships, payment plans, and emergency aid resources before making borrowing decisions.
Final Thought
There is no one-size-fits-all path to paying for college. The best strategy is the one that works for your goals, your budget, and your circumstances. Take the time to understand your options and make decisions that feel right for you and your family.
Whatever your plans this summer, we hope you’re finding time to recharge, make memories, and enjoy the season before the excitement of a new school year begins.
