Essential Checklist for First Semester College Freshmen
It’s the time of year again when students across the country are moving away to college campuses. During this transition, there is plenty on students’ minds including orientation events, making friends, and finding classes. One priority that should be at the top of the list, however, is taking a look at your finances. Here are the five most important tasks new students should consider tackling during in their first semester:
Meet with Your Financial Aid Advisor
Depending on your college, you will probably be assigned an advisor from the Financial Aid Office who can answer questions about scholarships and financial aid. Before you do anything else, reach out to them and set up a meeting to discuss your goals. Be prepared and bring an overview of your current financial aid situation and a list of questions, such as: when does the institutional scholarship list become available? Based on my situation and background, are their specific scholarships you recommend that I apply for? What financial resources are available to me as a student? Make sure to get to know your Financial Aid Advisor, because they will be one of your most important resources going forward!
Start Establishing Your Credit History
Once you turn 18, you will have a credit score that is a number 300-800 that measures your ability to pay off debt. Having a “good” credit score means that you will qualify for better loan terms and will have an easier time renting an apartment, while having a “bad” credit score means that your options are more limited. At the very start of your young adulthood, it’s a good idea to start building your credit history so that your score improves. One of the best and easiest ways to do this is with a credit card. However, it is very easy to get into credit card debt, so it’s important to always pay off the entire monthly balance (not just the minimum payment!!) every month. You can learn more about how to use a credit card responsibly here and check what your current credit score is using an app like Credit Karma.
Get to Know Professors
Like the college application process, the scholarship application process will require you to submit letters of recommendation. So, it’s important to get to know your professors, managers, coaches, academic advisors, and/or mentors so that when it comes time to ask, they will be able to give you a glowing letter of recommendation.
Find Community & Resources
Once you get to college, you will already be meeting a lot of people and getting acquainted with on-campus resources. Now is a good time to get involved in groups that not only provide community and belonging, but also resources like scholarships, mentorship programs, and alumni contacts. These groups can be for veterans, international students, members of the LGBTQIA+ community, members of your major or program, etc. Also be sure to check out all of the resources available to you on campus. For example, are there tutoring or mentorship programs available? What free materials or services does the library offer? How about mental health services, disability services, or daycare? Get acquainted with the resources available to you on campus - you are paying for them anyway, so you might as well use them!
Volunteer
Peak scholarship season is from January to March each year, when the rubber will really hit the road when it comes to paying for your degree. To prepare, look for volunteer opportunities on and off campus, perhaps related to community groups you want to join (see #4). Your college may even have a volunteering club or office that can help you get started. Scholarship committees love helping people who help people, so the more that you can demonstrate your character and that you’re doing something about what you believe in, the more chances are that you will be able to win scholarships next semester.
Check out Work-Study
If you have the Federal Work-Study Program included your financial aid award package, you qualify for a work-study job (if you are unsure of what is included in your financial aid package, you can ask your Financial Aid Advisor). Ask your orientation leader or Residence Life Office if there is a job fair on campus and/or how to apply. Work-study jobs are like any other job that you apply for, and if you successfully get hired, you are paid via paycheck. Unlike a regular job, however, work-study jobs are specifically designed for students and provide a flexible schedule that works with your classes. Positions are typically on campus, making it easy to work in between classes. Your income from your work-study job will also not be counted on your FAFSA, meaning that it will not count against need-based aid you receive. So, if you are interested in work-study, make sure to apply for a position at the start of the semester.
Prepare to Submit FAFSA
Each year, the Free Application for Federal Student Aid (FAFSA) becomes available on October 1. It is a good idea to fill out the FAFSA as soon as you can, as funding is first-come, first-serve. If you are a dependent student who needs your parent(s)/guardian(s) to fill in their information, send this worksheet to them ahead of time to prepare. Remember, you have to submit your FAFSA for every year you are in school in order to qualify for financial aid!
In conclusion, remember to have fun, make friends, and enjoy your college experience while also deploying the strategies you need to not have to take out debilitating debt to pay for it.