Freshman & Sophomore

Keep your grades up. Spending time on algebra and English literature is certainly not as exciting as Friday night football games or the winter formal, but you'll be grateful later. If you're continuously diligent, you won't have to give up any fun events. More scholarship money is available to those with high GPAs. Think of it as getting paid for doing homework; payday just won't be right away.

Junior Year: FALL

Get a job. Squirrel away as much cash as you can during high school. It may be tempting to go on a shopping spree when you get your first paycheck, but show some restraint. Take advantage of the fact that you're living with your parents and they pay for things like toothpaste and fruit roll-ups. Once you start college, your bank account will be thankful.

Take the PSAT. Not only will this prepare you for taking the SAT, but a good score on the PSAT could qualify you for a National Merit Scholarship. Look into taking Advanced Placement courses. AP tests taken at the completion of the classes can be pricey, but they also can get you out of general courses your freshman year of college—which ultimately saves you money. Classes are usually offered at your high school, but if they aren't, most local community colleges offer them.

Junior Year: WINTER

Take the ACT or SAT. It's not too early to start taking the SAT or ACT. Most students take their test-of-choice more than once. Check with a guidance counselor to see which test the colleges you're interested in require. Keep in mind that it costs anywhere from $29 to $41.50 to register for each test. After taking the test, note what areas you need to improve in. Then, study hard and do plenty of practice exercises. Plan on taking it again in the spring.

Junior Year: SPRING

Talk to your guidance counselor. All these new terms and things you need to know … it's confusing! It's very helpful to talk with someone who knows what he or she is talking about. Don't be afraid to ask questions about financial aid deadlines or how loans and grants work.

Begin looking for scholarships. Start with scholarship searches on the Web, which can be found on sites like www.fastweb.com. Churches and local organizations or businesses often offer scholarships, but you have to search hard for this information. Compile a list of scholarships that you are eligible for and include each application deadline.

Retake your ACT or SAT. If you are unhappy with your previous score or think you can do better, try again. It's usually a good idea to take the test at least twice.

Senior Year: FALL

Narrow down your list of scholarships. Decide on a manageable number of scholarships to apply for. Don't be intimidated by national scholarships with a large number of people who qualify. At the same time, keep in mind that local, $500 scholarships are the easiest to get. Don't overlook them; they add up. Begin applying for scholarships that have essay requirements first, as they will take the longest to complete.

Retake your ACT or SAT. I think you get the picture.

Apply for colleges. Plan on spending around $50 per college to cover application fees.

Get financial aid applications from your selected colleges. You can begin filling out these forms, but in order to complete them you will need your tax forms and your parents' tax forms—which you can't get until after Jan. 1.

Senior Year: WINTER

Stay on top of your scholarships. Many deadlines for scholarships are in December or January. Don't get behind.

Get your taxes done! Urge your parents to complete their tax returns as soon after Jan. 1 as possible. You will need a copy of their forms to submit a FAFSA (see below).

Fill out your FAFSA. FAFSA stands for Free Application for Federal Student Aid. Most colleges require you to complete this form in order for them to process your financial aid application. You can fill it out at www.fafsa.ed.gov.

Photocopy all your forms. Begin a file with all your financial aid information. It will be a vital resource in the years to come.

Watch the mail for your FAFSA Student Aid Report (SAR). This form basically summarizes your information from your FAFSA forms and asks you to verify that everything is correct. Make corrections if needed.

Make sure all your forms are turned in on time. Even though the FAFSA deadline is June 30, it should be finished by March 1 to meet most college deadlines.

Senior Year: SPRING

Look for financial aid award notices. You should begin receiving award letters in March or April. If you applied to multiple colleges, compare your award letters to help you make a final decision.

Apply for on-campus housing. Be prepared to pay a housing deposit of a couple hundred dollars.

Summer after Graduation

Consider loan options or payment plans. If your financial aid package did not cover the entire cost of your tuition, room and board, talk with a financial aid officer at your college to discuss other options. Sometimes, there is a feasible monthly payment option. Other times, there are federal loan programs that you'll want to apply for right away. Keep in mind that there may be a waiting list for these loans.

Save your graduation money. Don't spend all that cash you got from aunts and uncles on just anything. Spend it carefully, keeping in mind that you will have to buy things like lamps and laundry baskets as soon as you set foot on campus. Your books alone could cost you around $300.