Applying to college is a muti-step process, and most high school students have not managed a multi-month process on their own. That's why you might want to make a college application checklist.

While there are always adults (such as parents, teachers, school counselors, or your dean) who can help you through the process, most students will want to take ownership of the application process. After all, you are the most important stakeholder in your college decision.

This college application checklist can help you apply for colleges with limited stress and maximum effectiveness.

Click the image to download a printable PDF version of our college application checklist.

College Application Activities for Junior Year

You don’t have to start the college application process during your junior year, but crossing these items off the list early will put you in a much better position to start applying to schools as soon as applications open in the fall.

Winter

Take a standardized test. During your junior year, you may want to take the ACT or SAT. These tests aren’t required by all schools, but at this point, you probably don’t know whether you’ll need these test results. By taking a standardized test during your junior year, you’ll be prepared to apply “early action” for some schools. You’ll also have time to retake the test if you think that your score doesn’t reflect your intellectual capacity.

Identify target schools. By your junior year, you have some idea of whether you can get into a competitive school or not. But prestige isn’t a particularly good indicator of whether a school is a good fit for you. Consider whether you want to attend a liberal arts school, a state school, or a community college. You’ll want to look at the potential cost of attending different schools. Decide whether you prefer to attend school close to home or further away. Don’t forget to consider how a school’s location could affect your college budget.

Related: How To Make A College List: Finding Academic And Financial Fit

Spring

Visit schools if possible. Visiting a few schools can help you get a feel for which schools are of interest to you. Most schools offer campus tours, and you can spend a few hours on campus to check out the various amenities on campus.

Create a list of awards, honors, and extracurriculars. Take a bit of time to record any awards and honors you’ve received during your high school career. This can include academic awards, but it can also include awards or honors from volunteering, from your part-time job, or any other activity outside of school. Don’t forget that a side hustle (especially building your own business) counts as an extracurricular.

Related: Best Extracurricular Activities For College Applications

College Application Activities for Senior Year

Senior year can be a whirlwind of activity, and it’s easy to leave college applications to the last second. Spacing out the college application process can help you enjoy your senior year while you also plan for post-secondary education.

Summer

If necessary, re-take standardized tests. If you plan to apply to schools that require standardized tests, and you aren’t happy with your score, the summer is the time to retake the test. You can spend a bit more time studying for the tests rather than balancing test prep and all your other academic concerns.

Create your “early action” school list. Early action is when you apply to a school and you find out about your admittance early in the year (typically in December) rather than waiting to find out until March or April. To keep your place in the school you typically need to accept or decline a position at the school by January. When you make your early action list, record the following in a document (like a Google Sheet or a Google Doc):

• When is the application deadline?
• What system is required to complete the application? 
• Does the school have supplemental questions? 

Many schools in the United States accept applications using the Common App. However, some schools like the University of California schools, have their own application system. A few schools only accept applications through a proprietary website.

Most systems allow you to fill out an application, and apply to as many schools as you want. However, some schools have supplemental sections or require supplemental writing. If a school on your early action list has supplementary requests, you will want to take note of that and plan time to complete that portion of the application.

Early Fall

Get your transcript. Schools may request that you send an official transcript to them, but you’ll need a personal copy of your transcript to complete college applications.

Seek recommendation letters. Letters of recommendation can give colleges a picture of who you are outside of the numbers that define you. About two months before you need a recommendation letter, ask coaches, former teachers, pastors, or other adult mentors to write a recommendation letter for you. You’ll need two or three recommendation letters, and you may need to follow up with them to make sure they can complete the recommendation letter on time. Don’t forget to write thank you notes when someone provides a recommendation letter to you.

Complete the FAFSA. The FAFSA is an application for student aid including grants and loans. Many schools use information from the FAFSA to determine need-based aid from the school as well. Completing the FAFSA when it opens (typically on October 1st, but this year in December) will allow you to get a true picture of your cost of attendance.

Write a common college application essay. Some schools require students to submit a personal statement, and almost every school will look favorably on a well-written essay. You’ll want to put time into this essay. Consider writing two drafts before requesting feedback from peers or a trusted teacher. Once you get feedback, incorporate the feedback into your final essay. Remember, this is a personal essay. ChatGPT can’t write this for you.

Determine if you’re eligible for the Common Application Fee Waiver. Most colleges don’t want application fees to get in the way of your ability to apply to the school. If the school uses the Common Application to accept applications, you can qualify for a fee waiver if you are eligible for a Pell Grant or if you receive free or reduced cost lunches. Schools that use other systems typically offer fee waivers based on similar criteria.

Related: Free College Applications And College App Fee Waivers

Submit early action applications. At this point, you should be ready to finalize your early action applications and submit them to the schools on your early action list.

Create a regular application school list. This is similar to the step associated with early action school list. Be sure to note application deadlines and whether the school requires supplemental writing or other time-consuming activities. These notes will help you complete all your applications on time.

Related: What Documents Are Required To Enroll In College

Late Fall

Review early action decisions and financial aid. Most schools that accept you as an early action applicant will send financial aid information with your acceptance package. Take time to review the financial aid package. Assess whether the cost (especially the cost of the student loans) makes sense for you. At this point, you should have the information you need to decide whether to commit to an early action school.

Update list of awards, honors, and extracurriculars. If you plan to apply to more schools, update your awards and honors, so you can take note of the new awards on all your applications.

Complete applications for any remaining schools on your target list. Most schools have application deadlines between December and January, so you’ll need to use that late fall to finalize your applications. It may be tempting to put this off until your school’s winter break, but do your best to break these applications up and complete them earlier so you can spend more of your free time with friends.

Spring

Review financial aid decisions. Springtime brings college decisions. You’ll start to hear back from colleges between March and April. If you haven’t already committed to a school, you’ll want to review the financial aid packages before you commit to a school. While you can always apply for more grants and scholarships, the financial aid information provides a good guide for how much college will really cost.

Commit to one school. With all your options in hand, it’s time for you to commit to a school. This may feel like a huge decision, and in some ways it is. But the decisions you make during your college years will affect your future more than a decision about where you’ll attend school.

Make your final deposit. Ensure that you make your deposit by the deadline.

Finalize housing. It's also time to start planning your housing. Check out our college dorm room packing list for help!

Related: How To Read A Financial Aid Award Letter

Final Thoughts

While there will be lots of people around to help you, at the end of the day, applying to college is your responsibility. Knowing what schools you want to apply to is an important step. Then be sure to familiarize yourself with the requirements and deadlines of each school. 

College applications can sneak up on you if you aren't careful. The earlier you start, the more prepared you'll be. 

There are over 43.2 million student loan borrowers that have a total of $1.73 trillion in student loan debt. Here is the average student loan debt balance by state.

While the average balances across the United States hover in a range, Washington DC has the highest average student loan debt, while North Dakota has the lowest average student loan debt.

Here's a breakdown of the average student loan debt by state in 2024. Make sure you check out all of our student loan debt statistics.

Nationwide Student Loan Fast Facts

The descriptive statistics below reflect the state of student loan borrowers across the United States through the third quarter of 2023. However, the delinquency facts in the table below are likely skewed because of the repayment restart.

Note, given the pandemic and all federal student loan payments being paused, the average student loan payment data is skewed. You can see the past average student loan payment and average student loan debt by graduating class here.

Although debt levels continue to rise, some student loan borrowers are seeing their debt loads fall. Nearly half (49%) of all borrowers who took out loans to pay for their education have paid the loans off in full. 

Among current borrowers, 31.4% saw their debt loads shrink in 2023. 

Student Loans By State Fast Facts

While the nationwide debt statistics paint a concerning picture, the actual debt loads vary significantly from state to state within a range of about $30,000.

While it's expected to see that California has the most borrowers, it's interesting to see some of the other data.

*Washington D.C. is a district rather than a state, but its average student loan balance is a whopping $54,945.

Student Loan Debt By State Breakdown

You can see a state by state breakdown of the student loan debt situation below.

The Gen Z Age Range is roughly 12 to 27 years old today in 2024.

Generational cohorts and their differences can be a great lens to understand everything from finances to workplace culture. And that's no different with Gen Z. 

There are stereotypes and beliefs that may fuel misunderstandings amongst those who are labeled Baby Boomers, Generation X, Millennials, and Generation Z.

If you're here looking for the quick answer on what is the Gen Z age range, here you go: 12 to 27 years old.

However, the lower end of this generation is subject to change (it took years before the millennial age range was "finalized"). People are already calling the next generation Gen Alpha. This is based off data from the Pew Research Center.

Let's dive in to what this means and why you should care.

Why Is There A Need To Understand Generational Differences?

You might be curious about where you fall within your specific generation—do you agree with work and financial sentiments? Are you ahead or behind the curve? It makes sense to understand how your specific cohort lives—what kind of income do they earn and how much do they owe in student loans?

From a business perspective, knowing specific generational behaviors and how social media or technology is being used, for example, could be highly relevant for a product or service. Also, companies that are in dire need for qualified employees might want to understand aspirations and concerns faced by a specific generation. 

Take a look, as we dig into each generation and gain a better idea of whether the numbers substantiate the stereotypes.

Generational Quick Facts

Here are typical incomes and debt faced by the average Millennial and Gen Z.

As of now, Millennials are among the highest wage earners in the United States, and they are the most educated. Gen Z is just launching into the workforce, but so far has lower student debt loads than Millennials.

Of course, these numbers could change. In particular, we may see more members of Gen Z returning to school and taking on debt to complete their formal education. Graduate debt continues to increase each year, so Gen Z may see student loan balances increase if they return to school in large numbers.

Millennial And Gen Z Similarities

Millennials and Gen Z share two important characteristics that may shape workplaces and the economy as a whole.

Off To An Economic Slow Start

A large proportion of Millennials saw their professional growth stymied by:

• The dot com bubble bursting (2000-2002)
• The housing collapse (2006-2007) 
• A relatively slow economic recovery

Hampered by student loans and a sluggish economy, Millennials delayed major milestones (marriage, first child, buying a house) compared to previous generations. 

Gen Z may face similar sluggish conditions as they enter the workforce. Following a decade of economic growth, Gen Z’s first college graduates entered the workforce just months before the world shut down because of Covid-19. 

The current recessionary conditions may also hamper growth for Gen Z as they enter the workforce. 

Earning extra income outside of the day job may prove to be a necessity for many members of Gen Z.

Digital Natives

Millennials came of age during the first internet explosion and were some of the earliest adopters of social media platforms. Gen Z grew up with internet technology around them, including streaming platforms and other forms of on-demand entertainment. 

Digital-first forms of communication (IM, Zoom, Text, etc.) have already infiltrated American workplaces. Gen Z is sure to influence future communication patterns—though they may revolt against the always-on culture and help regulate the constant flow of information.

Appetite For Activism

Seventy percent of the Gen Zers want the government to do more to solve societal problems. Additionally, 64% of Millennials want the same thing. Despite their age, Gen Zers have been lauded for their activism on human rights, climate change and a general desire to lean into activism. 

Millennial And Gen Z Differences

While Millennials and Gen Z share some similarities, the two cohorts may differ on some important points.

Attitudes Towards Education

At this point, Millennials have the most formal education of any generation. As of 2020, 39% had college degrees. By contrast, Gen Z may be more wary of the costs and benefits associated with a four-year degree. 

The pandemic shutdowns dramatically reduced college enrollment among Gen Z with nearly a million fewer students enrolling in post-secondary education between 2019 and 2021. 

It remains to be determined whether Gen Z will continue this trend or reverse it as Covid-based restrictions continue to loosen. If Gen Z reverses the trend towards increasing formal education, the generation may avoid the burdensome debt that plagues so many Millennials.

Millennials May Receive Large Inheritances

Between 2021-2045, Millennials are likely to be the largest recipients of the “Great Wealth Transfer.” 

Boomers currently have more than $70 trillion in assets that will likely be bequeathed to their Millennial children. However, this wealth is largely concentrated among the ultra-wealthy and may not have broad implications for the typical Millennials.

Workforce Composition 

Millennials are currently the largest contributors to the U.S. Workplace (around 35% of the total as of 2018), and will remain the largest share of workers for the next few decades. Workplace culture is likely to lean more toward Millennial preferences until Gen Z joins the workforce in larger numbers.

Gen Z Financial Stereotypes: Are They True?

This cohort, with only a small portion currently reaching full adulthood, entered into these years as we grappled with a global pandemic. So far, the generation hasn’t had a lot of time to develop positive or negative stereotypes. 

But these are a few that may shape our future economy.

Gen Z Doesn’t See Value In A College Education 

Before Covid-19, Gen Z was on track to be the best-educated generation in history. More than 57% of college-eligible individuals were in school in 2018 (compared to 52% of Millennials at comparable ages). But nationwide, college enrollment took a major hit when Covid-19 led to nationwide restrictions. 

Between 2019 and 2021, college enrollment dropped by nearly 7%, with more than 1 million students dropping out. Despite the lower enrollment, it remains to be seen whether this is a blip, or if future members of Gen Z forgo the four-year education.

Gen Z Will Never Come Into The Office 

Working from home was an often-sought perk of previous generations, but because of Covid-19 changing how we work, some Gen Zers are likely working in a hybrid or fully remote situation. 

So will Gen Z ever come into the office? They may expect workplace flexibility, but those in the high school age range don’t see it as a very important factor right now. In a survey, only 23% rated the ability to work remotely as a very important part of a future job. Perhaps a follow-up survey—after they enter the workforce, will change these numbers drastically!

Gen Z Has A Short Attention Span 

Gen Z grew up with WiFi-enabled cell phones and social media. They are the first generation to have experienced the “Always On” phenomenon associated with constant online connectedness from childhood.

Various forms of clinical research have concluded that for certain activities, Gen Z has an 8-second attention span. Millennials have a 12-second span. 

The upside is that Gen Z may have also developed more skills for filtering out unnecessary information. How it all plays out—whether it’s helpful or a hindrance in the workplace remains to be seen.

Final Word

As Gen Z enters adulthood, their actions and choices will continue to be influenced by economic forces outside of their control. Whether the cohort eschews formal education and the accompanying student debt remains to be seen. 

Despite the hoopla and stereotypes of Millennials and Gen Z, the two groups share some similar characteristics that are likely to shape the economy as a whole.

Here's our financial checklist of the best money moves you can make by the end of the year to maximize your savings and investments, while minimizing your taxes.

The end of the year can be a whirlwind. But the actions you take over these final months can have large impacts on your tax bill next April and your long-term financial health. 

By taking proactive steps now, you can ensure that your financial life is organized and primed for success as you head into the new year. 

Wondering which items are most important to add to your end of year financial to-do list? Below are nine money moves to make before the new year to boost your bottom line.

1. Adjust Payroll Contributions To Your 401(k)

Most 401(k) plans require employees to complete their retirement contributions by December 31st. This year, you can contribute up to $23,000 (plus an additional $7,500 in catch-up contributions for those over age 50).

If you can handle a small reduction to your paycheck, consider boosting the contribution to your 401(k) plan. Even a 1-2% increase in contributions can yield long-term benefits.

Some companies issue year-end bonuses. If you’re slated to receive one, consider earmarking a portion for your 401(k). This can help you boost your savings rate without dipping into your regular cash flow.

Related: Best Low-Cost Small Company 401(k) Providers

2. Review Account Beneficiaries

As long as you’re logging into your 401(k) account, check the beneficiary on the account. This is especially important if you got married or divorced in the last year. But it's an important task for everyone to include on their end of year financial to-do list. 

A few years ago, I went through my accounts to check beneficiaries. During the process, I realized that my mom was still listed as the beneficiary on one small account, even though I’ve been married for a decade.

Related: Key Estate Planning Documents

3. Spend It If You’ve Got It!

Over the past year, many companies have instituted well-being accounts or allowances to help employees cover some work-from-home costs. These accounts may expire at the end of the year, so spend that money if it’s available to you. Additionally, be sure to request reimbursement promptly to ensure you receive this benefit.

On top of these new accounts, many employees have access to Flexible Spending Accounts.
Flexible Spending Accounts (FSAs) are accounts that do not roll over from year to year. Employers can offer Health FSAs, Adoption FSAs, Dependent Care FSAs, Typically, employees who have an FSA will need to spend money by the end of the calendar year. Additionally, they will need to request reimbursement shortly after the year ends.

If you have access to any of these accounts, spend the money this year, and submit receipts as soon as possible, so you can receive reimbursement. Remember, this advice only applies to Flex Spending Accounts. Health Savings Accounts allow you to save year after year.

Related: Learn The Differences Between FSAs and HSAs

4. Enroll In A Health Plan

Most people need to enroll in a health plan at some point between October and November of this year. If your employer offers health insurance, review the options. If possible, review options with your spouse to see which employer offers the best insurance at the lowest prices. Don’t forget to enroll your children as well.

Open Enrollment for Healthcare.gov starts November 1st and runs through December 15th. This is the ideal time to enroll in a health insurance plan if you need to buy one through the exchange. Many people who don’t have health insurance through work can qualify for subsidized health insurance when they buy through the exchanges.

Related: Best Self-Employed Health Insurance Options

5. Review Your Credit Report

Each year, you’re entitled to a free credit report from each of the three major credit bureaus. That makes it a great assignment to include on your year-end financial to-do list.

Credit reports show every inquiry and every outstanding debt. Reviewing a report is particularly important if you have delinquent debts that have been sold to other creditors.

You can easily download your report from AnnualCreditReport.com or use a free service like CreditKarma.com to get your free report and insights that can help you understand the report.

Related: Best Credit Monitoring Services

6. Plan Charitable Giving

The 2024 deduction limits for gifts to charities, including donor-advised funds, is 60% of adjusted gross income (AGI) for contributions of non-cash assets, if the assets were held more than one year, and 60% of AGI for contributions of cash.

People with larger charitable giving goals may benefit from more advanced planning. Some givers choose to give every few years so that they can itemize their tax deductions. Meeting with a CPA by the end of the year can help givers decide on the best timing for their giving.

7. Start Tracking Business Expenses

It’s not quite tax-time, but you can get a jump on business taxes by starting to track your business expenses, and categorizing past expenses. Finding an app like Keeper Tax, Everlance or Hurdlr can help you track and categorize your business expenses. All of these apps have downloadable reports that make tax filing easier.

8. Make An Estimated Tax Payment

If you’re self-employed (or a side hustler), you're likely to owe tax money to the IRS. To avoid a big tax bill, you may want to make a quarterly estimated tax payment. Even a single payment can help relieve some of the financial burdens that come with paying a year’s worth of taxes in April.

This advice comes from my first side-hustle experience as a working adult. In my first year hustling, I earned over $10,000 from various gigs. I paid no estimated taxes and I didn’t adjust my withholding at my W-2 job. 

The result was a $2,500 tax bill which took a month and a half of hustling to cover. Don’t be like me. Make at least one estimated payment before figuring out your full tax burden for the year.

9. Execute Backdoor Roth Conversions

A high-income earner may not qualify for a traditional Roth IRA contribution. But the backdoor Roth is a tax loophole that allows high-income earners to get money into a Roth account. Once the money is inside the account, it's protected against future taxation.

In general, it's easiest to execute a backdoor Roth conversion when the calendar year matches the tax year. So add this task to your end of year financial to-do list and try to complete it before December 31st.

Have Extra Time? Use It To Level Up Your Finances

If you have a few quiet days to reflect and plan at the end of the year, there are some exercises that may help. First, check your numbers. A few of the key numbers to understand are your credit score, the total amount of debt you owe, your net worth, your income, and your spending. You may also want to share these numbers with your partner to normalize conversations about money.

Second, set one financial goal. It's easy to get swept up in the fresh start of a new year and overwhelm ourselves with goals for a dozen good intentions. But instead of a burdensome load of goals, try starting with one financial goal for the year ahead. It will help you stay focused. And if you accomplish it early in the year, you can always set a new goal to work towards!

Finally, plan expenses for next year. If you hate specific monthly budgeting methods, try a new one. Also, try to map major expenses that may come up in the next one to three years. Writing down these expenses along with the expected price tags can help you set up savings plans to cover these costs without debt.

This Halloween’s most terrifying stories have more to do with your money than goblins and zombies.

In light of this spooky season, we’re sharing some scary financial statistics and facts about money that could happen to you. But no need to run screaming, we give you a few recommendations to help you if you’re ever caught in any of these situations.

1. The Government Can Garnish Your Social Security Checks For Unpaid Student Loans

Most Federal student loan repayment plans lead to loan cancellation after 20 or 25 years. This means that most student loan borrowers will not have the chains of student debt going into retirement. 

However, parents who want to help their kids through school may sign Direct PLUS or Parent PLUS loans. These forms of extra debt are debt in parent’s names, and can easily follow the borrower into retirement. If you default on your PLUS loans, the government can garnish up to 15% of your Social Security Benefits to offset the payments.

Luckily, it is possible to rehabilitate Parent PLUS loans and even get onto certain forms of Income Contingent Repayment Plans. These can be crucial to keeping more of your Social Security Check for your living expenses.

2. Inflation Is Rising Faster Than Wages

Whether you’re at the grocery store or the gas pump, you know that prices are rising across the board. What pundits called “transitory” inflation several years ago has stuck around, and now we're feeling it everywhere. 

Unfortunately, the high rate of inflation means that most people have less spending power. Wages are increasing, but not as fast as inflation. According to the Bureau of Labor Statistics, the real value of wages and salaries increased just 0.9% for the 12 months ending June 2024.

The decline in spending power is having real effects across the economy. While high-income workers can weather the climbing prices through a bit of belt-tightening, those with lower wages spend a huge proportion of their income on needs rather than wants. 

Figuring out ways to meet needs and stay out of debt is becoming more difficult. In fact, the Federal Reserve Bank of New York recently noted, “The...cumulative increase in credit card balances...represents the largest in more than 20 years.”

If you’re currently staring down large credit card balances, these types of debt relief may help.

Remember, even in good times, individual wage growth only averages about 3.51% per year. That still lags most investments:

3. Nearly A Quarter of Adults Have Nothing Saved For Retirement

According to the Planning & Progress Study by Northwestern Mutual, 22% of all adults have less than $5,000 saved for retirement. While student loans and stagnating wages account for some of the low savings rates, another factor is that many people rely too much on their future willpower. 

It’s always difficult to stick with long-term savings goals, but you can automate your savings using an app or by contributing to your workplace retirement plan. Saving $100 to $200 per month can help you get your retirement savings on track.

4. Banks Collected More Than $15 Billion In Bogus Fees

Banks collected more than $15.5 billion in these overdraft and Non-Sufficient Fund (NSF) fees, according to this study. These massive fees account for an overwhelming majority of all banking fees collected by banks (who, by the way, also make money on the deposits in accounts). For example, banks only collected $4 billion in maintenance fees and less than $1.5 billion in ATM fees.

Modern banking places a huge financial burden on the people who can least afford it. If you’re someone who lives paycheck to paycheck, it is critical to find a bank that won’t charge you $35 whenever you run out of cash. 

For fee-free banking, we recommend Chime which offers paycheck advances, Varo which offers low-cost cash advances, or Current which has no monthly charges and offers a solid interest on your balance.

5. A $400 Emergency Will Send More Than A Third Of Americans Scrambling

While 64% of adults can easily handle a $400 emergency, more than a third of Americans don’t have adequate savings to cover this expense, according to the Economic Well-Being of U.S. Households, a report released by The Board of Governors of the Federal Reserve. 

To cover the expense, 15% would put the expense on a credit card, and 9% would borrow from family or friends. Among those surveyed, 12% said they could not cover the expense at all, even with debt.

Ready to build your emergency fund? See our guide to Emergency Funds here.

Are You A Part Of These Chilling Statistics? 

Plenty of people fall into difficult financial situations through no fault of their own. Many hardworking people get caught living check to check or slipping into debt for necessities. 

In some cases, the key to avoiding these problems is earning more money. Negotiating a raise, finding a higher-paying field, or earning promotions tend to help increase your income. Side hustles (especially those that require a high skill level) can boost your earnings too.

It's important to put the extra dough to work by investing or paying off debt quickly so you don’t have to live the horror of these unnerving money statistics.