It's almost time for college students to move into their dorms and get ready for the upcoming school year. If that's you and you haven't checked "submit my FAFSA" off your to-do list, take care of that ASAP.

As of July 5, less than half of the high school class of 2024 had submitted a Free Application for Federal Student Aid, according to the National College Attainment Network's analysis of Federal Student Aid data. FAFSA submissions from this class are down about 11% compared to last year's, NCAN finds.

It's not just incoming freshmen, though. Returning college students need to submit a new FAFSA every year to be considered for aid.

While it may have been difficult for students and their families to submit a FAFSA at the beginning of this year's application cycle, most of the technical issues have been resolved by now. 

"Fill out the FAFSA. Just fill it out," Jill Desjean, director of policy of analysis at the National Association of Student Financial Aid Administrators, tells CNBC Make It.

The deadline to apply for federal aid for the 2024-25 school year isn't until June 30, 2025. But if you're starting school in August or September, you'll probably need to get your school bills — and any applicable aid — figured out by then. 

You've received your first college acceptance letter, and you're bubbling with excitement!

After you've shared the news with your loved ones and celebrated this major accomplishment, you're left with some choices to make. Is this college "the one?" Are you ready to commit?

There's no need to jump immediately at the opportunity. In fact, it definitely serves you to weigh your options and make the right decision for you. So before you commit, here are some steps to take after receiving a college acceptance letter.

1. Weigh Your Options

Receiving your first college acceptance letter is exciting, but it is not the end all be all. You may have more acceptance letters on the way to your mailbox.

Even if you think your heart is set on one specific school, it's smart to wait for other options. For example, you may get an unexpected scholarship from another college that you just can't refuse. It's important to consider a variety of factors before making your decision.

In the meantime, stay organized. You may want to keep all of your letters in a folder with a running list of where you've been accepted and which schools you're waiting to hear back from. This will make it easier to review the documents and offers once you are closer to making a decision.

2. Do Your Research

You likely did some preliminary research while you were applying to schools, but now that you're receiving offers, things are getting real. It's time to dig deeper and get to know more about the college you're considering.

A few things to find out about each of your options include:

·college size (total attendance, average class size, faculty to student ratio)

• Graduate outcomes
• Information on the location (and surrounding areas)
• Tuition and fees
• Internship opportunities
• Work-study opportunities
• Clubs and organizations
• Housing options

Also, read up on each college’s academic offerings as part of your research. Although you don't have to declare a major right away, it's important to make sure your chosen school has a program that aligns with your future goals.

Many colleges have student ambassadors who are available to answer any questions you may have. You can contact them online, or you can connect with them in person if you schedule a campus visit.

3. Crunch the Numbers

Cost is an important determinant when it comes to choosing a college. Admissions letters are often accompanied by scholarship offers and financial aid estimates. You will want to factor these offers in when determining the cost that remains to be covered out of pocket, by loans, etc.

Consider the differences between in-state, out-of-state and international tuition as you compare costs. If you're looking at an out-of-state college, see if there's an option to declare residency after a year or two to reduce your costs.

If you're choosing a local school, look into grants for state residents because you may be eligible simply by graduating from an in-state high school.

4. Talk to Friends, Family and Mentors

Making the decision of which college to attend can feel overwhelming. That's why it's important to talk it out with those who are close to you or have experience with choosing a school.

Whether it's a parent, an older sibling, or your high school guidance counselor, find someone you trust to walk by your side through this process. Brainstorm, brain dump and weigh your options.

Plus, those who have attended college will likely pick up on things or ask questions that may have never crossed your mind, so their insight can be super valuable.

It's important to recognize that while your loved ones might have a lot of experience, wisdom and opinions, the choice is ultimately yours.

5. Visit Your Top college in Person or Virtually

You can't beat the experience of visiting your preferred schools before making your decision. A school may look great on paper, but nothing makes up for that real first impression.

Whether it's through a self-guided tour, a group tour or a virtual tour, touring your top schools will likely affect how you feel about the school and reveal more information about the location, academics and environment. Many students will say that visiting a school is what ultimately influenced their final decision.

6. Submit Your Decision on Time

Once you've made a decision, it's time to accept the admission offer from your chosen school.

Typically, you'll submit your decision along with an enrollment deposit. This is usually for around $200-$600, and since it's a deposit, it will be applied to your balance for the first semester. Some schools offer waivers in instances of financial need or other qualifiers.

Make sure you're keeping track of the enrollment deposit, housing application and other deadlines. Schools that have accepted you should keep you in the loop with approaching deadlines, but it's a good idea to be proactive.

After you've submitted your decision, you have some time to submit the rest of the required documents and information to ensure a smooth start in the fall.

Here are a few things that you'll need to submit after you pay your enrollment deposit:

·Final high school transcripts

• Proof of residency (for in-state tuition)
• Proof of insurance (if opting out of the university's policy)
• Copy of your birth certificate
• Housing application

Look for important information from your school on how to submit these documents.

7. Get Ready to Start College

Once you've committed to your chosen College by submitting your enrollment deposit, it's time to get ready for college! Unless you're starting in the summer term, you'll have a few months to prepare.

However, now's the time to start meeting people from your new school. This will help you make some friends and get to know your future classmates. Attend admitted students events, check out online meetups and follow your future school's official social media channels to stay connected.

In the meantime, enjoy the rest of your days in high school.

How Long Do I Have to Accept a College's Offer of Admission?

Every college has different rules for when you have to accept college admission and enroll. Usually, the enrollment deposits are due in the spring around the time of graduation. However, some colleges have earlier deadlines, especially for more competitive programs.

Here at Bucknell University, we have separate deadlines for Early Decision and Regular Decision applicants. Early Decision applicants must submit their enrollment deposits by either the Early Decision I (mid-January) or Early Decision II deadline (mid-March), whereas Regular Decision applicants have until May.

Every student has to submit their final high school transcripts by July 1 to secure their admission.

Thinking of deferring your admission to another semester? Students who wish to defer admission must submit their requests by June 1.

Looking for more information on admissions and enrollment? By Bucknell University

How to Find and Secure Scholarships for College.

"This platform provides a comprehensive scholarship database, aiding students in identifying financial aid opportunities to support their search for affordability in a personalized way by matching opportunities with student preferences," Jones says. "It also features college reviews from actual students, offering valuable insights into campus life, academics and extracurriculars."

Most students heave a sigh of relief after they click on the college application submit button.

Some of these same students find themselves in a panic when they learn that components of their application package may not have arrived at the admissions office.

As a college consultant, I advise all my clients to check the status of their applications. Many schools offer applicants an easy “check status” option on their website. If something appears to be missing, call or email the admissions office to inquire. Most of the time, there is no reason to be alarmed. Usually, the missing item(s) have been received but haven’t been logged in the system.

For each school to which you apply, it’s a good idea to confirm that required recommendations (teacher evaluations and counselor’s report), transcripts and entrance exam scores, and other forms have been sent and received. Also, make sure that you have paid the required application fee.  You may be able to confirm the fee payment on your credit card website.

Some colleges offer merit scholarships that require additional applications and essays. Check the college’s website for deadlines and relevant information.

If you are applying for financial aid, be sure to complete the required forms and applications, such as the FAFSA and CSS Financial Aid Profile. The FAFSA is an essential part of being eligible for state and federal grants. You also cannot obtain a federal student loan without filling out a FAFSA. Many schools have specific financial aid deadlines. Usually, this information is available on the college’s website.

Finally, some colleges and universities offer, suggest or require interviews. These interviews may take place on-campus or in the applicant’s local area. Often the applicant is required to take specific steps to schedule the interview. If interviews are offered, check the school’s website for deadlines and specific requirements.

Follow our checklist upon submitting your college application to confirm that all required materials have been received:

Check List

1.  Application Fee

2.  Teacher Evaluations, Counselor’s Report, Recommendations

3.  Transcript and  Additional Grade Reports  (e.g. First Quarter & Mid Year)

4.  Entrance Exams (if applicable — SAT, ACT, Subject Tests)

5.  Interview (if applicable)

6.  Housing Form (if applicable)

7.  Financial Aid Forms (if applicable)

8.  Scholarship Forms and Applications

The Free Application for Federal Student Aid, better known as the FAFSA, is your passport to valuable sources of federal, state and college-based financial aid. But if you don’t fill it out, you could lose out on potential grants, scholarships and low-interest federal student loans. Even more troubling, research shows that high school students who don’t complete the FAFSA are less likely to enroll in college altogether.

That makes recent trends cause for alarm. By the end of the 2020-21 school year, nearly 5% fewer students submitted the FAFSA compared to the previous year, according to a report from the National College Attainment Network (NCAN), a group of nonprofit organizations focused on educational equity. That means about 102,000 fewer students have the opportunity to attend college affordably this year.

Here’s why pandemic-era FAFSA completion rates are bad news for students, and how to make sure you don’t miss out on free money for college.

Students graduating from high school in 2021 and planning to attend college in the fall experienced massive challenges in their junior and senior years. Pandemic-related disruptions including remote learning, job losses, health concerns and suddenly limited school-based resources like college counseling contributed to insufficient support for students.

As a result, throughout the 2020-21 school year, fewer students submitted a FAFSA than in the previous year, according to NCAN. That amounts to worse declines than the organization reported for the 2019-20 school year, when the Covid-19 pandemic began. Altogether, between 2019 and 2021, NCAN reports that about 270,000 fewer students filled out the FAFSA than anticipated.

In a survey of parents and undergraduate students conducted earlier this year, Sallie Mae uncovered a similar trend. Only 68% of survey respondents submitted a FAFSA in 2020-21, down from 71% in 2019-20 and 77% in 2018-19, according to its How America Pays for College 2021 study.

The FAFSA gathers financial information from students and parents in order to determine whether the student qualifies for need-based financial aid for college. If you’re eligible for need-based aid, that means you have multiple options to receive grants you don’t have to repay, including Pell Grants and student loans with low interest rates and fees, like subsidized federal student loans.

Even if you don’t qualify for need-based aid, fill out the FAFSA so you can get other types of federal student loans. These include unsubsidized federal loans, which have fewer perks than subsidized loans but similarly low interest rates and flexible repayment terms.

Colleges also use the FAFSA to distribute federal work-study funds and in many cases, institutional aid, meaning scholarships that come directly from the school. These can be awarded based on either financial need or personal accomplishments. Put simply, no one planning to attend college should skip out on the FAFSA.

But that’s just what is happening: When students don’t submit the form, they have far fewer ways to make college affordable if they attend school. And that’s a big “if.” According to NCAN’s research, a high school senior who submits the FAFSA is 84% more likely to enroll in college right away. That likelihood increases to 127% for students from the lowest-income families.

Put another way, when a student doesn’t submit the FAFSA, their chances of attending college the following school year plummets—especially when they’re most in need of financial support.

Some types of financial aid are first-come, first served. These include federal work-study funds and certain school- and state-based grants. The FAFSA opens up annually on October 1, and if you file the form as close to that date as possible, you have a better chance to receive money you don’t have to pay back. (The federal Pell Grant, however, isn’t awarded on a first-come, first-served basis; if you’re eligible, you’ll get the full amount you qualify for, up to $6,495 in 2021-22.)

The federal FAFSA deadline is much later than school and state deadlines. For example, for students attending college in 2021-22, the FAFSA first became available on Oct. 1, 2020. While the federal government doesn’t require you to submit the FAFSA to your college until just before you enroll, states and schools often have financial aid deadlines that are months earlier. As a result, you should aim to submit the FAFSA as close to October 1 as possible, even if you won’t enroll in college until a year or more later.

The FAFSA is available online at fafsa.gov and on the myStudentAid mobile app. To speed up the submission process, create a Federal Student Aid ID (FSA ID) in advance so that you can easily log in, save your work and sign the form. You must submit a FAFSA each year you’re in college, but once you’ve filled it out, you can renew the form thereafter rather than start from scratch.

If you’re a dependent student, your parents will have to submit their financial information, too. You’ll need access to a range of data including tax returns, your Social Security number, proof of untaxed income and more. The Federal Student Aid website lists the documents you should gather beforehand. Once you’ve completed the form, you’ll get a Student Aid Report, which offers a basic picture of the proportion of college costs your family will be expected to contribute.