If you’re currently an underclassman and anything like me, then you probably haven’t thought about college applications yet. As long as your senior year hasn’t already started, don’t worry! It’s true that applying to college is one of the most important steps in planning your future, but taking time to do research on where you want to go is preferable to making things up as you go along (there won’t be time for that when you’re a senior).

Tip #1: Get a head start

Your teachers, guidance counselors, and parents will most likely be pressuring you to be proactive and begin the application process early. I’m here to tell you that they’re right. This isn’t to say that everything should already be mailed to your colleges of choice by the end of September, but you will absolutely need the extra time. Most schools’ deadlines are in December/January, but the odds of getting in will be a little bit better when you’re among the first to apply. The reason for this is that applications work on a “first-come, first-served” basis; students who are qualified and applied early will leave few open seats for those who applied on deadline day.

Tip #2: Budget your time

Make no mistake, college applications will not leave you with any time for anything. Applying to four or more schools is the best strategy, and this equates to four or more essays that must be submitted. The Common App does little more than put all of your work in one place; even colleges that utilize it exclusively will expect individual writing supplements. Keep in mind that these essays are not to be treated as afterthoughts; they each need to be polished, proofread, and refined to within an inch of their life. Between writing, homework, and extracurricular activities, reworking your schedule is a must to physically have the time you’ll need.

Tip #3: Make a list

You may have heard your senior peers talk about only getting into their “safety” rather than their “reach”. As implied, a safety school is one that is almost sure to accept you. A reach school is one that may be a challenge to gain entry to, but is still what you aspire to nonetheless. In the middle are colleges that are realistically willing to accept you, but are neither locks nor pipe dreams. The Common App advocates a “1-2-1” strategy (1 safety, 2 realistic, and 1 reach), but as long as you can handle the work load, having 2 or 3 reaches is better. Aiming high is okay as long as you have something to fall back on.

Tip #4: All schools are not created equal

Plenty of people in the graduating class of 2014 have eschewed some very good colleges because they lacked a good program for their chosen field. I am no exception. In retrospect, however, I have learned that this shouldn’t really be a make-or-break factor in your decision making process. You might not be qualified to perform surgery with a communications degree, but successful businesses such as investment firms may nonetheless be on the lookout for graduates with degrees in history, government, or public relations. If it helps, know that declaring a major is not (usually) required until the end of your sophomore year, so my advice is to pick a school that is generally appealing and worry about what your diploma will say once you get there.

Tip #5: Every little bit helps

Unless you’re at the top of your class, a record-breaking athlete, or seriously economically disadvantaged, the odds are that you’ll be on track to massive debt once you start college. Both private and public schools can come in at upwards of $40,000 per year in addition to room and board, supplies, and all manner of miscellanea. Loans are one way of being able to afford this, and are certainly better than nothing, but they carry with them exorbitant interest rates. These interest rates fluctuate frequently, and the government only promises they will not exceed 8.25% or 9%, depending on the loan. To put these numbers in perspective, 9% is probably double or triple what your parents pay on their mortgage, and with five-or-six figure loans being given, the interest alone is a challenge to pay back. There is some hope, though: grants. Grants (or scholarships) rarely pay more than a fraction of the cost of tuition, but there are plenty of them out there for the taking. What is essentially free money can be awarded to students who place in a certain competition, come from a certain background, or are merely affiliated with the awarding institution; for example, students with parents employed at a newspaper may be eligible for the “Young Journalists’ Scholarship”. And since we all can’t have bank accounts in the Cayman Islands, note that the amount of money you receive is directly tied to the amount of money your family makes. Financial Aid, as much as it helps, is intended as a crutch, not a ticket for a free ride.