If you’re headed to college this fall, the first day of school may seem far off. But there’s an important task coming up on your to-do list: Paying your tuition bill.

The fall semester tuition deadline is August 1 at many colleges. Schools typically send an email that payment is due, with a link to an online portal so that you can view the statement and pay online. School communications go to the student, not parents, so make sure you know the deadline if you're a parent paying the bill.

Steps to Take Before You Pay Tuition

If you haven't already, there is still time to reduce the amount you'll have to pay out-of-pocket to the college.

Update your FAFSA. The Free Application for Federal Student Aid (FAFSA) determines your eligibility for federal financial aid as well as money from states, colleges, and many scholarship programs. If you filed the FAFSA before you submitted your taxes, use the IRS data retrieval tool to update your financial information. If you don't, your aid may be flagged for verification which can hold up disbursement. If you haven't filed a FAFSA, it's not too late. You can apply for aid until the end of the school year.

Some good news if you are borrowing: Interest rates on federal student loans, which are set each July 1 and fixed for the life of the loan, are at historic lows. The rates apply only to new borrowers, not to existing loans or private loans. Undergraduate loans now charge an interest of 3.76 percent, down from 4.29 percent last year. “You’ll really see the impact when you start repaying the loan,” says Karen McCarthy, director of policy analysis at the National Association of Student Financial Aid Administrators.

Complete your financial aid paperwork. Financial aid is credited to your tuition bill but if you haven't finished the paperwork, it may not appear. You’ll need to sign a master promissory note, in which you promise to repay your loan and any accrued interest and fees to the U.S. Department of Education. You are also required to do loan counseling to understand terms and conditions of the loan, either in person or online.

What to Look for When the Tuition Bill Arrives

When you review the bill, it should show you tuition, room and board, and fees for things such as student activities as well as any credits that will reduce the amount you have to pay.

Check that any credits are correct. You should see credits for financial aid, scholarships, loans, and grants—whatever applies to you. Don't expect to see work-study credits there—you'll be paid for that directly.

Look for unnecessary charges. The bill may include charges for services you don't need such as an expensive meal plan (there may be a less expensive option) and health insurance (staying on a parent's plan could be cheaper than going with the school's insurance plan).