Harvard has recently announced that it admitted 5.2 percent of applicants into the Class of 2021. With the competition and difficulty to get into their preferred school, stress is at the highest among incoming freshmen and there's no greater joy than getting accepted. Once accepted, here are some things students need to do to keep on top of things even before classes start.

Most students usually slack off after receiving their college acceptance letter. However, experts recommend that students and parents should sit down and sort out the different financial aid award letters they have received as well.

Bob Bardwell, board member of the National Association for College Admission Counseling, said that most financial aid letters are often misleading; thus, it is wise for parents and students to understand the bottom line and find how much money they expect to receive.

In order to get the best package, Bardwell advised comparing financial aid packages and negotiate to get a much better deal. If a student gets accepted to two schools, it doesn't hurt if they show the other school that they get a better offer from the rival school.

If students get accepted to several schools, two other things that they need to check is affordability and how the graduates of those universities are doing after graduation.

Even if the school is the student's first preference, it is not practical to get burdened by a very big student loan. For example, a student is taking Art History and will be making $40,000 a year in the future might have difficulty paying a six-figure student loan debt at that time.

Finally, students should also check the graduation rate of the school as well as how the graduates are doing including their earnings compared to graduates from other schools. This will help them make a better decision regarding the right school for them.