Students can take the PSAT as Juniors, and should, since that exam is what qualifies students for the National Merit Scholarships. This program offers some AMAZING scholarships. Our oldest is using one of these now to completely pay for school. No cost for tuition, books, fees, computer, room or board. FREE.
While students may take the PSAT while a Sophomore, they are more likely to get top scores as a Junior with an additional year of school under their belts.
APPLY EARLY. There are so many programs that offer great scholarships for students who apply early admission. So, throw your hat in the ring and GET IT DONE.
Many schools have rolling admission. In other words once the admission process is underway they start filling spots. So, even if you apply before the "cut off" date if you don't apply early there are not as many slots available. Apply as SOON as possible.
Most schools will want some stock essays. Get online and read college apps. During the summer before Senior year write 3-5 killer essays that can be easily adapted for most college apps. It is worth it to hire a college English major to proof/critique the papers.
Get recommendations in order. I was a high school teacher and I would often have students ask for recommendations a few days before they had to be completed. I had limited time and could only complete a few of them for the last minute students.
I happily wrote much longer and detailed recommendations over the summer when I had much more time. Encourage your Junior student to ask their best Science, Math, English, and Social Studies teachers for recommendations which can be finished over Summer.
Do not sign up for the SAT or ACT just once. Most kids see scores improve with familiarity with the exam and its process. So, sign up for it a couple times. Most kids see marked improvment because they are at ease in later tests.
Visit as many colleges as you can and try to let your child visit classes in their fields of interest. All the numbers and facts in the world cannot replace the "feel" of a place.
Finally, cast a wide net. There are many opportunities for small scholarships which often get overlooked because students or parents think, "how can $500 help me pay for $40,000 worth of school?" Yet, these small scholarships can add up to a lot or can be used for the gap between a school's scholarship and the total cost of the program.