If you want to qualify for financial aid, you start by filling out the Free Application for Federal Student Aid (the FAFSA). This form gets the ball rolling on all federal, state, and institutional financial aid.

The FAFSA should be filled out as soon as possible after January 1 if you are starting school in the summer or fall. Many financial aid programs require that the FAFSA be completed and submitted no later than March 15 or no funds will be dispursed.

Every college bound student should fill out the FAFSA even if they think their parents’ income and assets won’t qualify them for aid. Many, many students have been pleasantly surprised that they do in fact qualify for some kinds of aid. In fact, every college student qualifies for unsubsidized Stafford student loans regardless of their parent’s income.

Scholarship and loans are the biggest source of financial aid for students. Together these make up more than 50% of student financial aid. The most popular though is grant money for college – because you don’t have to pay the money back!

The qualifications for grant money for college are usually very strict. Unlike loans or scholarships where money is awarded based on your credit standing or merit, typically grant money for college is based almost solely on your financial need.