By Carl Buck

What do we mean by "You can't win if you don't play"? If you want the opportunity to receive thousands of dollars from the federal and state government, you must submit a Free Application for Federal Student Aid, a.k.a. FAFSA. Thousands of dollars in money for college, which is based on family income, can be yours if you qualify — and the FAFSA is your key to the vault.

Don't think you're eligible for need-based funding? Can you guarantee what will happen to you or your family tomorrow or the next day? I doubt it. So why not have a FAFSA on file even if you think you or your folks make too much. An on-file FAFSA is your backup, should any family emergencies arise.

Location, location, location
FAFSA applications are readily available through college financial aid offices, high school guidance counselors, and online at www.fafsa.ed.gov. We recommend that you use the online application for a faster and more accurate submission. (In other words, if you want your money quicker, go online!) The Federal Department of Education says that by using the online form you can speed things up by 7 to 14 days. First come, first served is the rule for awarding state and federal financial aid — so why not be the first served?!

How it all works
January is the month to be the first in line if you are applying to college for the following fall. You can submit your FAFSA throughout the coming months, but the probability of funding success diminishes significantly as each month goes by, so stick with January even if your family has yet to file your previous year's taxes. Yes, unfortunately, every FAFSA filer has to submit tax information if they are asked to verify income, so be prepared and keep records of all income statements. Estimating income is OK, so don't let that hang you up early in the process. If you need to make changes, you'll be able to make them later.

Initially, you can send FAFSA information electronically to as many as ten colleges. If you wish to send information to more than ten, you must first check with your first ten schools to make sure they received your FAFSA information. After that, you can go online and use your PIN to enter additional schools.

Please be advised that if you apply online, you and/or your parents can now "sign" the application by using an electronic PIN "signature." You do not have to print out a signature page and then mail it in. This helps speed things up even more! To get a PIN, go to www.pin.ed.gov. The government will send you a PIN via e-mail, in addition to regular mail, so make sure to send them an e-mail address. It will take about one to three business days to receive a PIN electronically. You can use the same PIN number to manage your financial aid throughout your college years.

Where does my FAFSA go?
Your FAFSA is sent to a Central Processing System (CPS). The CPS analyzes the information and transmits the results of the application to you, the school, and to the state financial aid agency. A document called a Student Aid Report (SAR) summarizes information reported on your FAFSA and will display your Expected Family Contribution (EFC). Now is the time to look over your reported information to ensure that it's accurate. Be sure to keep a copy of your SAR for future needs. If you don't agree with the EFC, you will need to discuss your concerns with a college financial aid counselor ASAP.

Final thoughts
The FAFSA application may not be the only form that you need to submit. Some colleges require another form called the CSS PROFILE. Others may want you to complete their own institutional form for aid, in addition to a FAFSA and PROFILE. You need to ask each college what they require and when. Take ownership of the aid application process and you will win!

Carl Buck has more than 30 years of experience in guiding students, parents, and educators on matters related to financial aid, and is coauthor of Peterson’s The Financial Aid Answer Book and creator of BestCollegeDeals.