It's Time To Fill Out College Financial Aid Form For Fall 2015

Students who plan to attend or continue college next fall should have already started their application for financial aid. Those who file the Free Application for Federal Student Aid from January through March receive, on average, twice the amount of grant money as those who file later

That’s probably because many states and colleges have early deadlines, the New York Times reported. Connecticut, for example, has a Feb. 15 deadline for certain aid programs. Plus, some state grant programs distribute awards on a first-­come, first-­served basis. So waiting means that students may miss out on aid even if they qualify.

The FAFSA form is the starting point for students and families seeking federal aid, and is used by most states and colleges as part of the student aid process. It must be completed every school year for students seeking aid. The form collects financial and personal information about students, and their parents if they are dependents, to determine eligibility for scholarships, grants, work-­study awards and loans.

A common mistake applicants make on the Fafsa is to include the value of their or their parents’ retirement plans, or the value of their family’s primary home. Neither is used by the Fafsa to calculate financial need, so including them could hurt an applicant’s chances.