[How the FAFSA process works]  It is critical to file your FAFSA early because the information collected is used to determine an Expected Family Contribution (EFC) by you and your family toward a year of college. Information that will be reviewed includes your family income, family size, number of family members in college, assets, debts and allowable expenses. Results of the calculations will be sent to you and the financial aid office at the college(s) you request. You can learn more about this procedure from your guidance counselor, the college financial aid office, at www.act.org, or at www.collegeboard.org. The ACT website also provides a worksheet  to help you estimate what your EFC may be.

You are strongly encouraged to file your FAFSA early and online because it saves time in this time-critical process. If you file your FAFSA online, both you and your parents are each required to obtain a separate Personal Identification Number (PIN) at www.pin.ed.gov.

Apply early.  Filing your FAFSA early is especially important for high school seniors. Some college deadlines may fall as early as January or February of your senior high school year so be sure to inquire about deadlines at your prospective school(s). While you and your parent(s) may not file your federal taxes until April, you can and should use estimates of your prior year incomes in order to meet deadlines. Income figures can be corrected later, if necessary. You may be asked to submit copies of tax documents to your school(s). Respond to all requests promptly for your financial aid to be accurate and finalized.

Be Aggressive. Money doesn’t automatically come to anybody. It must be found. There is financial aid available, but you must apply for it. Financial aid resources can offset the price gap between higher- and lower-priced colleges.

Check further. While the FAFSA provides the information required to determine eligibility for most college and federal aid funds, other sources of aid may require special application forms from you. Your high school counselor and college financial aid office are excellent sources of information and opportunities for college funding. It is very important that you contact the financial aid offices to obtain any special forms (CSS Profile, etc.)
 

An important point to remember as you initiate this process is that reasonable family contributions are expected. Contrary to widespread myths, no one in the financial aid business assumes that a family should have to sell the house, cash in all their retirement funds, or be driven to bankruptcy to finance a college education. On the other hand, financial aid is viewed as a supplement, not an alternative to family support. Normal family budgets may have to be adjusted, sometimes uncomfortably, in order to meet expected contributions.
 

The aid package may consist of grants, scholarships, entitlements, loans, employment and private funds.