Once you have determined that it is necessary to apply for federal aid (including federal grants as well as loans), the financial aid process begins with the completion of the Free Application for Federal Student Aid (FAFSA). It is available each year around December 1 from most high schools and colleges, but may not be submitted to the federal processor until after January 1.

The FAFSA can be completed on the Web using the online form. For more detailed information, visit the FAFSA section of the U.S. Department of Education's Web site.

Complete the FAFSA as early in the year as possible, both to "beat the rush" and to increase your chance of meeting schools' priority dates. If possible, your parents should help you fill out the FAFSA. Up to six schools can be listed on the FAFSA as recipients of the resulting Student Aid Report (SAR).

After the FAFSA is processed, the Student Aid Report (SAR) is sent to you and each school listed on the FAFSA. The schools typically make final adjustments and advise you of the financial aid awarded in a "preliminary" or "final" award letter. Read the letter carefully and take care to follow the instructions of the school to ensure receiving financial aid. Note that although loan eligibility has been awarded, it is still necessary to complete the FAFSA. It is worthwhile to complete an application, even if your family is not yet certain that aid is needed or wanted. There is no fee for application.