Don’t freak out.

It’s that time of year when the leaves change colors, college applications are submitted, and families fret about the FAFSA. We know you’ve got questions: here are the top ten we get each year, along with some straightforward answers.

1. What is the FAFSA?

It’s the Free Application for Federal Student Aid (hence, FAFSA). Its primary purpose is to determine a student’s eligibility for federal grants to help pay for college. But, states use it to determine eligibility for state grants and programs, too. AND colleges use it to determine school-based financial awards. So yes. It’s a big deal.

2. Who should do the FAFSA?

Anyone with a child in college should do the FAFSA.

If you are reading this, wondering if it’s you…. it is.

3. I think we make too much money to get any financial aid. Should we do the FAFSA?

YES! We recommend that all families complete the FAFSA. We’ve got a few reasons why we do.

First, you just don’t know! Why decide ahead of time that a college won’t give you anything? You might prevent yourself from receiving funds, simply by failing to apply for them.

Second, other forms of aid can help your family fill a funding gap (between what the school costs and what you can pay right now). These forms include unsubsidized Stafford loans and Parent PLUS loans, both of which are available to everyone who completes a FAFSA, regardless of need.

Third, some schools require the FAFSA, even for merit-based aid (scholarships).

Finally, remember that life happens. Sometimes unfortunate circumstances arise, and families need an adjustment of financial aid. That can only happen if the school has a FAFSA on file by the deadline.

It’s free to complete. It doesn’t (really) take very long. Just do it!

4. Do I need to know where I’m going to school before I apply for aid?

Nope! The FAFSA opens on October 1st. You can complete it at any time. (Watch for three deadlines: your colleges’ deadlines, your state’s deadline, and the federal deadline). That said, you must be admitted and enrolled at a school before you can receive any funds.

5. We got financial aid last year. Do I need to re-apply this year?

Yes, most financial aid offices require that you apply for financial aid every year. If your financial circumstances change, then you may receive more or less aid. You will receive a “Renewal Application” after the first year of filing that contains information from the previous year’s FAFSA. Note that if your situation changes, your eligibility for financial aid may vary significantly, especially if you have more or fewer family members in college. Renewal of many financial aid packages depends on earning a specific number of credits or achieving a certain GPA.

6. How do I apply for a Pell Grant (or any other need-based aid)?

You must submit a FAFSA application form. To indicate interest in student employment, student loans, and parent loans, you should check the appropriate boxes on the FAFSA. Checking these boxes does not commit you to accept these types of aid; you will have the opportunity to accept or decline each part of your aid package later.

7. Why is the expected family contribution listed on the Student Aid Report (SAR) different from the family contribution expected by the college?

The federal formula for computing the expected family contribution (EFC) is different from the formulas used by many universities. The EFC on your SAR is a starting point for each college.

8. I received an outside scholarship. Should I report it to the financial aid office?

Yes. (Not the answer you wanted, I know.)

If you are receiving any financial aid from university, government, or private sources, you must report the scholarship to the financial aid office. Unfortunately, the university will adjust your financial aid package to compensate. Bummer. Yes. We know.

Here are the reasons to do it, though. First, the outside scholarship is often used to reduce the student loan level. That’s a definite plus. Second, think of it this way: a school has a finite amount of aid it can give to its students. Often, this amount does not help everyone get to a point of affordability. When you report your scholarship, that means you allow the school to use the money they had previously offered to YOU to help someone ELSE. Because you got a scholarship, you are now better able to afford school without their help. Someone else needs that help, and in the end, everyone benefits.

9. I’m applying to 11 (or more) colleges…and I can only put 10 schools on the FAFSA. What now?

It’s true: you can ‘only” list up to 10 colleges on your FAFSA.

However, once you receive your Student Aid Report (SAR), you can log back in to your FAFSA and click on Make FAFSA Corrections. At that point, remove some of the colleges listed on your FAFSA, add the additional school codes, and submit the corrections for processing. Each NEW college will then receive an electronic copy of your SAR, and you will also receive an updated SAR.

Note: If there are 10 colleges on your FAFSA, any new school codes that you add will replace one or more of the school codes already listed. When this change is made, any college removed from the list will not have automatic access to any new information you provide after you've removed that college. However, the college will still have the data you submitted when you listed that college on your FAFSA form. You are not deleting your FAFSA information from the college's system!

10. Where do I start?

If you haven’t sent a child to college yet, you will need to set up a Federal Student Aid ID first (FSA ID). You can do that here.

Once you have an FSA ID, you can complete the FAFSA here.

That’s it! As with any government form, it’s not fun. It’s not exciting. But it does open the door to making college more affordable, so it’s worth the time and effort!