Remember: Fafsa Means First-Come, First-Served
NEW YORK (TheStreet) -- Last week we took a thorough look at the college financial funding process, with no shortage of good ways to pay for a college education.
But federal and state college funds are limited, and the Free Application For Financial Student Aid program really works on a first-come, first-serve basis.
This week, the Sacramento, Calif.-based Student Aid Financial Services, which specializes in completing FAFSA forms for college-bound families, elaborated more fully on the issue. Illinois, Kentucky, North Carolina, South Carolina, Tennessee, Vermont and Washington have made a "first-come, first-served" warning explicit, saying they don't have as much funds on hand as they did before the Great Recession.
According to the National Association of State Student Grant Aid Administrators, state funding for college students has fallen 2% from 2007 to 2012, a slide the group expects to continue.
Thus the real need to get those FAFSA forms in early.
"Speed and accuracy are essential when preparing a FAFSA," said Brad Baker, president of Student Aid Financial Services. "The aid process is competitive and it pays to submit early."
That's no hyperbole. SAFS says that the average college undergraduate student secured $13,218 in state and federal aid, including loans, grants and work-study programs.
How can you leverage your FAFSA form to maximize the amount of money you can earn for your son or daughter's college education? Here are a few pointers from analysts at SAFS:
Know the price before you apply. SAFS advises get an estimate of what financial aid they may be eligible for before applying to specific schools. One tip: most college websites offer net price calculators that can help you narrow down your likely estimate for college aid. The company has more detail on net price calculators here.
You don't have to include a tax return. Since tax returns aren't due until April 15, it's perfectly fine to prove estimated annual income on your FAFSA form. "There is no penalty for estimating income, it is actually recommended so that deadlines aren't missed," SAFS says. "Students can easily make any necessary adjustments once their (or their parents') income tax filing is completed."