Filling out the FAFSA (the Free Application for Federal Student Aid) at http://www.fafsa.ed.gov/

According to the College Board's latest figures, the average cost of a year's tuition, room and board, and fees is now $25,143 for a private four-year university and $6,585 for a public four-year university. To help with these costs, most colleges offer financial aid packages including grants, scholarships, loans, and work study opportunities. The first step in applying for available financial aid is completing the FAFSA, the Free Application for Federal Student Aid. To apply for federal student financial aid, and to apply for many state student aid programs, students must complete this form, either online or through the mail. The information provided on the FAFSA determines if a student is eligible for financial aid. Additionally, you must renew your FAFSA application each year in college that you apply for financial aid.

The FAFSA is used to calculate the amount of money that the family is expected to be responsible for, referred to as Expected Family Contribution (EFC). The calculation is based on a number of factors, including how many siblings will be in college at the same time, how near parents are to retirement, as well as income. The form is available January 1 annually, and you can find it on the FAFSA website. You will need your income tax information for 2008, and if it is not yet available when you fill out the FAFSA, you can base it on 2007 and amend the form later if necessary. You submit one form only and it is sent to all of the schools you indicate. However, different schools have different deadlines for the FAFSA, so it is critical to keep on top of those by contacting each college's financial aid office. Review the FAFSA website carefully before beginning so that you have all the documents on hand and are not blind-sided by any of the questions. You can also call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) with any questions about the form.

The FAFSA website lets you know what information you need to get started, how to fill out the form, and how to follow up on the form. It is much less stressful to have all of your ducks in a row before beginning, including the student's driver's license number and a copy of the previous year's tax return, among other items. Be sure to keep your password in a secure place and remember where it is! Deadline dates vary depending on state and school, and you will see these on the web site as well.

For assistance with problems or difficulties while using FAFSA on the Web, or for specific questions about the FAFSA, call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665. If you are hearing-impaired and have questions, contact the TTY line at 1-800-730-8913.

An important warning: The FAFSA information and forms are official government forms, so be sure to access the official FAFSA website. There are some misleading websites with similar names that will charge fees. There is never a fee to fill out the FAFSA or to request information.

College Goal Sunday is a Sunday in January or February of each year where financial aid professionals gather in an afternoon in local schools and community centers to help families fill out the FAFSA. It's free to attend, and 37 states currently hold the program or an equivalent. For information on which states offer College Goal Sunday, visit: http://www.collegegoalsundayusa.org

Another free service for financial aid information is Student Scholarship Search, a free Directory of Scholarships, Grants and Awards, with a tremendously useful overview of tips, advice, and tools available to parents and students searching online for scholarships and financial aid. It also covers information about the FAFSA. This guide was compiled by Christopher S. Penn of FinancialAidPodcast.com.