If you've never heard of the FAFSA, you probably don't have a child applying for financial aid. If you do have a child heading to college in the fall, you'll want to meet the FAFSA — and fast. FAFSA stands for Free Application for Federal Student Aid and it's the application that must be completed if you're hoping to receive federal student financial aid.

Federal aid is only one — albeit one very large — source of student financial aid. It comes in a plethora of forms, from grants to loans to work study to tax credits. Some federal aid is need based, some is not. All these choices and guidelines can make applying for federal financial aid both complicated and easy to get wrong. However, with the right research, incurring crushing debt by graduation.

There are other sources of financial aid, including scholarships of every size and description; institutional aid, which comes from the school itself; and state aid. Your child's high school guidance office can be an excellent resource for information on all types of aid.

No matter what your financial situation, start with the FAFSA. It's used to calculate your family's contribution toward your child's college costs and virtually everyone applying for college is encouraged to fill out the application. Why? It's estimated that last year half the students eligible for financial aid didn't apply. Because some low-interest federal student loans are available to anyone, regardless of income, it can't hurt to submit a FAFSA.

You can obtain a FAFSA several ways:

• By calling 800-4-FED-AID
• From your child's high school guidance counselor
• From the school to which your child is applying
• At your local library, or
• On the Web at www.fafsa.ed.gov. This site lets you fill it out and submit it electronically.

Individual schools may require additional forms and documents, so filling out the FAFSA is not the end of your financial aid journey. But it is the best place to start.

Pay Attention to Deadlines
While the deadline to submit a FAFSA is typically June 30th each year, most college and universities have their own, usually much earlier, application deadlines. Don't wait until your child has been accepted by the school to apply for financial aid. Some schools have priority deadlines for applying for financial aid, and missing the deadlines may mean missing out on some or all of that school's available aid.

There are other Web sites to help you navigate the federal student aid process and explore other aid options. They include:

•  FinAid (www.finaid.org) This site has dozens of tips, answers and resources related to financial aid - and not just federal aid. The loan and aid calculators on the site are an excellent feature.

•  National Association of Student Financial Aid Administrators
(www.nasfaa.org) - This Web site offers information on a wide variety of student aid topics, how financial aid is calculated, information in Spanish and tips to avoid scholarship scams.

Some other important tips
If your child is applying to more than one school and receives financial aid offers from all of them, review each one closely. Some schools may include federal loans, which must be paid back, as part of their aid offer. Be sure you know what portion has to be paid back. And some private schools may actually have more aid available, so they may be more affordable than a state school, despite the higher tuition.

With some estimates putting the cost of four years of college at $40,000 to $100,000 or more, you can't afford to ignore all your financial aid options.

Contact your Johnson Bank personal banker for more information.

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