Anyone planning on going to college in the next academic year should fill out the FAFSA.

Here’s why:

• Each year, millions—sometimes billions—of dollars in federal aid is left on the table by students who didn’t file a FAFSA. It’s simple: If you don’t file, you won’t qualify for most financial aid.

• Your family doesn’t have to have a low income to qualify for assistance. Even if your family makes $200,000 a year, you could be eligible for aid.

• You automatically qualify for a low-interest federal loan when you submit a FAFSA. These loans are less expensive to pay back than many private student loans.

• Many work-study programs require the FAFSA.

• Some merit-based scholarships require the FAFSA to help them determine scholarship amounts.

There is a student section and a parent section. You will need both people to fill out the form completely.

You can file as early as October 1 for the following academic year. It’s a good idea to submit the application as soon as possible because financial aid is often given out on a first-come, first-served basis.

There are three types of FAFSA deadlines:

• College deadlines: Important when you’re applying for aid from a college. Deadlines vary by school, so check college websites or contact the financial aid offices of the colleges you’re interested in to find out when you need to submit your FAFSA.

• State deadlines: Important when you’re applying for aid from your state. Check your state's FAFSA deadline. NC gives out funds until they are gone.

• Federal deadline: June 30 is the last day you can apply for federal aid for the following academic year.

Remember: You should send in your FAFSA as soon as you can, regardless of deadlines. There’s a lot of financial aid out there—give yourself the best shot at getting the most assistance by applying early.

Students and parents should bring (if available):

• Federal Tax Return or other income documentation

• Social Security Number(s)

• Driver's license (if any)

• W-2 Forms or year-end pay stubs and other year-end records of money received

• Untaxed income records, such as child support received and veterans noneducation benefits

• Current information on checking and savings balances; stock, bond, and other investments; and business and farm assets

• Your alien registration card (if you are not a U.S. citizen)

• Student and parent FSA IDs to sign the FAFSA. (Apply for your FSA ID at fsaid.ed.gov)

Contact your high school counselor about FAFSA events in the fall where people will be available to help while you fill out your FAFSA on campus. You can also ask your school counselor questions about the FAFSA.

You can also get assistance at fafsa.gov or 1-800-4-FED-AID (1-800-433-3243).

Additionally, the College Foundation of North Carolina (CFNC) has a great FAFSA Assistance Website which includes video tutorials.

Your Federal Student Aid ID (FSA ID) is a username and password combo that allows you to log in to the U.S. Department of Education's online systems. The FAFSA process is quicker and easier when you have your FSA ID. It allows you to access and sign your FAFSA.

To get an FSA ID, simply create an account. Need more information? Visit https://studentaid.gov/help/create-fsa-id

A legal parent includes a biological or adoptive parent, or a person that the state has determined to be your parent. This helpful infographic clarifies who to list based on who you live with and your parents' marital status.

Visit the FAFSA Reporting Parent Information website for all answers related to who your parent is, including special circumstances. It is always a good idea to contact the financial aid office at the college or career school you plan to attend to discuss special circumstances.

StudentAid.gov securely stores your information within the National Student Loan Data System (NSLDS^®) database and provide you access when you log in to your account. Don't let the name fool you, the FAFSA can be used for grants and scholarships, not just loans.

The information you share via the Education Department's secure websites goes through a process called encryption. Encryption uses a mathematical formula to scramble your data into a format that is unreadable to a hacker. This is how the Education Department keeps your information safe. There are steps you can take as well such as never sharing your username and password. For more information, check out this site and click "Protect your Identity" on the left hand side.

Video: After the FAFSA, What Happens Next?

Review Your Student Aid Report (SAR)

The SAR is a summary of the FAFSA data you submitted. You (the student) will get your SAR within three days to three weeks after you submit your FAFSA form. Look over your SAR carefully, make sure you didn’t make a mistake on your FAFSA form, and make corrections to your FAFSA data if necessary. Find out more about the SAR, its purpose, how the method you use to file your FAFSA form determines when you’ll get the SAR, and what you should do with the SAR.

What Not to Expect from the SAR

The SAR won’t tell you how much financial aid you’ll get. Also, if you used the Internal Revenue Service Data Retrieval Tool (IRS DRT) when filling out your FAFSA form, the SAR won’t show the details of your income and tax information.

So how do you find out how much aid you’ll get?

If you’ve been accepted at a college or career school that you listed on your FAFSA form, the school will calculate your aid and send you an electronic or paper aid offer, sometimes called an award letter, telling you how much aid you’re eligible for at the school. The timing of the aid offer varies from school to school and could be as early as winter (awarding for the fall) or as late as immediately before you start school. It depends on when you apply and how the school prefers to schedule awarding of aid.

They aren't going to a 4-year school --- DON'T SKIP THE FAFSA! You could possibly get aid for 4-year schools, community colleges, or trade schools.

They think their family makes too much money --- DON'T SKIP THE FAFSA! Regardless of your parents' income, you could be eligible for aid.

They don't plan on taking any students loans --- DON'T SKIP THE FAFSA! You could receive anything from loans with good interest rates to grants and scholarships that never have to be repaid! In fact, some scholarships require the FAFSA to be completed. You can deny any student loan offers if you don't plan on taking out loans.

It seems intimidating, especially the first time --- DON'T SKIP THE FAFSA! There are many resources to help you complete the FAFSA. Talk to your school counselor!