1. It helps to have filed your taxes before completing the FAFSA, but you don’t have to do so. Last year was the first year FAFSA filers could use the IRS Data Retrieval System to upload data into the online FAFSA application. This makes the process easier; however, deadlines trump convenience. You must file your FAFSA before any relevant state and school deadlines or you will miss out on aid, so estimate if you have to.

2. If you estimate, you must go back and verify all data in your online application on fafsa.ed.gov as soon as your taxes are filed.

3. You will receive an estimated Expected Family Contribution (EFC) number once you have filed the FAFSA. This number is exactly what it says it is – it’s an estimate. It does not guarantee how much money a student is qualified to receive.

4. Myth: Only students hoping to receive some form of financial aid need to fill out the FAFSA. FACT: financial aid refers to grants, loans and some scholarships. Do not try to predetermine your eligibility. It can hurt you.

5. The FAFSA is an application for state and school aid as well as federal aid.

6. Some schools require the FAFSA in order for the student to be considered for need-based scholarships.

7. Student financial aid is designed to help cover tuition and fees, room and board, and books. However, there is no guarantee that any student will receive enough aid to cover the entire cost of college. Choose wisely to keep costs in check and graduate with reasonable debt.

8. Transferring parental information from one child’s FAFSA to another is a huge timesaver; however, parental information can only be automatically transferred if the parent requests this action while on the confirmation web page of the preceding FAFSA. Example: Child X and Mom complete FAFSA #1 and are at the confirmation web page. Mom is now asked if she would like to start a second FAFSA for Child Y. If Mom says, "yes," a new FAFSA will be created with Mom’s information already populated. Child Y can then fill in his information. Repeat this process for each additional child. NOTE: This option is only available at the first viewing of the confirmation web page. Once a student, or parent, logs out of the FAFSA, this option expires.

9. Parents can use the same PIN for multiple children. If you think of the PIN as a signature, this is a simple concept to understand.

10. The FAFSA asks for all values "as of today," unless specified otherwise. If, for instance, a student fills out the FAFSA on Feb. 1 and has $1,000 in his savings account, he would report $1,000. If he spends $800 two days later, he cannot go back and amend the value of his bank account. Therefore, it may be wise to make any large purchases, such as buying a car to take to college, before filing the FAFSA.