On January 1, students can begin filling out their 2013-2014 FAFSA applications

As 2012 winds to a close, now is the time for students to start organizing information for the Free Application for Federal Student Aid (FAFSA). Available on January 1, FAFSA is used to calculate eligibility for federal grants and loans, as well as funding from states and colleges.

For the 2013-2014 school year, students and parents need to begin gathering materials as soon as possible to make sure they can access as much potential money as they can to help them pay for college before they miss out.

"The FAFSA is the key to unlocking the financial aid that’s so important to students and families. By following a few simple tips as you complete the FAFSA, you can maximize your chances of receiving financial aid that will make higher education more affordable," Joe DePaulo, executive vice president at Sallie Mae, said in a press release.

The form essentially collects all of the information regarding the student's family income and investments. This allows all of the parties where aid may come from to appropriately determine the severity of a student's financial need.

There are some standard materials that students should have handy before they go online to fill out their FAFSA forms, which can be done at www.fafsa.gov. These include student and parent driver’s licenses, latest federal income tax returns, W-2 forms, bank statements, investment information and Social Security numbers.

It is best to start early because every state has a different set of deadlines for FAFSA. Also, the earlier you fill out the application the better chance you have at receiving financial aid before the available funds disappear.

The financial aid consultants at College Financing Group can help students navigate what may seem like a complicated application process. Contact us today to make paying for college an easier endeavor.