Caroline has already gone over some details of the FAFSA for beginners, but what about those of you who filed a FAFSA (Free Application For Federal Student Aid) 
last year?
You need to complete a FAFSA every year you're in school, even if your financial situation hasn't changed. Don't worry — renewing your FAFSA takes much less time than the initial application.
The Department of Education will send you a Renewal Application or a reminder of your PIN (Personal Identification Number) to apply online, and you may also get a reminder from your school. However, you don't have to wait for either notification to apply. If you need a reminder of your PIN, just head to the PIN Website.
And while it's best to file your taxes early to have the correct information, you don't have to wait. Use December pay stubs to estimate income for the year. You'll have the opportunity to correct your application if needed. Plus, applying earlier ensures you meet your deadlines (some aid is first come, first served).
If your situation has changed — like a dramatic shift in your income, a divorce, or a parent's job loss — you may want to talk with your financial aid office about how it could affect your financial aid award. They'll be able to walk you through what may be different this year.
Once you've applied for federal aid, keep on applying. Seek free money like scholarships and grants. Even though you may receive enough financial aid to cover your costs, you don't have to accept everything you are offered. Some aid, like unsubsidized Federal Stafford Loans, will need to be repaid with interest — so the more funding you find that doesn't have to be repaid, the better!
YOU REALLY SHOULD TAKE YOUR COMPANY OFF THE PAGE THAT SAYS YOUR STUDENT LOANS ARE EASY TO GET. THERE IS SUCH A THING AS TRUTH IN LENDING PRACTICES,EVEN IN HARD ECONOMIC TIMES. THANKS FOR NOTHING.
Jacqueline -- I'm not sure what page you are referencing, but I want to assure you that Wells Fargo not only adheres to truth in lending requirements, but to fair & responsible lending practices as well. Our web pages do indicate our student loan application process is quick and easy, however to my knowledge we do not say it's easy to qualify for a loan. We strictly adhere to our credit guidelines, which means that some applicants will not qualify, unless a credit-worthy cosigner is identified by the applicant. While you may not have gotten the results you were hoping for with Wells Fargo, I hope you found the funding you needed through another source.
With reference to Jacqueline's comment:
I admit that I was shocked at the high floor interest rate Wells Fargo charged (not to mention the level it could rise to), but on further research I discovered four very important things:
1) Wells Fargo's rates are comparable to other lenders.
2) Private lenders like Wells Fargo are willing to lend me much more money than the government will.
3) Most private lenders don't even lend to students at my community college, but Wells Fargo will.
4) I probably shouldn't borrow money from anyone but the government at this point in time. But I have no ill will toward Wells Fargo.
Thanks for the opportunity to borrow money, and the good advice on these blogs, even if I don't actually use Wells Fargo's services. But for me, some serious belt-tightening is in order.