Since the New Year is upon us, it is also time for students to working on and completing their FAFSA profiles.  Every year, the government opens up the application process on the first of the year, and there’s no reason to wait since many schools distribute the available funds on a first-come first-served basis.  This year, completing the FAFSA should be easier than ever, thanks to some recent administrative reforms enacted by President Obama.

If you have more questions about the FAFSA, be sure to check out this older article explaining how and where to apply!

Even if you don’t expect to be selected for free money for your college education, it can’t hurt your chances to fill out a few quick online forms.  You’ll need your last year’s tax information, but you should be able to get everything set up in just a few clicks once you’ve got that put together.

The calculations that FAFSA provides and the profile they return to you can be useful in applying for other forms of financial aid as well, from institutional assistance to many scholarships and grants that also take student financial need into consideration.

Every year, eligible students pass up the opportunity to receive free college money – don’t be one of the ones who makes that mistake in 2010!