FAFSA, or Free Application for Federal Student Aid, is basically the first step every student must take while applying for financial assistance through federal program. Federal program is usually managed by Department of Education and has a deadline of March 1st.

Generally, four main types of financial assistance are available: work-study awards, loans, grants and scholarships. In case of scholarship, a student doesn't have to pay back the cash awarded. Scholarships are awarded to students on the basis of their talent in academics, art, music, athletics and other fields. Loans must be paid back at a specific rate of interest. Grants are similar to scholarships and students do not have to pay them back either. Work study is payment made to those students who helps to pay for college costs.

How To Apply For FAFSA

Before you begin your application process, it is recommended to read the fafsa worksheet. The worksheet is an 8 page document that contains some of the same questions as the actual Fafsa application. The benefit of this worksheet is that it gives you an idea of what to expect on the fafsa.

In order to apply for the above mentioned programs, you have to fill out a paper work for the FAFSA. An easier way to fill out the fafsa application is through their website located at http://www.fafsa.ed.gov. The task can be quite daunting, however, it is not so tough as it seems. Following information are required to complete FAFSA:

• Social security number of the students.

• Driving license of the students.

• W-2 Forms of the students.

• Student's Federal Income Tax Return of last year.

• Parent's Federal Income Tax Return.

• Previous years' untaxed income records - veteran benefits, welfare, assistance to poor families, and social security records.

• Previous years' bank statement.

• Previous years' farm and business records; bond; stock; investment mortgage and business information and other necessary investment record.

• Alien registration card.

Department of Education needs a minimum of 4 weeks to complete the FAFSA process. The time to perform the procedure depends on several factors. While processing the FAFSA application form, the Department of Education checks whether the form has been filled out properly, and whether all the necessary documents are attached.

Although FAFSA may appear daunting, it is a crucial step to acquire your student loan. Unless you fill out the FAFSA application, you won't be able to qualify for the loan.

If you're interested in finding out more information, here are a handful of unique resources that contain FAFSA information:

• FAFSA on Twitter

• FAFSA Help

• FAFSA Articles

• Federal Student Aid

• FAFSA4caster - Start Early With FAFSA

• Student Resources at Students.gov

• Guide to College Grants and Scholarships