The FAFSA becomes available on October 1st for the next academic year. Some states and schools award financial aid on a first-come, first-served basis. That’s why it’s so important for families to fill out the FAFSA as soon as it becomes available—because it increases the likelihood a family will receive ample aid. There’s really no downside in applying early, but there is a potential downside of waiting and missing out on aid.

Yes. Don’t neglect to fill out the FAFSA because you think you won’t qualify. There’s no income cutoff for financial aid. Plus, some schools rely on the FAFSA to award scholarships. More importantly, filling it out will also protect you in the event your financial circumstances change. For example, if a parent loses their income, you can speak with your school’s financial aid office about readjusting your financial aid package. But you won’t qualify for federal aid if you never filled out the FAFSA in the first place.

The FAFSA asks for personal and financial information. You’ll fill out your contact details, as well as your Social Security number or resident ID. You’ll also indicate up to 10 colleges to receive your FAFSA information. You or your parents will also provide information from the prior year’s tax return. Beyond gross income, the form asks for your bank account balance, investments and recurring expenses.

Yes, you can edit the FAFSA after you submit. In fact, you’re required to do so if there’s a change in your dependency status, in the number of your family members or in the number of people in your household who are in college. You can also fix mistakes you made when filling out the form.