While MSU does not have a deadline for filing for FAFSA, it is important to fill it out as quickly as possible, said Val Meyers, associate director of financial aid at MSU.

"We don't have a deadline for filing FAFSA because we don't feel it really helps, but we do serve applicants on a first come, first serve basis," Meyers said. "We've found that having a deadline doesn't help because deadlines cause students to worry about filing on time. We don't want students to think, 'Oh no, I filed one day after the deadline,' so we don't have one.

"One thing to consider, though, is that our financial aid funds are not limitless. We sometimes find that we have more applicants than we anticipated, and we try our best to accommodate each request, but it's best for students to file sooner rather than later."

The Director of Financial Aid at MSU, Rick Shipman, echoed Meyers' concerns.

Shipman said all federal aid, and most state and institutional aid, rely on that need determination to award financial aid. Many of these aid programs have limited funding so the earlier students apply, the greater the likelihood they will receive their full eligible amount. Michigan residents are required to file by March 1 at the latest.

When filing, students will need to know a few things. First, it is necessary to have your Social Security Number handy. Students must also be a U.S. citizen or an eligible non-citizen. 

It will be easier for students to have their tax returns when they file, however it is not essential. The online FAFSA page allows applicants to estimate their tax return information based on last year's earnings to keep the process moving. It's important to remember to provide the correct information whenever possible. 

There is an IRS retrieval option that automatically updates the information after filing tax returns. This takes care of remembering to go back and alter FAFSA forms appropriately and makes it easier on students applying for financial aid. 

Some students decide to skip filing the FAFSA for many reasons, though Meyers advises students to file anyway.

"One of the reasons a student may not file for FAFSA is if they can pay for college out of pocket," Meyers said. "Another is that students may not think they're going to get anything from FAFSA because they think their family makes too much money. But you never know what can happen. One of your parents could lose their job, or perhaps a family may not have a lot of income but has valuable assets, or vice versa. FAFSA acts as insurance in a way, it gives students aid and protection from falling short.

"I encourage students to file because it's hard to know what you're going to get, and there's no down side."

Another tip when filing FAFSA is to remember that this is a free service, and you should go to the correct website www.fafsa.ed.gov. There is a website, www.fafsa.com, that charges 80 dollars for services which help students file FAFSA forms properly. This website is completely legitimate, it is not a scam like some rumors have said, but it is not essential for students to use the site. 

Meyers said, "Paying for a service to file your FAFSA for you is a lot like paying for your taxes to be done. If you take the time and learn how to file your own taxes, you don't have to pay someone to do them for you, but a lot of people prefer someone else do them. The same can be said for filing for FAFSA. But, if you are trying to get financial aid, you probably should save your money and file yourself or use a free service so you can save your money and pay for college."

An alternative to FAFSA is private student loans. Though Shipman said it is advantageous to file for FAFSA as opposed to a private loan.

"The federal loans are generally considered to be a better option for students than private loans," Shipman said. "One of the biggest advantages to completing the FAFSA is that you will be considered for a wide array of aid programs from the federal government, the state, and the educational institution... And the federal loans that are included in the financial aid award package are low interest, do not require repayment until after graduation and include several forgiveness provisions."