First come, first serve financial aid.

It’s no secret that the economy is going through some slow times. And, as the current financial situation effects many businesses, it’s also impacting the number and amount of scholarships, loans, and federal financial aid.

While this may sound ominous, there is still plenty of money to be earned. You just need to increase your diligence, preparedness, and attitude. Here are some suggestions to stay on top of the financial aid and scholarship game.

1. Fill out your FAFSA.

This year, more families than ever will be applying for federally funded financial aid. The problem, as always, is that there is a fixed amount of funds available. The sooner you apply, the greater your chances of securing some money. Apply even if you don’t think you’ll qualify. The earliest you can file your FAFSA (Free Application for Federal Student Aid) is January 1. You can file online, and I highly recommend you file the first of the year. To hit the ground running, fill out a sample form on the FAFSA website, gather all tax information, and set up a free account on www.fafsa.ed.gov. On January 1, you’ll be ready to file.

2. Get your college applications and financial forms in early.

Just as the government has a set amount of funds available for students, colleges are limited in the amount of scholarship money they can award each academic year. Typically, schools award money on a first come, first serve basis, and the number and amount of awards decrease as time progresses. What does this mean? More money is available at the beginning of the application cycle. Students that apply early in the application process are more likely to be granted a better financial aid package or get scholarships from the college. And, the amount of the scholarship is typically higher the earlier you apply. In addition to your basic admission application, be sure to complete any extra materials associated with scholarships, grants, or being considered for the college’s award money and return these forms as soon as possible. Sometimes, you are automatically considered for awards based on your college application, other times it is a separate process altogether. Check with your potential colleges to find out their procedures.

3. Apply for every scholarship you can.

In years past, students could afford to be picky. Scholarships with essay requirements were commonly ignored, scholarships less than $500 often we’re rejected, and there was basic apathy among high school students regarding scholarships. The fact is, you can’t afford to be picky. You must apply for any scholarship you have a chance at winning. In hockey, they say you miss 100% of the shots you don’t take. The same is true with scholarships. You lose 100% of the scholarships you don’t apply for. This year, take your scholarship search seriously. Visit your career center or guidance counselor and request a scholarship list immediately. If your school does not have one, conduct an online search. Visit my previous posts for specific scholarship search strategies.

The strategies outlined above may seem simple, and they are. However, knowing something and executing are two different things. When you actually do the things above, you increase your chances of securing money for college.

Good luck. If you need help, just remember to repeat the mantra: early bird catches the worm.