Will your child enter college soon? However much you have managed to save, it may fall short of the very high cost of today's higher education. Financial aid—in the form of grants, loans, or work-study programs—could help make up the difference, but your child will have to apply for this needs-based aid, and that means completing the Free Application for Federal Student Aid, or FAFSA.

Even if you don't think you'll qualify for financial aid, there's no harm in trying, and you may be surprised by the results. Even students from the wealthiest families are eligible for work-study programs. And some colleges offer generous aid packages to families with relatively high incomes. So filling out the FAFSA almost always makes sense.

Nuts and Bolts of the FAFSA