The Free Application for Federal Student Aid is an application that checks your qualifications for federal aid. Most State and Institutional grants/scholarships/loans, more often than not, require the completion of the FAFSA.
Typically, aid from your state, your school, and other private sources have much earlier deadlines than federal aid. That is why it is very important to fill out the FAFSA as early possible! You can apply as long as it is after January 1st, 2006 (using this year's seniors as an example).
One of the easiest ways to complete the FAFSA is electronically. Click Here
Complete your tax return
Filling out your tax return first will make completing the FAFSA easier. However, you do not need to submit your tax return to the IRS before you submit your FAFSA. But, once you (and your parents if you are a dependent student) file your tax return, you must correct any income or tax information that changed since you filed your FAFSA. Inaccurate information on your FAFSA may delay your receipt of federal student aid. Also, you will be required to return federal aid you improperly receive based upon incorrect information.
For more information on the FAFSA Click Here.