This is the week that parents of high school seniors start to panic…not because they may have a post high school senior living at home next year, but because the financial aid forms deadlines begin in about 10 days.

The most common financial aid forms are the FAFSA, the Free Application for Federal Student Aid found at www.fafsa.ed.gov, and the CSS Profile, accessed through the Collegeboard website. Also check each college website to determine if they may have a college specific form as well.

The FAFSA is free to submit, no charges unlike applications for college. The CSS Profile, however, charges a fee for the form and then an additional fee for each college that is listed on this form.

Both forms collect data on family income and assets, using an algorithm to determine how much money a family can afford to pay for college. In the case of the FAFSA, this number is called an EFC, or Expected Family Contribution. You can find this number on your SAR, Student Aid Report, which is generated after the FAFSA is processed. You do receive a tentative EFC when the FAFSA is submitted, but this number is not "for sure" until the data has been checked by the central processor, the Social Security Administration, and Homeland Security database among other checks.

The CSS Profile also collects data on a family business, home equity, and retirement accounts. This additional information is used to determine the financial health of the family. Both debt and saving for retirement is considered in the CSS Profile calculations. The colleges and universities that use this form can create an "Institutional EFC" or make adjustments to the FAFSA generated number.

Four important things that will make completing these forms a lot less painful are:

1. Collect the data first. Collect all the information you have about income (most recent tax forms) and assets (savings accounts, checking accounts, brokerage statements, etc.). For the CSS Profile add information on your mortgage including purchase date and amount, car loans, medical costs, dental costs, and any private school costs.

2. Set aside a few hours to complete these forms. Be sure you have some quiet time with no distractions…pretend you are studying for a test.

3. File the forms as soon as you can. Even if you don’t have 2010 taxes completed, you can still file these forms in January. On the FAFSA, you will choose "will file" on the drop down menu when questioned about taxes and then use the 2009 tax numbers. For the CSS Profile, just use the 2009 tax information.

4. Don’t fudge the numbers. Your listed colleges will request copies of your 2010 tax information. If the numbers are drastically different, the schools may ask for an explanation.

These forms are confusing, frustrating, and just plain no fun. But with some patience and good advice, you can complete these forms placing your student in line to receive any aid for which they are eligible. Bottom line—no forms, no money; late forms—less money.