Financial experts encouraging early application for this year's FAFSA

(WAND)- Starting Thursday, families sending students to college will be able to complete the free application for federal student aid- otherwise known as FAFSA.

Financial expert Megan Gorman said it is essential to fill out the FAFSA early as more families expect to apply this year due to the COVID-19 crisis's economic fallout.

"There's $150 billion out there in federal aid, and this aid comes in loans, grants, and even work-study programs. But here is the thing you have to remember, it's a first come first serve basis."

The form is available starting Thursday with options to apply online or through the app.

Gorman said, "People's income that is going to be reported for FAFSA purposes is their 2019 tax return, but that doesn't mean you can't report to the federal government that you've had a change of economic circumstances."

Families facing financial hardship can take extra steps to request a "professional judgment" review by submitting information like layoff notices or unemployment checks.

College financial aid offices then have the discretion to make adjustments to the FAFSA, allowing students to qualify for additional aid.

"It seems like busy work, and it's not very fun, and it takes a while to see the results of it... but you'll eventually get there."

When applying for a FAFSA application, one must provide a list of schools you want to use. Financial experts suggest casting a wide net of possibilities to get more financial options.

For more information on how to apply for a FAFSA application, click here.