LAS VEGAS () – An important deadline is quickly approaching for students heading to college this fall.

The FAFSA, or Free Application for Federal Student Aid, must be submitted by the end of the month. The application is the first step to accessing billions of dollars in financial aid.

“FAFSA unlocks federal grants, loans, and work-study as well as many state and college programs’ aid on a first-come, first-served basis,” Shaan Patel, Founder and CEO of PrepExpert.com, an online college prep service, said.

The entire application can be completed online.

“Make sure you have all your necessary documents… so you get the maximum financial aid possible for college this fall,” Patel said.

Dr. Rhea Watson, also known as The Scholarship Doctor and CEO of Scholarship Solutions, warns that skipping the FAFSA could cost you thousands of dollars. She emphasizes that it’s a mistake to assume you won’t qualify for financial aid.

“If you don’t have a FAFSA application on file, it is nearly impossible, very difficult for your scholarship applications and even those financial aid packages you want to receive from a college,” Watson said. 

Roughly $3 billion in aid goes unclaimed every year, Watson said. 

“Don’t leave money on the table… it just goes and recycles through the government versus going to students who can use it to go to school and go without debt,” Watson said. 

The FAFSA only takes a few hours to complete if one is prepared. Once submitted, one can expect the financial aid award letter within 2 to 3 weeks. However, keep in mind that state and school-specific aid can run out quickly, so it’s best to apply as early as possible.

Documents needed for filling out the FAFSA include: 

• Social Security number
• Parents’ Social Security numbers (if you are a dependent student)
• Tax returns
• Records of child support received
• Current balances of cash, savings, and checking accounts
• Social Security card, driver’s license, and/or alien registration card (if not a US citizen)
• Federal income tax returns, W-2s, and other records of money earned

For more information on what students need to know before they fill out the FAFSA form, click here.