If you have a child in college -- or one planning to go in the next year -- it's time to go through the onerous process of filing out financial aid applications.

The good news is that there is aid available. So if the stock market wrecked your college finance plans, you can apply for a rescue, even for a child who is already in school.

The bad news is that the application is a pain. Going too fast or carelessly can cost you.

"The theory is that money goes to the people who need it," said Kalman A. Chany, a New York-based financial aid consultant. "The reality is that money goes to the people who best understand the process."

Here's some guidance from some authorities.

First of all, any student hoping to get aid must complete the Free Application for Federal Student Aid, or FAFSA. This come be done online at www.fafsa.ed.gov. (Beware a similarly named site with a .com suffix. It's a for-profit company that will charge for the privilege of filling out the form.)

Students applying to private colleges may also need to fill out the CSS Profile form, which will ask for additional information and can be used in awarding scholarships, grants and other aid.

These applications determine the "expected family contribution," or EFC, which is what the government (or, with private colleges, the school) believes the family can afford to pay from its own resources. That amount is subtracted from the cost of the college to determine the student's need.

It's important to find out the aid application deadline for your particular college as well as for federal or state programs, and then apply early.

That's because most schools have an early financial aid application deadline, and students who comply get first crack at assistance money.

It's not necessary to get your application in on the first day, said Chany, author of "Paying for College Without Going Broke." But students should complete aid applications before their target school's "priority" aid deadline, he said.

At many schools, that deadline is in late January or early February. It's wise to check with all the schools the student is interested in and complete the forms for all of them before the earliest deadline.

Some, however, are finding they have to apply later.

Though many private scholarships are long ago granted, some federal aid, including Pell Grants and student loans, is available even after a the academic year has started.

If, perhaps as a result of the financial crisis, you need to obtain assistance for your child for this school year, you should complete the 2008-09 FAFSA form. If you want aid for the coming school year, fill out the 2009-10 FAFSA too.

If you possibly qualify, it's worth filling out the extra form. Continued...