Almost all colleges and universities in the United States require students to submit a FAFSA form. FAFSA funding comes in the form of federal, state, and college-sponsored aid, including grants, educational loans, and work-study programs.
According to the Department of Education, it takes between one and two hours to complete the FAFSA form. Complications can add significantly to this time-frame, however.
Financial aid is awarded on a first-come, first-served basis. The later you submit your FAFSA documents, the less of a chance you have for getting financial aid. It is recommended that you submit your FAFSA form as early as possible.