LEWISTON — If you’re a high school senior or college student, the new year isn’t just about making resolutions.

It’s time to file or update your Free Application for Federal Student Aid, which can be done as early as Jan. 1.

“We’ve had some people who wait until midnight. As soon as the ball drops families go in and fill it out,” Doug Dumont, the Aspirations coordinator for Lewiston High School, said.

The earlier the FAFSA is filed, the more financial aid students can receive for college, Dumont said.

“The earlier they apply the more money they would be eligible for,” Dumont said. If they hesitate, “they won’t have the same opportunity. If they wait until March, the difference in less aid could be as much as $4,000. If they wait until June” the amount of financial aid shrinks.

Depending on a family’s ability to help pay for college, students who fill out the FAFSA can qualify for grants and scholarships, money for college that doesn’t have to be paid back, Dumont said.

Students who don’t qualify for grants or scholarships can qualify for federal Stafford loans, money that has to be paid back but often at lower interest rates than private loans.

According to the Finance Authority of Maine, FAFSA is used by all schools, colleges and universities to award federal and state financial aid. Many schools use FAFSA to give their own institutional financial aid.

High school seniors and college students must fill out the FAFSA each year to be considered for financial aid. According to FAME, most families can complete the FAFSA in 30 minutes.

Educators recommend that every high school senior fill out the FAFSA, Dumont said.

“Even if in January students may not have intentions of going to college, when June rolls around they may change their minds,” he said. That often happens when students “realize what they want to do, or see their friends going to college.” If they’ve filled out the FAFSA, “they’re in line for money,” Dumont said.

This year, students have to create an account three to five days before filing the FAFSA. It allows time for the government to verify information, Dumont said.

Like many high schools, Lewiston seniors have worked on college applications and learned about the FAFSA in recent months. Of Lewiston’s 258 seniors, 56 percent have applied to a college, Dumont said.

He was working Wednesday and throughout Christmas vacation to help students with college applications.

“We’ve held workshops for parents,” he said. “I’ve gone to English classes and had kids create FAFSA accounts.”

Fill out the form

The form is online. To fill out a Free Application for Federal Student Assistance form, go to www.fafsa.ed.gov.

Free FASFA Lab nights at Lewiston High School for high school seniors and parents are from 4 to 8 p.m. Feb. 5 and 13.

Documents needed are parents’ 2014 tax forms, Social Security numbers, bank statements and driver’s licenses.

Help statewide from FAME: The Finance Authority of Maine is available to help students and parents with the FAFSA and financial aid. Call 1-800-228-3734 or email [email protected].

FAME also holds events throughout Maine staffed by financial aid professionals who teach how to fill out the forms and assist with financial aid questions.