One of the best ways to receive need-based aid starts with an on-time (and complete) aid application. Indeed! It can be that easy. Most colleges and universities have a finite amount of financial aid funding for a given academic year.

Once the money's gone, c'est la vie!

Hence, the reason for the aid office's deadline. Somewhat of a dirty little secret, and one of the biggest reasons for the deadline in the first place. Schools know that some kids won't meet the deadline, which offers a school the chance to say, "Sorry! You're not receiving as much aid as you did last year because you didn't apply on time and our funding has been exhausted." It can save the school some money, even if only a few kids miss the deadline.

Don't give your aid office the easy way out!

But what to do if you can't complete your aid application on time? When we were in the aid-office trenches, we often heard this one: "But I can't complete my application by the deadline because my parents won't file their tax returns until August, maybe not until October!"

If that sounds familiar, you're not alone. What now? Complete as much of it as you can, the FAFSA, the Profile, and the school's aid application (if they have one). Use estimated tax information if needed, then follow-up with copies of the completed tax returns when they're done.

What to do if your school says too bad, if we don't get everything by the deadline, you're out of luck?

If you must, file a tax return with the IRS before the school's deadline, then file an amended tax return at a later date. You'll meet the aid office's non-flexible rule, and you're still open to filing that 1040X, if needed (don't forget to give a copy of the 1040X to your aid office if you do file an amended return).

Undoubtedly, this can be an enormous pain in the rear for your family (nevermind your accountant) with having to file two tax returns for the same tax year. For a student who may be eligible for a $20,000 need-based aid grant, though, it may be worth the trouble.

So apply on time, triple-check with your aid office that they have all of your documents, and sit back and enjoy the summer. You've earned it!