Graduating high school and moving onto college is on just about every senior’s mind. However, there are a few months of life-changing decisions before the excitement of college can set in, and the biggest decision of all is where you’re going to end up.

Sure, knowing that you like a college is great. Even deciding on a major is a step in the right direction. But, even if you do find a school that fits all of your needs, a big factor in deciding where you’ll end up is determined by the cost of the college.

Navigating the financial aid process is no easy task. As college tuition is on the rise, in both private and public institutions, a school’s endowment becomes limited to how much they can give out to students. In addition, depending on the school, multiple documents are required to assess a family’s eligibility for financial aid.

The most important form for any student applying for financial aid is FAFSA, or the Free Application for Federal Student Aid, which becomes available on January 1st. Deadlines vary for the application, but a general rule of thumb is to complete the application by early February.

As FAFSA is there to help you afford college, be aware that not every school will meet 100 percent of the financial aid your family is eligible for, as assessed by FAFSA.

Another important document is the CSS Profile, or the College Scholarship Service. Though  not as common as FAFSA, the CSS Profile is required by most private institutions. The CSS is available to be filled out now, and should also be submitted by early February.

Keep in mind that the FAFSA and the CSS Profile assess the amount of financial aid you are eligible for, but it is up to the college or university to determine the way the aid is granted: grants, scholarships, loans, or work-study programs. According to collegeboard.com, about two-thirds of full-time undergraduate college students receive some type of financial aid, and of those receiving aid, 38 percent receive federal loans.

Loans, however, can become risky business as Congress has set the interest rate on undergraduate student loans to 4.66 percent, according to studentaid.ed.gov.

Filling out applications for financial aid can become confusing and overwhelming, but if you follow the tips below, May 1st will be one of the most exciting days of your life:

1. Fill out the FAFSA (which opens January 1st, 2015)
2. Make sure to look at your college’s website for supplemental applications that may be needed.
3. Weigh all of your options– some students are eager to get into their first-choice school, and don’t realize the amount of money it will cost them. Each financial aid office is different, and your second or third choice might offer you a deal you can’t pass up.
4. Negotiate– If your top choice is 5000 dollars more than your second, call up the financial aid office and see if they’re willing to match or beat your better financial aid offer. (Not every school honors this, but it’s worth a shot if your heart is set on a school.)
5. On May 1st– RELAX! You’ve made your decision and now you’re ready to graduate and become a college student.