Okay, gang, it is college financing season, so take note the free application for federal

student aid or FAFSA, it's now available.

Check out this segment that I just recorded this week on CBS this morning.

In this morning's eye on money, today is the first day you can apply for college financial aid for the next school year.

The free application for federal student aid or FAFSA determines grants, loans, and work

study money for more than 12 million students each year the program gives

more than 122 billion dollars away in some form. CBS News

Business analyst Jill Schlesinger is here with what families need to know.

Billions of dollars, they can start going for it today.

Yeah, FAFSA.gov, hard to say.

And this is so important because as you said,

we're talking about so much money but the

process can be daunting just remember this this is where you get scholarships and

grants and loans and work study so this is your gateway into the system now I know a lot of people

they say oh I don't want to do it I'm not going to qualify you know there are

estimates that more than 2 million students could have gotten money, free money in some cases, but they

didn't go through the process.

So you're encouraging people qualify even if you don't think you're eligible yes because every circumstance is

different you might say I make a lot of money but you might make a lot of money and

have three kids in school at the same time or maybe one of you has lost an

income or reduced hours.

Keep trying.

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