It's almost here: the FAFSA will be available on Dec. 31. If you'll be filing it this year, it's time to get ready. Here are some things you can do to be prepared ahead of time.

What to do now:

• First-time filer? Create your FSA account now. Both the student and the parent need an account. Parents who have filed for a sibling previously will use their existing FSA ID.

• Do the Student Aid Estimator to see if you are a candidate for need-based aid. If you're not, this doesn't mean you should not file the FAFSA; it just means you can avoid stressing out about all the gymnastics you might otherwise do to increase aid eligibility. (And don't stress out that this means you need to pay full price for college; it just means your student should apply to colleges offering merit scholarships.)

• Do net price calculators for the colleges your student is applying to to make sure that you have some affordable choices. While net price calculators are not guarantees that you'll get financial aid-- and this year due to FAFSA formula updates they might be somewhat inaccurate-- they'll at least give you a sense of the relative generosity of the college with need-based financial aid. (If you can't find a school's net price calculator, just google the school name + net price calculator.)

• File the CSS Profile if any of the colleges you're applying to require it.

• Find out FAFSA submission deadlines for the colleges you're applying to and for any state or other grant aid or scholarship requiring the FAFSA.

• Make any 529 contributions needed to maximize your state tax credit.

What to do Dec. 31:

• Celebrate the new year.

What to do in January:

If you are a candidate for need-based aid, kick off 2024 with the following tasks:

• Make your 2024 Roth IRA contributions-- and 2023 contributions if you haven't already done so. This reduces your assets on the FAFSA.

• Pay your big bills-- mortgage/rent, credit card, estimated taxes, etc.

Whether or not you're a candidate for need-based aid:

• Gather your relevant account information so that you can accurate report balances when you file the FAFSA.

• File the FAFSA after doing the above tasks.

But wait, aren't you supposed to file the FAFSA right when it comes out? For most people the answer is no. For this year, the answer is no for just about everybody. That's because financial aid is allocated by the colleges, not by the FAFSA itself. If you are eligible for a Pell grant or work-study based on your FAFSA, your college will give it to you or include it in your aid package. If you want to take out a student loan, it will be disbursed through the college. Federal aid programs are not first-come, first-served; everyone who is eligible gets what they're eligible for.

This year there's another reason not to file it on the first day: colleges won't receive your information for several weeks, according to the Department of Education.

Who should file as quickly as possible? Anyone who's eligible for state grants or other scholarships or grants awarded on a first-come, first-served basis. But again, take the steps above prior to filing to maximize your potential to receive aid. Applying Early Decision or Early Action does not require you to file the FAFSA immediately, as colleges won't receive the data for several weeks no matter how early you file.

Looking for a holiday gift for all your friends with kids? How about giving them a copy of my book, How to Pay for College?