Filling out the Free Application for Federal Student Aid (FAFSA) is the first step for families of college-bound students to take each year if they want to receive government financial assistance for tuition. However, many are unclear about the FAFSA process, which could jeopardize some students’ chances of getting the assistance they need.

In order to qualify for federal student aid, such as grants, work-study opportunities and loans, prospective students need to complete and submit the FAFSA by a specific deadline. For example, for the 2019-2020 academic year, all FAFSA applications must be completed by June 30, 2020.

To gauge how much knowledge families have about the FAFSA process, Discover Student Loans, a division of Discover Financial Services, surveyed 1,501 parents of students ages 16-18 who are headed to college. They learned that some parents don’t understand the importance of filling out the FAFSA, as well as when it becomes available and when it must be completed.

An overwhelming percentage of families — 97% — said they plan to complete the FAFSA. The largest percentage of those planning to complete it — 43% — said they will fill it out on their own, while 37% said they will complete it with their college-bound child. Another 17% said they will leave it up to their child to complete the FAFSA while they will simply sign it. Three percent of respondents said no one in their family would fill out the form.

While most parents surveyed planned to make sure the FAFSA is filled out, only 25% knew that it becomes available in October. That could be problematic because families that wait to fill out the FAFSA may lose out on financial aid sources that run out quickly. “It’s really important to know that some schools award financial aid on a first-come, first-served basis, so parents and students should fill out the FAFSA as soon as it becomes available on October 1,” said Nicole Straub, vice president for Discover Student Loans in a press release.

On top of that, more than half of respondents believe the FAFSA is available to be filled out all year, which raises the possibility that a family could miss the deadline.

Among the 3% of parents who say their family won’t be completing the FAFSA, 50% say they’re not filling it out because they don’t need federal aid. Another 37% said they don’t believe they would qualify for federal aid. Part of planning for college involves determining how much it will cost and coming up with a strategy to pay for it. Federal aid can play a huge role in making college affordable whether it’s through grants that don’t have to be paid back or federal student loans, which typically offer better rates and terms than private student loans.

However, the FAFSA must be completed in order to take advantage of those potential opportunities. Even if you don’t think your family will qualify for federal aid, it won’t hurt to try and you may be pleasantly surprised. Take the time to understand how to fill out the FAFSA and make sure you know the deadlines so you can fill it out as soon as possible.