(MONEY Magazine) – Between now and March, parents of many current and future college students will fill out a critical financial aid form: the Free Application for Federal Student Aid (FAFSA), which is required for any federally backed aid, such as a Stafford Loan and work/study, as well as some private college aid. And many won't get it right. "One of the biggest problems is that people get intimidated by the form and give up before they even give it a shot," says John Marcus, a vice president with lender Nellie Mae. Here's how to avoid four potential FAFSA problems.

Don't treat deadlines lightly. You must submit your FAFSA to the Department of Education (DOE) in time to meet the college's deadline. The form is available from the DOE (www.fafsa.ed.gov; 800-433-3243) as well as many financial aid offices and school guidance counselors. Tardiness can be costly, because most schools will consider a late FAFSA only after awarding aid to on-time applicants. By then, the majority of funds may be gone.

Don't overreport your assets. You have to disclose your income and assets--but you don't have to include retirement accounts like IRAs and 401(k)s or equity in your primary home.

Include the right people. For divorced parents, figuring out whose financial information to report can be tricky. The short answer: If your child spends most of the year living with you, you need to disclose your own income and assets, but not your ex's. If you have remarried, you must include your new spouse's finances.

Ask questions. Aside from counselors and financial aid offices, there are many places to get advice if you find the FAFSA confusing. Start with the free hotlines at Sallie Mae (800-891-4599) and the DOE (800-433-3243).

--ADRIENNE CARTER