BEND, Ore. (CNN/Money) – Parents, if you hope to qualify for financial aid, apply for certain student and parental loans or put your collegiate in the running for merit-based awards, it's time to tackle financial aid forms.

Financial aid applications at most schools are due sometime between now and the end of March. Even if you think you won't qualify, consider applying anyway.

For starters, your individual circumstances may make you eligible for some aid after all, particularly if your kid is headed to a private school.

What's more, schools generally require that you apply and get rejected for financial aid before you can apply for such low-interest loans as unsubsidized Stafford loans and Parent Loans for Undergraduate Students (PLUS).

Some schools even ask for financial aid forms before they'll give "discounted tuition" and other merit-based awards.

By applying for aid today you could increase your chances for qualifying down the road. Financial aid officers often take into account whether families have applied in the past, said Linda Peckham, who was a financial aid officer for 12 years before going to work for the College Board.

"Private schools, in particular, often ask that you apply for aid if you think you're ever going to need it," she said.

Every school sets its own deadline for financial aid, often giving different dates to freshmen and upperclassmen. To keep your days and forms straight, consider making a cheat sheet of which schools want what applications and when.

"Be careful, because some deadlines are for when the applications need to be postmarked, some are for when they need to be received and some are for when they need to be processed," said Kalman Chany, author of "Paying for College Without Going Broke" (Princeton Review Publishing).

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All private and public schools require financial aid candidates to complete the Free Application for Federal Student Aid (FAFSA), which is necessary for federal grants, loans and work-study programs, as well as quite a bit of state and private aid. You can download the application or submit it online.

In addition to the FAFSA, 325 private schools ask for the College Board's CSS/Financial Aid PROFILE form, also online. Other private schools have their own financial aid applications.

Ideally, you'll have completed your 2003 taxes before you file for financial aid, but you're not required to do so. In fact, if you're up against the school's deadline, estimate your taxes, said K.C. Dempster, director of program development for College Money.

"Just keep in mind that they can withhold final aid decisions until they get your tax return," she said.

The U.S. Department of Education recommends turning in your application sooner rather than later to increase your chances for getting the best aid package. But Chany cautions against putting speed over accuracy.

"You'll get more money doing a good job on the form than rushing haphazardly and throwing it together," said Chany, whose book explains the FAFSA and PROFILE forms line by line.

There are some strategies for improving your financial aid prospects, but financial aid officers say they're a step ahead of families who think they can cheat the system.

"The whole point of financial aid is to help families who can't afford the price of tuition," said Peckham. "There's no magic bullet for manipulating the formulas."

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Your income is the biggest factor in determining financial aid. Still, a family with extraordinary medical bills, business losses or other financial hardships may very well qualify for financial aid even if their last tax return showed a six-figure income. To that end, make sure the applications (or an attached letter) give aid officers insight into your individual situation.

Although parental assets have only a small impact on financial aid, there are some last-minute changes that could bump up your award a bit. Assuming it makes financial sense, you could use some of your taxable savings to pay off credit card debt or contribute to an Individual Retirement Account (IRA), which is sheltered for financial aid purposes.

"Some people think that December 31 is the cutoff for assets but you can make changes up until you file your application," said Chany.

Doing so won't dramatically change your financial aid. Taking $10,000 from savings to pay off debt, for instance, might result in $300 to $800 more financial aid, depending on the methodology used by the school, said Peckham.

When financial aid packages show up, keep in mind that you're comparing what each school expects you to pay or borrow, not the size of the aid packages.

If there is a large discrepancy between aid packages, there's no harm in calling a school that's awarded less and politely asking for an explanation.

Some schools base financial aid on need and nothing else.

"The aid officers often know nothing about the merit of the student applying for aid," said Peckham. Unless there was an error in your application there may be nothing you can do to change your financial aid.

That said, some private schools do give "preferential packaging" to the most sought-after students. These schools may be willing to re-evaluate their offer or award "discounted tuition" if they're eager to recruit your son or daughter.

There's no guarantee, but considering the high price of college it's worth a shot.