Students can begin applying for financial aid

It's a big day for students planning to go to college in 2015.

Jan. 1 is the first day you can submit your nationwide financial aid application, better known as the FAFSA for the upcoming school year.

Experts say it's a good idea to apply early to better maximize the amount of money you can get.

The application determines the amount of financial aid you can get from three main sources: the federal government, state governments and schools.

Funding sources may include loans, scholarships, grants and work-study opportunities.