Mary Fallon, Student Financial Aid Services Inc. spokeswoman, has one piece of advice for students: Apply for financial aid -- and do it now.

The nation's recent economic concerns have students across the nation struggling and attempting to figure out a way to finance their college education.

Banks are in turmoil and the loan options available may not apply to all students, Fallon said.

She said even with all of the budget shortfalls, the amount of money available from the government through the Free Application for Federal Student Aid (FAFSA) has remained about the same at $144 billion.

However, what worries Fallon is the number of people applying for federal aid -- a number she calls "unprecedented."

"We have the same amount of money available to students; in fact, it's slightly higher," Fallon said. "But with so many people applying, it will be interesting to see just how fast that $144 billion goes."

Before the money is gone, students can apply for the Pennsylvania State Education Assistance Grant, a need-based grant designed for in-state students. To receive the funding, students must first complete the FAFSA.

State Rep. Kerry Benninghoff, R-Centre/Mifflin, urges students to take advantage of this funding opportunity.

"It's money that goes directly to the student and their families," Benninghoff said. "It may not apply for everyone, but it is another tool in your toolbox."

To receive these "tools," Fallon believes students should apply before February.

"The deadline for the 2009-2010 FAFSA isn't until June 30, 2010," Fallon said. "But I almost hesitate to say that. In an 18-month period a lot of people have already applied and gotten money. There may not be anything left."

Students who are unsure of how to complete the application or have trouble figuring out the complex terms have relied on fee-based consulting services in the past, such as Student Financial Aid Services, to alleviate the often "cumbersome" process, she said. Thousands of dollars can be the price for students' errors, Fallon said.

"Mistakes are pretty common," she said. "Some of the questions seem simple, but they have hidden meanings and students miss out on opportunities for thousands of dollars in financial aid."

Fallon said because the application was released on Jan. 1, the intensity and number of calls is more than what the organization has seen in its 15-year history. The students calling are coming from all economic backgrounds, but they all have one thing in common: They need financial aid for college, Fallon said.

"We are getting calls from upper-income families who suddenly can't tap into their home equity because there isn't any," Fallon said. "There are many people who didn't need aid before, but now they do."

The sentiment hits home for Rory Arnold (freshman-kinesiology), who hasn't yet completed his FAFSA. He said the news has him a "little worried" and motivated to send in his information.

"I have two brothers and sisters who are paying off student loans, so I don't want to be in the same position," Arnold said.