More than 17 million college students started applying Jan. 1 for financial aid available for the next academic year.

Access to most of the $236 billion in financial aid requires preparing the Free Application for Federal Student Aid application, which asks more than 130 asset, income and dependency questions.

Financial aid, available to nearly all students regardless of income, can significantly reduce students’ out-of-pocket college costs. According to Student Aid Financial Services Inc., in the 2011-12 academic year, undergraduate students on average received $13,218 in aid, including free grants; low-cost, federal education loans; and work-study opportunities. Students, who receive education support from military aid programs, also may increase their aid award by submitting a FAFSA.