If you haven't submitted a FAFSA yet and still need money for college, fill it out urgently, advises a financial aid expert.

As the school year approaches, college students must move into their dorms and prepare. If you haven't submitted your FAFSA yet, make sure to do it promptly.

According to the National College Attainment Network's analysis of Federal Student Aid data, less than half of the high school class of 2024 had submitted a Free Application for Federal Student Aid as of July 5. This represents a 11% decrease in FAFSA submissions compared to the previous year, NCAN reports.

College students, both new and returning, must submit a new FAFSA annually to be eligible for financial aid.

Although it was challenging for students and their families to submit a FAFSA at the start of this year's application cycle, most technical problems have been resolved.

Jill Desjean, senior policy analyst at the National Association of Student Financial Aid Administrators, advises CNBC Make It to simply complete the FAFSA.

If you're starting school in August or September, you'll need to get your school bills and any applicable aid figured out by then, as the deadline to apply for federal aid for the 2024-25 school year isn't until June 30, 2025.

An $11 billion surplus of federal Pell Grant funding is currently available for eligible students, according to the Congressional Budget Office.

The Pell program is designed to have a surplus from year to year, according to Desjean, although this does not necessarily mean that more people will become eligible or that eligible aid recipients will receive more federal aid.

If more students require funds than are allocated, they can access the surplus, rather than cutting people off. However, not everyone will be eligible, and it is uncertain until the FAFSA is completed.

This year, the Department of Education announced that Pell Grant eligibility has been broadened to include eligibility based on family size and the federal poverty level. As a result, approximately 1.5 million more students are now eligible for the maximum Pell Grant amount of $7,395.

While you may receive a Pell Grant, the FAFSA also grants access to state grants, institutional grants, and other forms of federal aid.

Although the maximum Pell Grant amount may not seem substantial compared to the total cost of attendance, which can reach $90,000 annually at some schools, nearly 25% of college students require an additional $5,000 to cover their expenses for the 2024-25 academic year, according to a recent ScholarshipOwl survey.

To stop worrying about money, enroll in CNBC's online course, Financial Wellness: Be Happier, Wealthier & More Financially Secure. We'll teach you the psychology of money, stress management, and healthy financial habits. Plus, use code EARLYBIRD for a 30% discount through September 2, 2024. Start today!

Sign up for CNBC Make It's newsletter to receive expert advice on work, money, and life.