What is the definition of FAFSA?

FAFSA stands for Free Application for Federal Student Aid. It is a form that current and prospective college students (both undergraduate and graduate) in the United States can fill out annually to determine their eligibility for student financial aid. The FAFSA is managed by the U.S. Department of Education's Office of Federal Student Aid and it helps students to access grants, loans, and work-study funds provided by the federal government. The information provided on the FAFSA is used to calculate a student’s financial need and determine the amount of federal aid they are eligible to receive. It is important for students to fill out the FAFSA accurately and submit it before the deadline to maximize their access to financial aid.

The FAFSA collects detailed financial information, including income, assets, and the size of the student's household, to determine the Expected Family Contribution (EFC). The EFC is an index number that college financial aid staff use to figure out how much financial aid a student would receive if they attended their school. Lower EFCs usually result in more financial aid being offered to the student.

It's not just federal aid that depends on the FAFSA either; many state governments and individual colleges also use FAFSA data to allocate their own financial aid funds. Furthermore, filling out the FAFSA can be considered a prerequisite for most scholarship applications. It is crucial for students and families to be aware of the various deadlines for the FAFSA - these can be federal, state, or institutional deadlines - and to obtain all the required documents necessary for completing the application process. Technological improvements have made the FAFSA easier to fill out online, and there is also an official mobile app that can be used to apply.