If you are a college student, then you may be already familiar with what FAFSA is and what it can be in your education. FAFSA, the Free Application Federal Student Aid, is a form required for students who want to be considered for federal financial aid. It is used by colleges to determine who qualifies and is eligible for grants and scholarships, as well as low-interest student loans. This form is completed each year they wish to receive aid for tuition and student expenses.