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PLUS Â· Consolidation Loans. Private student loans. The Free Application for Federal Student Aid (known as the FAFSA) is a form that can be prepared annually by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.
The FAFSA is not actually a test. FAFSA stands for Free Application for Federal Student Aid. It is an application you fill out to find out how much financial aid you are eligi â¦ ble for for college. You and/or your parents/guardians will need to fill out taxes first. While the application does have a lot of questions, you will know all the answers.