Financial aid is one of the major concerns of students in the country. Monetary problems keeps a lot of students away from getting a college degree but it need not be this way. There are a number of ways to get grants and scholarships that are specifically designed for students. Getting an aid is the best way to fund your education as you do not have to worry about repaying the money that you receive. In order to apply for these you will need to know about (Free Application for Federal Student Aid) or FAFSA. FAFSA is an invaluable tool that helps one to determine eligibility and enables one to go to college and get an education.

FAFSA is a form that is required to be filled out by the students and the parents while applying for federal financial aid such as grants, student loans, scholarships and work-study programs. It determines a student's ability for different grant programs. The schools, states and private lending institutions also take the help of this form to determine a student's eligibility for aid.

Every year, the Department of Education of the country issues a new FAFSA for the forthcoming academic year. You can either take a printed copy of the form from your school or use an online version. If you use the online form you will be required to have a Personal Identification Number (PIN). You will need to apply for this number and your name date of birth; social security number and address will be required while applying for it. After you have got your PIN you can include it in the form and submit it online or send it through mail.

While the online version of FAFSA can be got from 1 January, the printed form is available in the second week of the month of October. The last date for the submission of the form is June 30 but you may submit it much earlier, even in the month of January itself. Many educational institutions provide financial aid on the basis of first come first serve. Therefore to improve your chances you can submit the forms as early as possible.

FAFSA requires you to answer 102 questions that are divided into six sections. These are questions amount your academic, personal and financial details. Also your dependency status, colleges that you want to get your FAFSA results and also your identification number. The last two years of your income tax returns will also be required to fill out the form.

After you submit the FAFSA it will be examine thoroughly and a Student Aid Report (SAR) will be sent to you. This comprises a summary of the financial aid information hat you had provided and also the EFC (Expected Family Contribution). The names of the colleges that are enlisted in the FAFSA will also get the SAR. These colleges will require you to submit financial details when you seek admission there. Your eligibility for aid will then be calculated and you will be notified about the aid that the colleges can provide you.