The Free Application for Federal Student Aid (FAFSA) is a standardized form used by colleges and universities to assess how much financial assistance a student may receive. By filling out the FAFSA, students provide income, asset, and household information that schools and government agencies use to calculate aid packages. Many states and private organizations also use FAFSA data when awarding grants or scholarships, so completing it on time can directly affect the amount of support a student gets.