FAFSA

It is the Free Application for Federal Student Aid and is used to determine the Expected Family Contribution (EFC), which determines eligibility for need-based financial aid. The form will ask for student financial information, family size and the number of family members enrolled in college as well as the student's age, marital status and other demographic characteristics that will be used to determine whether the applicant is an independent student or dependent. If a student is dependent, parent information will also be required on the form.

Completing and submitting the FAFSA is free and gives you access to federal student aid to pay for your college, university or career school education. In addition, it can be used to apply for state grants and money from most colleges and universities.

If the student is a dependent student, the application asks for information from both students and parents. However, if the student is an independent student, the application asks for information from the student. Furthermore, if the student is married, information from the student's spouse.

Besides a FAFSA worksheet, school codes and an FSA ID, you need these items: FAFSA checklist.

Grab the worksheet and school codes at www.FAFSA.ed.gov and create your FSA ID at fsaid.ed.gov.

It's easiest to fill out the application online at www.FAFSA.ed.gov because using an online form will yield a more accurate and quicker result. However, paper copies can be requested by calling 1-800-4-FED-AID (1-800-433-3243).

New in 2016, the FAFSA application will now be accepted as early as October 1st of the student's senior year in high school and each subsequent year, it has an 21-month application cycle and can be submitted as late as June 30 of the academic year, or the by the last day of classes if that falls first. You can find school deadlines here.