Final answer:
The Free Application for Federal Student Aid (FAFSA®) must be filled out once every academic year for students seeking financial aid for college. The form determines eligibility for federal and often state and college-specific financial aid, and it's crucial to complete it annually to maintain aid eligibility.
Step-by-step explanation:
The Free Application for Federal Student Aid, better known as FAFSA®, is a form that college students must fill out once every academic year if they are planning on attending school and need financial aid. It is crucial for determining eligibility for federal grants, work-study, and loans. Your FAFSA data is used by colleges to determine your federal aid eligibility, and many states and colleges also use this information to award their aid types. Following submission, you'll receive your Student Aid Report which outlines the types and amounts of aid you can receive. Taking out loans for college is a significant decision, and one could be paying off this debt for a period ranging from ten to twenty-five years. Thus, filling out the FAFSA® form properly each year is an essential step in managing the costs of higher education. Remember that one of the requirements to maintain financial aid eligibility is that you must make satisfactory academic progress throughout your college years.
With the cost of college continuously rising, the FAFSA form serves as the starting point for students to secure their 'place in line' for the available federal financial aid funds. Completing a FAFSA form each year is necessary to potentially receive such aid for the upcoming academic year.