Final answer:
The FAFSA form is necessary for college students to complete each year to be eligible for financial aid such as scholarships, grants, and loans.
Step-by-step explanation:
To secure different forms of financial aid such as scholarships, grants, work-study programs, and federal loans, college students are required to complete the Free Application for Federal Student Aid (FAFSA) each year they attend college. The FAFSA serves as a centralized application used by the Department of Education to determine a student's eligibility for federal aid and is frequently used by states and individual colleges to evaluate the student's eligibility for their specific financial aid programs as well. It is a critical step in the financial planning of college education as it has the potential to greatly reduce the total cost of postsecondary education through grants, which do not need to be repaid, or through work-study programs and loans with favorable terms. After the submission of the FAFSA, the student receives a Student Aid Report which outlines their eligibility and aids the financial aid offices of colleges in determining aid distribution. If accepted, the aid is applied to the tuition and other fees, with any excess being directed to the student for additional educational expenses. It’s important to note that maintaining eligibility for these financial aid options often requires the student to make satisfactory academic progress.