The Free Application for Federal Student Aid (FAFSA) is your gateway to federal student loans, the cheapest form of student loans for most borrowers. You must complete this form to receive federal, state, or college money and some scholarships and grants require it as well. The FAFSA asks basic information regarding the borrower's income, dependency status, and savings to determine financial need. It is important to fill this form out as early possible. For more information on the FAFSA, visit www.fafsa.ed.gov.