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PLUS Â· Consolidation Loans. Private student loans. The Free Application for Federal Student Aid (known as the FAFSA) is a form that can be prepared annually by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.
FAFSA stands for the Free Application for Federal Student Aid. The FAFSA is the initial step necessary to apply for financial aid, which includes federal and state grants, federal student loans, federal work-study and consideration for some scholarships.