The "Free Application for Federal Student Aid" or "FAFSA," is the form that student borrowers fill out in order to receive federal student aid, including Pell grants, Stafford loans, and Plus loans. In general, schools require students to complete a FAFSA in order to receive any need-based funding. The FAFSA collects information about the student's financial situation and, in most cases, the student's parents' financial situation, and schools can use this information to determine a student's financial need. As the name implies, the FAFSA is free to file.