FAFSA stands for Free Application for Federal Student Aid. This form is the single most important financial aid gateway. It asks you questions about the student’s (and, if you are under the age of 24, the student’s parents’) income and savings to estimate how much aid the student needs. Your FAFSA information is used to award federal grants, state grants, and numerous scholarships from colleges, foundations, and companies. Experts recommend all students file a FAFSA, even if you are uncertain whether or not your family will qualify for aid.