The Free Application for Federal Student Aid (FAFSA) is federal government funding that provides more than $150 billion in financial aid (grants, work-study and loans) for college and career schools. Students must complete the FAFSA to eligible. Many colleges and career schools also use the FAFSA information to award aid. In some instances, schools won't consider students for aid until a FAFSA application has been completed and submitted. Each October, the FAFSA is available for the next school year, and the deadline to complete the application varies in each state.