The Free Application for Federal Student Aid (FAFSA) is a form filled out by current and future undergraduate and graduate college students in the United States to determine whether they are eligible for student financial aid. Students are required to submit demographic and family financial information, such as a family’s federal income tax returns, bank statements, W-2 forms and information on a family’s investment, to the US Department of Education, as well as up to ten higher education institutions to receive the results of their application after it has been processed.
After completing the FAFSA students are presented with a Student Aid Report (SAR). The SAR demonstrates a student’s potential eligibility for different types of financial aid based on their family’s estimated contribution. This process provides a summary of the data the student provided in the application.