The FAFSA is is the only way to apply for federal student aid. The FAFSA information will be used to evaluate your financial need and determine how much federal aid you are eligible to receive to apply towards your education. Each January, the FAFSA is available for the upcoming school year. It is best to fill it out as early as you can because some aid is first come, first served. For more information and eligibility requirements for FAFSA, visit fafsa.gov.