FAFSA, Free Application for Federal Student Aid, opens Oct. 1. Seniors who have applied or are planning on applying to college should apply to FAFSA as soon as possible to determine their eligibility for financial aid. Although FAFSA does not grant money to every applicant, it is still important to apply because most scholarships require that students fill out FAFSA before applying to that scholarship. Additionally, students must fill out FAFSA in order to qualify for any financial aid from colleges or universities.