Federal Student Aid is a part of the U.S. Department of Education. It is the largest provider of student financial aid in the nation, providing grants, loans, and work-study funds for college. ALL seniors should complete their FAFSA during the fall of their senior year, even if you don't think you qualify for any financial assistance. The FAFSA is used for some scholarship and school loan eligibility. The FAFSA application process opens October 1st of each year.