 And it's not too late for students attending college or a trade school next fall to apply for free money to pay for their education. The Free Application for Federal Student Aid, or FAFSA, is used to award state, federal, and college-based financial aid. Technical issues with the form delayed many from completing it earlier this year. The most recent data shows that FAFSA completion among high school seniors nationwide has dropped nearly 12 percent compared to last year.