If you’re considering going to college—undergraduate or graduate—you’ve probably heard a variety of educators, teachers, administrators, and fellow students discussing the FAFSA, or the Free Application for Federal Student Aid, as though it were the most important form in the world. For many students who have aspirations of climbing the ladder from higher education into lucrative careers in life sciences, financial consulting, or any number of highly specialized fields, the FAFSA may very well be one of the most important documents out there.

So, if you’ve found yourself asking ‘do I really need to fill this thing out,’ the short answer is: if you’re planning on receiving some kind of financial aid for school, then yes. Here is a breakdown of the more specific forms of financial aid the FAFSA makes you eligible for:

Pell Grant—Pell Grants, named after U.S. Senator Claiborne Pell, are sponsored by the Department of Education and covered by federal legislation dating back to the mid sixties. The Pell Grant allocates up to $5,500 for enrollment at over 5,400 educational institutions across the nation. This grant is specifically tailored for students with low EFCs (estimated family contribution).

Stafford Loans—Stafford loans are available to students enrolled in higher education institutions. Available as both subsidized and unsubsidized loans, interest rates for the Stafford awards are currently at 6.80%.

Perkins Loans—Perkins loans are similar to Stafford loans, but are given directly from schools that are Title IV eligible. There is a fixed interest rate of 5% that is sustained over the ten years the recipient has to repay the loan. Graduates can earn a lifetime amount of $60,000 from a Perkins.

Federal Work-Study Program—This is a federal program set up to help students pay for their educations while also earning an income. Students usually work at an on-campus facility, such as a library or dining hall,  and apply their earnings toward tuition costs or other miscellaneous living expenses. This is one of the most common forms of financial assistance in the American educational system and is open to all students in need.

All four of the preceding financial assistance programs require the proper filing of a FAFSA, underscoring the importance of the form. All in total, the FAFSA is your portal to applying for nine federal student-aid programs, over 600 state aid programs, and most other forms of grants, scholarships and institutional aid offered for education.

So in other words, yes, you definitely need to fill out a FAFSA.

Today’s guest article was provided by Amanda Green.