Have you heard about the FAFSA grant from your friend and wondering how does fafsa work? This financial aid is given by the US government to students who need money for completing their higher education. The amount you can get depends on the income status of your family as well as the assets possessed. In order to fill the FAFSA form you will need the income tax papers of the previous year. After you submit the form, the government will conduct a research on your family background and income strength to ensure how much you can afford to pay the college expenses including the tuition and college fees, boarding, books etc. In fact, your college may also use the FAFSA information in order to determine the grants, work study programs and scholarships that will be offered to you as a part of the financial package. The printed FAFSA version becomes available from the 2nd week of October and the online version from the 1st of January. The last date for applying for FAFSA is 30th June. If you want you can even submit the form as early as 2nd January in whichever format you want. Usually, the universities and colleges that give the grants prefer to provide on the basis of the first come, first serve. So, to increase your chances of getting the aid, it is suggested that you apply as soon as possible or at least within 1st of March. To know more about how does fafsa work, browse the online websites right away.