The FAFSA (Free Application for Federal Student Aid) is the standard form used by all schools to determine the amount of federal aid a student will receive. The application opens on October 1 each year and closes the following June 30. The FAFSA calculates the EFC (Expected Family Contribution), what the government considers a reasonable amount the family should be able to contribute to the student's educational costs whether or not a parent wants to contribute to their child's education.