Filling out the Free Application for Federal Student Aid, or FAFSA, is one of the most important steps students and their families can take to pay for college. In recent years, some states have even made completing the FAFSA a high school graduation requirement.

The U.S. Department of Education awards more than $122.4 billion in federal grants, loans and work-study funds, according to the most recent Federal Student Aid annual report. The agency reports that federal funds assist nearly 13 million students in completing their education.

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