The FAFSA for the 2016–2017 school year became available January 1. True or false? The FAFSA is only for need-based financial aid.
Answer: False. The FAFSA is not only for need-based financial aid. In fact, many schools require that the FAFSA be filed to qualify for their merit scholarships and athletic scholarships, and not filing can eliminate the opportunity to receive free merit-based aid. Please note: Filing the FAFSA is free!