EXCERPTED FROM NJMONEYHELP.COM FOR NJ.COM: The FAFSA form, short for Free Application for Federal Student Aid, is the form required by all schools before your student will receive need-based aid and to be offered the Federal Direct Student Stafford loans, said David Slater, co-founder of College Benefits Research Group (CBRG) in Roseland. The form asks specific questions of the college student. For dependent students, the form asks financial questions of the custodial parent. Slater said the government uses a published algorithm to generate each family’s Expected Family Contribution, or EFC, which is based on their income, assets and number of students in college.
