by Kristen Kuhcar More than $120 billion in federal aid is given out each year to help families pay for college. Your only shot at a piece of that pie is by filling out the FAFSA — the Free Application for Federal Student Aid. Each October, the application opens up, and anxiety from college-bound students and their parents ensues. After all, the form has a reputation for being long, confusing and, frankly, disappointing.