A graduation requirement that you need to complete which allows the federal government to award you money in the form of grants and/or loans
FREE MONEY!!!
By filling out scholarship applications you can be awarded money for school that you never need to pay back!
You do not need to do this if the school you are applying to does not ask for it!
Grants are often need-based awards that you do not have to repay - Many are awarded through applying for the FAFSA
Money you borrow to pay for school and have to pay back later for more info, learn How Student Loans Work here
(Student Aid Index from FAFSA)
Compare your award letters with each other to see which school is giving you the best deal financially
Compares your award with what other students just like you have gotten to help you get a better deal