Final answer:
FSA stands for Free Application for Federal Student Aid, and it helps students determine their eligibility for financial aid such as grants and loans, which can alleviate the financial burden of higher education.
Step-by-step explanation:
The acronym FSA stands for the Free Application for Federal Student Aid. It is a form provided by the United States Department of Education and is intended for students who are planning to attend college or university in the upcoming academic year. Completing the FSA can determine a student's eligibility for various types of financial aid, including grants, work-study programs, and loans.
Participating in the FSA program can be highly beneficial to students because it can significantly reduce the financial burden of higher education. It's important to note that taking out college loans is a serious commitment; borrowers could spend 10 to 25 years repaying this debt. Therefore, understanding and utilizing the FSA wisely is a critical step in managing college expenses effectively.