FAFSA is the Free Application for Federal Student Financial AidThis is the tool used by colleges to determine what type and how much financial aid students will recieve each semester of their college career.
The information is retained in the FAFSA database as long as you remain active in the pursuit of your college education. Although once you have entered the required data, you must open, edit, verify, and sign your FAFSA annually, entering the new tax information for either you or your parents.
The FAFSA information is sent to the colleges that you indicate they should send it to when you are following the FAFSA applications guidelines.
Keep in mind FAFSA will require that you accept and verify information but your financial aid is NOT automatic- you must also accept and verify information with the financial department of the college you do attend.