To qualify for a federal loan, you will need to complete and submit the Free Application for Federal Student Aid, or FAFSA. Borrowers must answer questions about the student's and parent's income and investments, in addition to other relevant matters, such as whether the family has other children in college. Using that information, the FAFSA determines the Expected Family Contribution, which is being rebranded as the Student Aid Index. That figure is used to calculate how much assistance you're eligible to receive.