At this time, parents and students will be working on the completion of the FAFSA (Free Application for Federal Student Aid) so parents need to bring their 2016 Income Tax Documents. The FAFSA helps determine whether students are eligible for federal loans, grants or work-study programs. Many colleges also require it to be on file for their own need-based or merit-based aid packages. According to the U.S. Department of Education, over $150 billion is given to college students annually via the FAFSA. The FAFSA for this year's seniors opened October 1st so it is time to get this completed.