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The video tutorial discussing college info night at Kansas public schools explains the importance of completing the FAFSA (Free Application for Federal Student Aid) to determine Pell Grant and loans eligibility for the school year. The FAFSA is based on parents' 2020 income and provides different types of loans, including subsidized loans with a low interest rate paid by the U.S. Department of Education while the student is in college. Pell Grants do not need to be repaid, making them a favorable option for students.