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PSAT (also known as National Merit Scholarship Qualifying Test, NMSQT) is a standardized test and the preliminary version  of the SAT, administered by the College Board and cosponsored by the National Merit Scholarship Corporation (NMSC) in the United States. NMSC  is a not-for-profit organization headquartered in the state of Illinois!  PSAT has been administered every fall since 1971.
Higher score on PSAT can qualify for National Merit Scholarships and other awards, which can certainly help fund for college. PSAT is an excellent primer for the SAT and even for the ACT tests. Thus it is much more than just a trial run for the real test preparation. 
PSAT is offered only once a year, meaning that students must plan well ahead for it!  Also it is only offered by the school, it is very important to know when exactly it is given at your school and be sure Not to miss that date!
 
As an educator, I strongly recognize the importance of PSAT Test Series as follow on student’s career.
 
PSAT Tests Series: PSAT 8/9; PSAT-10 & PSAT/NMSQT Prep
 

 PSAT 8/9 Test: Placement Test for 8th Grader for Placement into High School Math Courses for Grades 9-12.

 →PSAT-10: For 10th Grade State Assessment.

 →PSAT/NMSQT Test: Scholarships & Recognition for College Admission. Higher Score on this test can help Connect with Colleges' Student Search Service with College Board.