It refers to the racing car of the famous race, "F1". F of F1 means formula.
A student makes a formula car from scratch. That is the Student Formula.
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Student Formula is an international competition sponsored by the American Society of Automotive Engineers of Japan, such as the American Games and the Japanese Games.
The purpose of this program is to train creative engineers through an environment in which they can learn about the nature and process of manufacturing and experience the rigors, fun and joy of team activities and manufacturing.
It is based on the SAE standard and convention rules, and students compete with the machines they have designed, built, calculated and tested themselves. Young engineers and students these days are expected to have "Improving the ability to find and solve problems on their own" and it is essential for members to demonstrate teamwork and leadership, so students can gain valuable experience through manufacturing.