Do I Have to Redo FAFSA Every Semester?
Navigate the FAFSA process with clarity. Understand the precise timing and requirements for submitting your federal student aid application each year.
The Free Application for Federal Student Aid (FAFSA) helps determine eligibility for various forms of federal student aid, including grants, scholarships, work-study programs, and federal student loans. Many states and individual colleges also rely on FAFSA data to award their own financial aid.
Understanding the FAFSA Submission Cycle
The FAFSA is an annual application, not a semester-by-semester submission. Each submission assesses a student’s financial need for a specific academic year, which runs from July 1 through June 30. This yearly cycle allows for re-evaluation of financial circumstances, as eligibility for aid can change based on updated income, assets, and household information.
The FAFSA becomes available on October 1 each year for the upcoming academic year. While the federal deadline for submission is June 30 of the academic year for which aid is sought, state and institutional deadlines can be much earlier. Submitting the FAFSA as soon as possible after it opens is beneficial, as some financial aid, particularly grants, is awarded on a first-come, first-served basis.
Gathering Information for Annual FAFSA Renewal
Preparing for the annual FAFSA submission involves gathering specific financial and personal documentation. The application requires “prior-prior year” tax information, which allows families to use already-filed tax returns, simplifying the process and enabling earlier submission.
You will need federal tax returns and W-2 forms from the prior-prior year for all contributors, such as the student and parents. The FAFSA will also ask for current cash, savings, and checking account balances as of the day you complete the form. Records of investments, including stocks, bonds, mutual funds, certificates of deposit (CDs), and 529 plans, are required. The net worth of any businesses or investment farms must also be reported.
Untaxed income, which is income not subject to federal income tax, must be reported. This includes child support received, untaxed portions of IRA or pension distributions, and certain veterans’ benefits. Changes in family size, such as the addition or removal of dependents, or changes in dependency status, also need to be updated each year, as these factors influence aid eligibility.
The Annual FAFSA Submission Process
Once all information has been gathered, the annual FAFSA submission is an online process. Log in to the official StudentAid.gov website using your Federal Student Aid (FSA) ID, which serves as your electronic signature. Ensure you select the correct academic year for the FAFSA you intend to complete.
The online platform may pre-fill some personal data from previous submissions, but review all information for accuracy. Enter all updated financial data, including income, assets, and untaxed income, as prepared from your documents. The FAFSA allows for direct data exchange with the IRS, which can automatically import tax information, enhancing accuracy and efficiency.
After entering all required details, review the entire application thoroughly to catch any errors or omissions. Both the student and any required parent or spouse contributors must electronically sign the application. Upon successful submission, you will receive a confirmation page and an email, which includes a confirmation number and preliminary information about your estimated aid eligibility. The Department of Education processes the application, usually within one to three days for online submissions, and sends the information to the schools you listed.