Do I Need to Submit FAFSA Every Year?
Navigate the annual renewal of your federal student aid application to ensure continued financial support for your studies.
The Free Application for Federal Student Aid (FAFSA) is the primary application for students seeking financial assistance for higher education. It provides access to various forms of aid, including federal, state, and institutional grants, scholarships, work-study programs, and federal student loans. Students must submit the FAFSA annually to continue receiving this support.
Why Annual Submission is Necessary
Annual FAFSA submission is necessary because a student’s financial circumstances can change yearly. Factors like income levels, asset values, and family size can fluctuate, affecting aid eligibility. Dependency status, which determines whose financial information is included, may also change, impacting aid calculations. Financial aid packages are typically awarded for a single academic year, requiring a fresh evaluation of financial need and eligibility. Without annual submission, students risk losing access to crucial funding.
Information Needed for Annual Renewal
Before annual FAFSA submission, gather specific documents and information. This includes your Social Security number and, if applicable, your parents’ Social Security numbers. You will also need federal income tax returns from the “prior-prior year.” W-2 forms, records of earned money, and untaxed income are necessary.
Current cash, savings, and checking account balances are needed. Records of investments (stocks, bonds, real estate) are also required. If applicable, provide details on business and farm assets. Both the student’s and any parent contributors’ Federal Student Aid (FSA) IDs are needed to access and sign the form.
Key Dates and Deadlines
The FAFSA typically becomes available on October 1 for the upcoming academic year. The federal FAFSA deadline is generally June 30 of the academic year, but state and institutional deadlines are often much earlier.
Check specific deadlines for your state and colleges, as these vary significantly. Many states and institutions award aid on a first-come, first-served basis. Submitting the FAFSA early can maximize opportunities for certain aid types, like grants.
Submitting the FAFSA Annually
Submitting the FAFSA in subsequent years is streamlined through a “renewal FAFSA.” This option pre-fills much of the personal information from the previous year’s application. Students log in to the official FAFSA website using their FSA ID.
After logging in, applicants should review pre-filled information for accuracy and make necessary updates. This includes changes to income, assets, family size, and the list of schools to send FAFSA information. Once updated and verified, the form must be electronically signed by the student and any required contributors using their FSA IDs, then submitted. A confirmation and Student Aid Report (SAR) will be provided, summarizing the submitted information.