The very first approach to qualifying for state and federal financial assistance, as well as, college grants and scholarships, is to complete the Free Application for Federal Student Aid (FAFSA) application. It is also the exclusive method of qualifying for and receiving federal student loans.
Every year you continue to attend school, but after the initial year you submit the FAFSA, you must complete a form known as the FAFSA renewal. If you do not, you will not be eligible for financial assistance based on the FAFSA in the following academic session.
[Read More: Lending Money – Your Resource For Everything Finance]
Requirements for FAFSA Renewal
FAFSA renewal application form is needed for every academic session in which you intend to pursue higher education while applying for financial assistance. Students enrolled in professional education, graduate, and undergraduate programs, as well as, several other post-secondary programs need the FAFSA application renewed to become eligible for financial assistance.
Different Between FAFSA Application & FAFSA Renewal
FAFSA renewal is quite similar to the baseline FAFSA application. The largest distinction is that certain information is auto-populated via the original application, this includes, dependence status, address, name, date of birth, etc. Tax and income-related info may not be pre-filled, but, using the IRS retrieval tool, it can be retrieved straight onto the FAFSA form.
If you’ve changed your permanent residence, become married, or enlisted in the army, you’ll want to look through the pre-populated information to determine any required changes.
Closing Date for FAFSA Renewal
Students looking to enrol in college in the academic year 2022 – 2023 should note that the renewal application is open till October 1. The same goes for first-time applicants of the FAFSA form.
However, the last date for filing the FAFSA renewal form 2022 – 2023 is June 30, 2023.
It is critical to complete the FAFSA application as early as possible. Federal student loans do not expire. However, state and university grants, on the other hand, can be used to pay for college. The date you submit your FAFSA might affect your financial aid portfolio by hundreds of dollars.
Top Mistakes to Avoid When Filling Out and Submitting the FAFSA Renewal Application
When submitting your FAFSA renewal application, there are a few critical traps to avoid. Dean Bentley, Financial Aid Engagement Department Executive Director at The College Board, suggests avoiding the following typical FAFSA renewal missteps:
- Failure to Sign and Submit the FAFSA Renewal Form.
It is a typical error when parent and student information is requested but only a single participant is submitting the paperwork or the FSA credentials are lost,” Bentley explains. Both, the student and parent must sign the paperwork using their respective FSA IDs.”
- Failure to Provide Details from all Needed FSA IDs on the FAFSA Renewal Form.
If submitting online, everybody in the house who is needed to provide asset and income information must also complete the new FAFSA.
- Student/ Parent Information Mix-Up.
Read the material thoroughly and enter parental financial data into the parental boxes,” Bentley advises. Most parents assist their children in completing the FAFSA form and may get ‘your’ or ‘you’ mixed up, which refers to the student’s details.”
- Failure to Change the School Names on your FAFSA Renewal when Necessary.
Keep this in mind, particularly if the pupil is moving from a local college to a four-year university to finish their major. They may overlook new potential institutions or rank state schools higher. Always double-check your list of schools before hitting the submit tab.
- Ignoring College and State Financial Aid Closing Dates.
These will appear on the last page when you complete your form. Every college or state grant or scholarship may have a different set of conditions or deadlines. Check the state’s and college’s websites for any deadlines while filling out the FAFSA, in addition to the final screen.
- Failure to Monitor the Progress of their FAFSA Renewal Filing to Confirm that all Stages have been Completed.
After submitting the application form, visit the official FAFSA.gov website and log in with your credentials. Your application is available on the “My FAFSA” tab.
- Failure to Complete Extra Paperwork.
The FAFSA renewal is usually the initial step in requesting financial aid for college. Don’t hesitate to submit any extra forms that the college or state may require. For example, the state does have its scholarship application form that you must complete as well.
- Failure to complete the unique circumstances document.
If your family’s income has changed in the last year, old tax returns may no longer accurately reflect your current financial condition. To describe how your financial position has changed, fill out the unique circumstances form accessible on your college’s financial assistance portal.
Note that in calculating what parents can bear to spend for school without monetary assistance, student and parent assets are treated differently. For example, the anticipated family contribution (EFC) equation calculates that up to 20% of a child’s endowments will be used to support and afford college expenses. As per CollegeData.com, families are projected to spend up to 5.64 percent of their possessions.
- Refusing to Participate in the IRS Data Retrieval Tool Exchange Procedure.
Directly transferring income statistics from the IRS reduces the potential of a renewing FAFSA blunder, which can hold down the FAFSA renewal process or result in the erroneous level of financial assistance being provided.
- Failure to Submit FAFSA Renewal on Time.
Some grants and scholarships are awarded on a first-come-first-served basis. Every day you delay registering may result in you losing out on restricted financial assistance funds. Please submit your application as quickly as practicable.
Successful FAFSA Renewal Cheat Sheet
To guarantee that you update your FAFSA form without making a mess, follow these instructions:
- If necessary, including possible transfer schools.
The FAFSA renewal will reflect your initial school, but not the schools you are contemplating for the following year.
- After entering all of your information, click the submit button.
Do this for each FSA ID. That is necessary.
- Create a new CSS Profile.
Approximately 400 undergrad institutions use this approach to gather financial details. You will only need to fill this out if you are going to an institution that needs it. Whether you completed one for your university, consult with the financial aid department to determine if you need to file another one for the following year.
- Have all of the relevant documentation on hand.
Each applicant must give their Alien Registration Number or Social Security number, investment and bank account records, driver’s licence number, and untaxed income records. Income tax returns are only required if the IRS Data Retrieval Tool is not used.
- Ensure that everyone who is obligated to supply information does so.
Students must always provide details on the FAFSA. Parents of dependent pupils must also provide income statements.
- Make use of the IRS Data Retrieval Portal.
Families can use the tool, which is included inside the FAFSA renewal application, to input information from earlier tax returns straight onto their FAFSA registration with several clicks.
- Wait for the last screen to shut.
. First, double-check that you haven’t been requested to fill out any additional papers, such as those for scholarships or state grants.
Wrapping it up
Completing the FAFSA isn’t something you do once. You must complete it every year or risk losing financial help from the state government, the federal government, or your school. While data from last year’s application is auto-populated, the Education Department does not know if you relocated, joined the military, or got married.
[Read More: Lending Money – Trending Finance Topics]
Examine all of the auto-populated facts. Request that anybody else who is asked to furnish documentation is doing the same. Also, keep in mind that this is only the first move toward qualifying for financial help. Learn out what other grants and scholarships are available for your degree from your region, institution, and department office.