In most cases, you will need to re-apply for federal student aid each year you are in school. But does that mean completing a new Free Application for Federal Student Aid (FAFSA) per semester or per year? Because your or your family’s financial information can change from year to year, your eligibility for federal or state aid or institutional merit-based aid can change as well. That means you will need to fill out and submit a FAFSA each year so make sure you check when the FAFSA is due because deadlines can change.
FAFSA renewal or start a new FAFSA?
Filling out the FAFSA should be a little easier the second (or third or fourth) time around. While you still need to provide up-to-date financial information, the FAFSA website doesn't make you start from scratch. Instead, it lets you submit a Renewal FAFSA that already includes demographic information—the stuff that isn't likely to change each year. But if any of this information has changed, the Renewal FAFSA gives you the opportunity to update it.
How often do you get FAFSA money?
If your FAFSA qualifies you for federal grants, loans or work-study programs, that money is disbursed directly to your school. With grants or loans, your school will apply that money toward your tuition, fees and (if you live on campus) room and board. Your school will notify you each time money is disbursed to cover expenses, typically twice a year. Any money that is left over will be paid to you to use for other expenses associated with school. You may be able to choose how that money is paid to you: via check, cash, a credit to your bank account or a prepaid debit card.
If you qualify for a work-study program, your school will pay you directly unless you request that money be applied to your student account.
First things first
If you’ve been approved for a grant or loan and have already filled out your FAFSA, you’re probably a pro at this process. If not, get the information to do it right by checking out our Step-by-Step Guide to the FAFSA Questions. Get started by learning all you need to know to get the money you need for school.