What is the purpose of a FAFSA Renewal form?

Free College Scholarships from ScholarshipPoints.com

Financial situations change. Maybe one of your parents got a promotion and is able to pay for more of college. Or last summer's internship paid very well, and allows you to contribute quite a bit to your education. Whatever the situation is, the U.S. government requires students to renew the FAFSA every year, if they're interested in applying for federal financial aid and certain scholarships.

Do I need a FAFSA renewal if I'm in grad school?

Absolutely! Regardless if you're interested in federal graduate loans, a loan for law school, or medical school financial aid, you still need to complete the FAFSA.

Do I have to complete the entire FAFSA all over again?

No, you don't. With the renewal FAFSA form, you just need to update your original FAFSA with any new personal or financial information that has come about recently. If nothing has changed, then this will be a very quick process and there's no reason why you shouldn't go ahead with renewing your FAFSA.

Important Changes to the FAFSA Renewal Process

You'll notice when you go to file your FAFSA on the web that there is no renewal option in the drop down box. Don't panic - the Department of Education has changed how renewals are done. Just choose the current year's FAFSA from the menu, and your previous year's information will be automatically carried over into a new FAFSA. You only need to update the parts that have changed from year to year.

Example:

FAFSA renewals

What if I know I won't be approved for federal loans?

Try anyway! The FAFSA calculation is very complicated and it's tricky to know whether or not you'll be eligible for federal loans. In addition, you may be eligible for college scholarships or federal grants from the college/university you attend but they do require the FAFSA be filled out. So, take an hour or two and apply for the FAFSA. You never know!

FAFSA renewal form

More FAFSA Questions and Answers: