Paying for college can be expensive, but financial aid helps.
The FAFSA, or the Free Application for Federal Student Aid, must be filed each year that the student desires to receive financial aid. However, most students can simply fill out the Renewal FAFSA every year after their first year in college.
Function
FAFSA applications help the federal government and individual schools assess each family's financial need. Need-based grants, loans and work-study offers are typically based on the information contained in the FAFSA.
Renewal FAFSA
Students who have filed FAFSA applications previously will receive a notice by email or postal mail in January of the following year with information on fill out a Renewal FAFSA. Much information on the renewal will be filled in from previous years, but it will require updates on income and tax information from the past year.
Time Frame
The FAFSA should be filed as soon as possible after January 1. Most schools request to have it no later than March 1, and sometimes even in mid-February. Filing earlier can have advantages if schools run out of financial aid as the deadline nears.
Taxes
Even if you and your family have not prepared your taxes, you can still fill out the FAFSA with estimates of income and taxes. This allows families to file the FAFSA earlier to receive financial aid.
Warning
Students who fail to file a FAFSA for the following school year may not receive any financial aid, even if they need it to help with the cost of attending college.
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