Is it really necessary to fill out a new FAFSA every year?

Many students dread the yearly filing of the Free Application for Federal Student Aid, or FAFSA. For some students, nothing changes from year to year, so the form really becomes more of an annoyance than anything. Other students may simply forget to fill out a new FAFSA, which can result in serious educational funding complications. But in both cases, filling out the FAFSA is not only required in order to be awarded federal aid, it’s also usually quite fast and can be done entirely online.

The United States Department of Education asks for student’s financial information each year in order to re-evaluate a student’s financial need. So even if nothing has changed for a student, filling out the FAFSA is the only way to be processed for loans, grants, work study, or scholarships. For many programs, award money is only disbursed once per year, which means the USDE needs applications in order to determine how much money to budget for that year.

But even if a student thinks that nothing has changed for them financially, they might not be seeing the whole picture. Students who have changed the number of hours they work or their total class load may be eligible for additional federal aid. Additionally, students who have changed their major or concentration, or students at different stages of education may be eligible now for aid that was not available to them previously.

Students who experience the death of a parent may not be thinking about how that relates to the FAFSA, but the fact of the matter is that this information is vital for award determinations. For those students under age 24, financial need is always assessed with the “expected family contribution” in mind- even if there is no direct contribution made. Therefore, when a student loses a parent, it’s vital to update this information on the FAFSA.

Ultimately, students that are well prepared can complete a FAFSA online in a matter of minutes. It’s a small price to pay once each year for the generous amount of aid offered by the federal government.