The FAFSA renewal is an application for financial aid for college students offered by the government of the United States. Only continuing students who completed a FAFSA for the previous school year may use the FAFSA renewal. The renewal speeds up the application process since the student is basically confirming information from the previous year. The FAFSA renewal must be submitted by continuing students in order to be considered for financial aid.
The FAFSA was implemented in 1992 after the Higher Education Act was passed. Students were able to submit FAFSA renewals each year thereafter.
The FAFSA renewal is used to speed up the financial aid application process for continuing students. It determines a student's eligibility for Stafford loans, Pell grants and work-study.
Students have until June of each year to submit their FAFSA renewal for the upcoming school year. It is recommended to apply earlier for a higher probability of receiving financial assistance.
Students are only eligible for the FAFSA renewal if they submitted a FAFSA for the previous year. Submitting the FAFSA renewal does not guarantee receiving financial aid.
Completing a FAFSA renewal allows a student to be eligible for government-sponsored financial aid. The renewal saves the student time from resubmitting information the government received from the previous application.