When it comes to applying for financial aid, the Free Application for Federal Student Aid (FAFSA) is a must.
But when it comes to filing the FAFSA, should you start a new application or renew an existing one? This can be confusing for many students and parents.
What is the Difference between New or Renewed FAFSA
In this blog post, we’ll discuss the difference between starting a new FAFSA and renewing an existing one so you can make the best decision for your unique situation.
Applying for the first time
If you’re applying for financial aid for college, you may be wondering if you should submit a new or renewed FAFSA.
The Free Application for Federal Student Aid (FAFSA) is the form used to apply for federal student aid.
Here’s a look at the difference between starting a new and renewing a FAFSA.
Starting a New FAFSA
When you start a new FAFSA, you are creating an entirely new application.
This is for students who are either entering college for the first time or returning to college after a gap in attendance.
When starting a new FAFSA, you will need to provide information about yourself, including name, date of birth, Social Security Number, and more.
You will also need to provide information about your parents and other financial information.
Renewing a FAFSA
When renewing a FAFSA, you are updating an existing application.
This is for students who are already attending college and need to continue to receive federal financial aid.
Renewing your FAFSA typically takes less time than starting a new one because some of the basic information such as name, date of birth, and Social Security Number will already be filled in.
However, you will still need to update your financial information and provide other relevant information.
No matter whether you are starting a new or renewing a FAFSA, it’s important to make sure all of your information is up-to-date and accurate.
This will ensure that you get the maximum amount of federal aid for which you are eligible.
Renewing your application
If you’re considering filing for financial aid, you may be wondering if you should renew your FAFSA or start a new application.
Here’s the difference between the two.
Starting a new FAFSA is necessary when certain circumstances have changed, such as if you are transferring schools, if the size of your family has changed, or if you’re pursuing a different degree.
If any of these circumstances apply, you will need to start a brand new application and provide updated information.
In conclusion, renewing your FAFSA is a great way to ensure that your application is up-to-date and that you get all of the benefits you qualify for.
However, if certain circumstances have changed, then you will need to start a new FAFSA application.
What information do you need?
When it comes to filling out the Free Application for Federal Student Aid (FAFSA), there are two options available: renewing an existing application or starting a new one.
Understanding the difference between these two options can help you make sure you’re providing the right information and getting the most out of your FAFSA.
When you renew an existing FAFSA, you’ll need to provide updated information, such as income and tax return information, to ensure that the application is accurate and up-to-date.
Renewing your FAFSA is typically the quickest option, since it will retain any previously entered information and only require you to provide the necessary updates.
If you choose to start a new FAFSA, however, you’ll need to enter all of the required information from scratch.
Starting a new FAFSA is often necessary if you’re applying for a different school year than the one for which you initially applied.
Before beginning either option, be sure to have all of the required documents and information ready, such as your Social Security Number, driver’s license number, income tax returns, bank statements, and more.
Additionally, consider having someone review your application before submitting it to make sure everything is accurate and up-to-date.
Whether you choose to renew or start a new FAFSA, the process of filing for financial aid can be overwhelming.
Don’t hesitate to reach out to a professional who can help guide you through the process and ensure you’re taking advantage of all the resources available.
How to renew your FAFSA
When it comes to financing your college education, the FAFSA is an essential part of the process.
Every year, students must either renew their FAFSA or start a new one in order to receive financial aid.
But what’s the difference between renewing and starting a new FAFSA?
Renewing your FAFSA is fairly straightforward. All you need to do is go to the official FAFSA website and log in with your FSA ID.
You’ll be asked to review your information from the previous year and update any changes.
After that, you’re done. If you need to start a new FAFSA, the process is slightly different.
You’ll still need to use your FSA ID to log in and begin the process, but you’ll need to enter all your personal and financial information from scratch.
This can be time-consuming, but it’s essential for making sure you get the most accurate and up-to-date information.
So when it comes time to file your FAFSA, make sure you know whether you’re renewing or starting a new one.
Doing so will save you time and ensure you get the best financial aid package possible.
FAQ
When it comes to applying for financial aid for college, it can be confusing to understand the difference between renewing an existing FAFSA and starting a new one.
In this FAQ, we’ll explain the difference and how you can determine which option is best for you.
What is the Difference Between Renewed and Starting a New FAFSA?
The Free Application for Federal Student Aid (FAFSA) is the form students must fill out in order to be eligible for federal student aid.
Renewing an existing FAFSA refers to making changes to the information that was submitted previously.
Starting a new FAFSA means creating an entirely new application.
When Should I Renew My FAFSA?
If you’ve already filled out a FAFSA in the past and have not changed your financial situation significantly, then renewing your FAFSA is the simplest and most efficient way to update your information.
You should renew your FAFSA if any of the following apply to you:
– You are returning to school after a break
– Your income or family size has changed
– You want to add or remove a school from your list of schools
– You want to adjust any of your financial aid award amounts
When Should I Start a New FAFSA?
If you’ve never filled out a FAFSA before, then you’ll need to start a new one.
You should also start a new FAFSA if any of the following apply to you:
– You have changed your citizenship status
– You have declared bankruptcy
– You have made more than $10,000 in investments
– You have an unpaid balance on student loans from the previous year
Bottom-Line
Youare starting college after being out of high school for more than three years
Understanding the difference between renewing an existing FAFSA and starting a new one can help you save time and ensure that you are able to get the financial aid you need for college.
If you have any further questions about this topic, don’t hesitate to contact your financial aid office for more information.
