Everything you need to know about FAFSA renewal

You have a lot going on as a college student — from studying for exams to prepping for big presentations to making new friends. But there's one annual to-do that you don't want to forget: Completing your Free Application for Federal Student Aid (FAFSA) renewal.

The FAFSA determines your eligibility for federal Pell Grants, scholarships, work-study and federal student loans. To ensure you continue to receive the federal aid you need to help cover the cost of school, you must fill out a FAFSA renewal each year.

With a bit of prep work, renewing your FAFSA will be one item you can quickly check off your to-do list.

Why do you need to complete the FAFSA renewal?

It'd be great if the FAFSA were a one-and-done deal. But your financial situation could change from year to year, and your financial aid application needs to reflect those changes. Renewing your FAFSA annually also confirms that you're still enrolled in school and would like to continue to receive aid.

When do you need to complete the FAFSA renewal?

Typically, the window for FAFSA renewal opens on October 1 of the prior year and closes at midnight Central time on June 30 the next year. However, make sure to check studentaid.gov for any updates to key dates or deadlines.

Since schools give out financial aid on a needs-based, first-come, first-served basis, usually the earlier you submit your FAFSA renewal, the better your chance of getting a decent aid package.

How do I complete the FAFSA renewal?

You can renew your FAFSA online, through the Federal Student Aid (FSA) portal. Before you get started, gather the documents you may need to complete the application, such as:

• Your account usernames (FSA IDs) and passwords
• Your Social Security number (or Alien Registration Number)
• Driver's license numbers
• Bank and investment account balances for yourself and your parents
• Records of any other assets or taxed income

Next, log into the portal using your FSA ID and password and update your information for the current year. During the process, you'll be prompted to invite your parents or other contributors to add in their own financial details. Sign the application when finished and submit it.

What happens after I complete the FAFSA renewal process?

Once you submit your FAFSA renewal, your school will review the information and the financial aid office will send you a financial aid offer detailing your aid package.

The amount of financial aid you receive is based on your Student Aid Index (SAI) and the total cost of attendance. You may receive different types of aid, such as grants, which typically don't need to be paid back (except under certain circumstances), and federal student loans, which you do. Please note that being awarded work-study does not guarantee you will qualify for an on or off campus job.

How long it takes you to receive your financial aid offer depends on when you submit the renewal application. Often, schools send out the offers in the spring before the start of the academic year.

Consider your options for borrowing for college

The FAFSA is just the beginning. After you've maximized other financial aid resources like grants, scholarships and federal student loans, private student loans are another option that could help pay for college. With rate discounts and flexible repayment options, find the Citizens student loan that fits your life and budget.^†