The Importance Of Submitting The FAFSA Every Year For College Students

When it comes to funding a college education, the Free Application for Federal Student Aid (FAFSA) plays a pivotal role. Many families mistakenly believe that once they’ve submitted the FAFSA for their child’s freshman year, their job is done. However, it is essential to submit the FAFSA every year your child is in college. Here's why.

1. Eligibility for Financial Aid Changes Annually

Financial circumstances can change from year to year. Factors such as a change in income, family size, or a divorce or remarriage can have an impact. By submitting the FAFSA annually, you ensure that your child receives the maximum amount of aid for which they qualify each year.

2. Access to Grants and Scholarships

Many grants and scholarships are not automatically renewable and require yearly reapplication. Submitting the FAFSA annually keeps your child in the running for these sources of funding. The Pell Grant, for instance, is awarded based on financial need, which is reassessed each year.

3. Federal Work-Study Opportunities

The Federal Work-Study program provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. These opportunities are allocated based on FAFSA submissions, and by reapplying each year, students can continue to benefit from these programs.

4. State and Institutional Aid

State governments and individual colleges often use FAFSA data to determine eligibility for their own financial aid programs. Missing the annual FAFSA submission can result in the loss of significant state and institutional grants, scholarships, and low-interest loans.

5. Financial Aid Packages Vary by Year

Colleges review FAFSA submissions yearly to award financial aid. As costs of attendance change or institutional funding policies evolve, so do financial aid packages. By completing the FAFSA each year, your child ensures that they receive the most accurate and beneficial financial aid package available.

6. Student Loan Considerations

Even if you believe your family won’t qualify for need-based aid, submitting the FAFSA is still important. It is required for federal student loans, which often offer better terms than private loans. Plus, some non-need-based aid, like unsubsidized federal student loans, still require a FAFSA.

Submitting the FAFSA every year is a small but crucial step in securing funds for your child’s college education. The benefits far outweigh the time investment, ensuring that your child has access to the maximum available financial aid to support their academic journey. Don't miss out on this vital opportunity—make FAFSA submission an annual family tradition!

By keeping up with your FAFSA submissions every year, you are not just ensuring financial support but also investing in your child's future success.