If you’ve filed the Free Application for Federal Student Aid (FAFSA) before, you know how tedious and time-consuming the process can be. From asking your parent(s) for tax documents they can’t find to double-checking your social security number even though you swear you have it memorized (which is good practice, so kudos to you), no one would want to repeat the process every year.
Lucky for you, you don’t.
The U.S. Department of Education offers a Renewal FAFSA option for students who have submitted their FAFSA the previous year, meaning that your FAFSA will have most of the questions pre-filled with answers you’ve already provided. All you need to do is update any information that has changed from the previous year (income, taxes, etc.).
Here are some tips to have an even faster FAFSA renewal process.
File the FAFSA Early
The FAFSA opens every year on October 1st and the federal deadline is June 30th at 11:59 CT, so mark those dates on your calendar.
We are currently in the 2022-23 FAFSA cycle. The application opened on October 1st, 2021 and the 2022-23 FAFSA is due on June 30th, 2023. You will be submitting your 2020 tax information for this application period.
The FAFSA deadline for states and institutions is different from the June 30th federal deadline, so you’ll have to find this information from your state and your school.
If you file your FAFSA early, you won’t have to go through the trouble of rushing to gather materials, submitting your application on a time crunch, or missing any state or institutional FAFSA deadlines.
More importantly, it’s in your best interest to submit your FAFSA as close as possible to the opening date so that you have better chances of receiving more financial aid.
Gather All the Necessary Documents
Here’s a handy list of all the documents you’ll need when filling out your FAFSA renewal. If you are a dependent student, you will need to input your parent(s)’ financial information. If you are an independent student, you only need to provide your personal financial information.
- Your Social Security Number (never go off memory!)
- Your parent(s)’ Social Security Numbers
- Tax Information
- Tax Returns
- IRS W-2
- Parent(s) tax information
- Family income
- Records of untaxed income. This includes the following (gather only what applies to you):
- Child support
- Veteran benefits
- Information on any financial assets you have. This includes the following (gather only what applies to you):
- Cash in your checking and/or savings account
- Investments like stocks and bonds
- Business assets
- Mortgages
Log In to FAFSA.gov
When you first submitted your FAFSA, you had to create a Federal Student Aid (FSA) ID and password to go along with it.
You’ll need your credentials again when you are logging into your account at FAFSA.gov. Once you’re on the page, click the ‘Returning User’ option and log into your account.
If you’ve forgotten your FSA ID or password, there will be an option for you on the same page.
Once you’ve logged into your account, you will have to create a save key. You’ll need your save key to return to your application without having to log into your FSA account again, so it’s extremely important to remember. Your parents will also need the save key in order to access your application without your FSA ID and password.
Make Sure Pre-Filled Information is Correct
In your account, there will be a FAFSA Renewal option, along with other options to view your Student Aid Report (SAR) from the previous year or add a school to your application.
Click on the FAFSA Renewal option and you’ll be taken to your FAFSA that’s pre-populated with information you inputted from the previous year.
Even if you don’t have to input the information all over again, carefully look over the pre-filled information. Make sure that general information like your phone number, email address, mailing address, and permanent address is correct.
If you’ve moved, be sure to change your listed address. If you changed your phone number, address that accordingly in your FAFSA. If you’re transferring schools, you’ll need to add your new school so your FAFSA information is sent to the correct school.
Import Income Information Through the IRS
If you’ve filed a tax return through the Internal Revenue Service (more commonly known as the IRS) before, you’re even more in luck with streamlining the FAFSA renewal process.
FAFSA offers a tool called the IRS Data Retrieval Tool (DRT), which allows you to simply input your information and have your original IRS tax return information transferred onto your FAFSA.
This is a beneficial tool to use because:
- You don’t have to send copies of your parent(s)’ tax returns to your school.
- It ensures that your FAFSA has the most accurate tax information.
- You don’t have to find your tax return forms (though you should have them on hand somewhere!)
The IRS DRT can only be used if you have filed your tax return for the previous year.
Sign and Submit Your FAFSA Renewal
You’re almost there!
Now that you’ve reviewed and updated all of your information accordingly, it is time to submit your FAFSA Renewal.
Do a quick run-through to ensure that all of the information is accurate.
Before you submit your application, the FAFSA will need an electronic signature from you, which is your FSA ID.
Press the ‘Submit’ button and you are done!
Closing Thoughts From the Nest
Submitting the FAFSA is a quick and easy way to earn financial aid for educational costs that every eligible student should take advantage of.
The FAFSA allows you to access federal student loans, work-study, and grants, which will help you make up the cost of college.
If you’ve submitted the FAFSA before, be sure to take advantage of the FAFSA renewal. You can save precious time and apply without having to fill out the entire application, making it easier for you to submit your application closer to the October 1st opening date.
This way, you also have more time to apply for scholarships and grants, which are basically free money for you to cover your tuition.