For many families, getting through freshman year of college feels like crossing the finish line. After navigating senior year of high school, college applications, FAFSA forms, award letters, and then move-in day, many think they are finished with financial aid. However, financial aid is an annual process that continues throughout college. That means each year brings a new cycle of forms, deadlines, and award offers. The good news is that once you’ve been through it once, the process is usually smoother and feels much more manageable.
Yes, You Need to Apply for Financial Aid Again
If your student plans to continue receiving federal financial aid, you’ll need to complete the FAFSA each year. Depending on the college, you may also need to complete the CSS Profile or other institutional forms annually.
The good news is that unlike senior year of high school, returning families don’t have to worry about college applications, acceptance letters, and choosing a school. The financial aid component is all that is needed, which should hopefully remove a lot of the pressure many students feel the first time through the financial aid process.
Your Financial Aid Offer May Change
Another common misconception is that the aid package your student receives as a freshman will automatically remain the same throughout college. The truth is, financial aid can differ from year to year, typically due to changes in family income or assets, the number of children in a family attending college, or enrollment status. Adjustments to college policies or institutional aid as well scholarship renewal requirements can also cause aid packages to change.
Sometimes these changes are small, and sometimes they can be more significant. That’s why it’s important to review each year’s award carefully instead of assuming it will look exactly like the year before.
Scholarships Often Have Renewal Requirements
Many merit scholarships are renewable, but they usually come with conditions. It is important to know the requirements ahead of time. For instance, sometimes students need to maintain a certain GPA to be eligible for a scholarship. Other requirements might include, full-time enrollment, remaining in a particular major or program, or completing a certain number of credit hours.
Understanding these requirements can help students stay on track and avoid losing valuable scholarship dollars.
Summer Is the Perfect Time to Prepare
One advantage returning families have is experience. Without the pressure of college applications and admissions decisions, summer can be a great time to get organized before the next financial aid cycle begins. Simple things like confirming FAFSA and College Board login information, organizing tax returns, W-2s, and financial records, and noting scholarship renewal requirements, can all make a difference come fall.
The Process Gets Easier
While financial aid remains an annual responsibility, most families find that sophomore year and beyond are much less overwhelming than the first time around. This time, families know what to expect and understand the terminology and timelines. This experience becomes extremely valuable.
Stay proactive and organized, paying attention to deadlines to ensure your student continues receiving the aid they’re eligible for all the way through graduation.
College Is a Four-Year Journey and So Is Financial Aid
The financial aid process doesn’t end once your student moves into their dorm room. While every year may look a little different, the goal remains the same, and that is to help families make college affordable and keep students on track toward graduation.
More about Jodi and College Financial Aid Advisors
Jodi is a FAFSA financial advisor who helps with the financial aid process to help families of college students maximize their financial aid. From completing the FAFSA and completing the CSS Profile to reviewing the SAR, responding to requests for verification, comparing financial aid offers and understanding student loan options, Jodi is a fantastic resource when it comes to student financial aid. Schedule a 15 Minute Power Chat to learn more about finding ways to pay for college.