Pell Grants - Work Study and Loans

Perhaps one of the only downfalls, from a student’s perspective, of the Federal Student Aid Program, is the need to reapply each year.

Filling out and submitting the Free Application For Federal Student Aid (FAFSA) is not exactly the easiest task. However, students who want to earn federal Pell grants, work-study, and loans are required to submit a renewal application annually. The application can be filed for the following school year anytime on or after Jan. 1.

The good news is the United States Department of Education hosts an online application that makes this process a lot easier. To utilize the application, the student must first apply for a federal personal identification number (PIN). The PIN can be delivered via e-mail or postal mail. Either way it takes approximately five to 14 days to receive the number.

Renewal FAFSAs accessed online feature pre-filled fields such as name, address, social security numbers and so on. This feature saves the student time and hassle.

Not only is it important to reapply for federal student aid each year, it is equally important to submit the application as early in January as possible. By submitting early, the student increases his or odds of retaining state and Pell grants offered through the government.

Additionally, financial aid experts recommend filling out a FAFSA in January even if the appropriate tax information is not available for that individual. The student can estimate taxes and provide a actual tax numbers at a later date.

Students with private school loans may also need to reapply for aid on an annual basis. This is determined by the private lender’s guidelines. Typically, however, private loans and private labels also boast online applications, such as iStudentloan.com, for the ease of the consumer.

Lastly, even certain scholarships require a small amount of maintenance on a yearly basis. Students who have one or more scholarships should check with the provider to ensure there are no outstanding requirements to receive the funds.

To read more about private student loans start at our student loan home page