Continuing your journey at the University of Louisville (UofL) each year means renewing your financial aid. It's a crucial step to ensure uninterrupted support and access to various funding options. Whether you're renewing your FAFSA for the first time or a seasoned applicant, our guide simplifies the process.
Why Renew Your Financial Aid?
Renewing your financial aid is essential to maintaining eligibility for various financial aid programs, including federal loans. Each academic year brings new opportunities and potential changes in your financial aid package. For returning students, submitting a new FAFSA form is a yearly requirement.
New UofL students:Learn how to apply for FAFSA for the first time.
Returning students: Submit a new FAFSA form each year by following the steps below.
How to Renew FAFSA
UofL FAFSA ID #: 001999
Renewing your FAFSA is a straightforward process that ensures your continued access to financial aid. Let’s walk through the key steps:
1. Gather Required Documents
Before starting your FAFSA renewal, gather necessary documents, like your or your family’s tax returns, W-2 forms and other financial records. Alternatively, you can use the IRS Data Retrieval Tool to import your tax information directly, simplifying the process.
2. Log in With Your FSA ID
Log into studentaid.gov and access the FAFSA form with your FSA ID. Find your FSA ID or reset your password here.
3. Verify and Update Info Before Submitting FAFSA
Once logged in, carefully verify all pre-filled information on your FAFSA form. Update any details that have changed since your last application, such as your financial situation, dependency status, marital status or contact information. Accuracy here is crucial, as even small changes can affect your financial aid eligibility.
4. Complete U-Link To-Do List to Complete Financial Aid File
If you have any further aid, such as outside scholarships or tuition reimbursement from your employer, ensure you report these aid sources and complete other steps found on ULink to finalize your University of Louisville financial aid file. This ensures that you are evaluated for other institutional awards and scholarships.
Learn more about completing your financial aid file.
5. Come Back Each Year
Make a note to renew your FAFSA each year as soon as the form becomes available. Timely renewal is key to ensuring you receive the maximum amount of aid for which you are eligible.
FAFSA Renewal Deadlines
You should begin the renewal process as soon as FAFSA opens each year. Delayed submissions can impact the aid you receive. Expect your renewed financial aid offer some weeks after UofL receives your FAFSA data.
We encourage deposits by May 1, 2024. Contact us with any questions. We want your family to have time to consider all financial aid options before deciding.
Review important financial aid dates and deadlines.
Common Questions About FAFSA Renewal
Do you have to renew financial aid every semester?
No, financial aid renewal through FAFSA happens once a year, covering the fall, spring and summer semesters of the year to which you are applying. However, staying informed about any changes in your financial or academic status in between FAFSA renewals is critical.
How do I renew my FAFSA?
Renewing your FAFSA involves logging in with your FSA ID, updating any changed information and submitting the form. It’s a process similar to your initial application but faster since much of your information is pre-filled.
What changes may affect my financial aid eligibility?
Changes affecting your financial aid eligibility include variations in income, shifts in enrollment status, academic performance, alterations in family circumstances and receiving additional financial aid. It's crucial to inform the Student Financial Aid Office about any significant changes.
What happens if I do not renew my FAFSA?
Failing to renew your FAFSA can lead to a loss of eligibility for various forms of financial aid, like grants, loans and work-study programs. Nonrenewal may result in reduced financial aid or ineligibility for certain scholarships and work-study opportunities for the upcoming academic year.
Can my parent or guardian renew my FAFSA for me?
Your parent or guardian can assist in renewing your FAFSA, but your consent and collaboration are essential. It’s ultimately your responsibility as the student to ensure the answers to the questions on the form accurately reflect any changes in financial or academic circumstances. Note that parents and guardians must use their own FSA ID for the FAFSA renewal process.
Contact the Financial Aid Office
The Student Financial Aid Office is not only a resource but also a partner in your educational journey.
If you have questions about renewing your FAFSA, understanding changes in your financial aid package or anything else related to financial aid, don’t hesitate to reach out to us.
Renewing FAFSA and Financial Aid at UofL
Successfully renewing your FAFSA and financial aid is vital to your academic journey at the University of Louisville. By following these steps and staying informed about deadlines and requirements, you are taking an active role in managing your educational finances.