Our big tip of the week concerns FAFSA renewal for current college students. Over the last two weeks, I have noticed that many of my clients, who are doing the FAFSA renewal, have not set up their FSA ID. Beginning May 10th, 2015, the FSA ID replaced the FAFSA Pin as the new login and electronic signature that is used by the Department of Education. The FSA ID replaced the pin number that had been used for many years for the FAFSA.
Families may wonder why they need a FSA ID. The FSA ID is the electronic method used by students, and parents to apply for federal student aid, sign the promissory note and access any online federal student aid records. It is not a difficult thing to set up. I have just noticed that many families have started the FAFSA process and then realized they need the FSA ID to use the renewal function. The renewal function copies a majority of last year’s information into the current year form. It is much easier than starting a new FAFSA.
Creating the FSA ID before you start the FAFSA will make the FAFSA submission much easier. Here is the link to setup a new FSA ID. If you have forgotten the information, you can re-establish both the user id and password by having the correct email address.
For any family that might need a refresher, here is our short video. It is 3 minutes long. The FSA ID video will include the timing of the FSA ID, reasons for the change and how it will impact students, parents, and current borrowers.
Setting up your FSA ID first and having your financial information organized, will make completing your FAFSA easier and quicker. If you should have any questions about your FAFSA renewal, please call our office. Our college video library and college blog also has other content that may make the college process clearer.