It is advantageous to reapply for financial aid on a yearly basis, even if you think you may not qualify for aid in a given year. The reasons for reapplying for aid on an annual basis are:

-         Schools are likely to require you to submit yearly financial aid applications.

-         Federal and State Programs are likely to require annual financial aid applications.

-      Many things can change regarding your financial circumstances during a year. By reapplying, you can accurately capture those changes. In some cases, you may end up being eligible for more financial aid.

The following are circumstances that could take place during the year and affect your eligibility for financial aid:

-       Your income could decrease or increase.

-       Your parents’ income could increase or decrease (applicable if you are a dependent).

-       A sibling may begin college, increasing the financial burden for your parents (if you and your sibling are dependents).

-        A family or personal medical emergency could impact your income.

To reapply for financial aid, follow the process at http://www.fafsa.ed.gov/index.htm for filling out the FAFSA (Free Application for Federal Student Aid). Compile supporting documentation, determine your current dependency status, and find the codes for the current schools you are applying to. Be aware of all deadlines for federal, state, and school aid. All these deadlines are independent and can vary widely.

See http://www.finaid.org/calculators/finaidestimate.phtml for a calculator that might give you a close estimate of what you or your family will be expected to contribute if you receive financial aid. The FinAid Web site, at http://www.finaid.org/fafsa/maximize.phtml, also includes legal suggestions for ways to maximize your financial aid eligibility.