How often do you need to apply for a federal student loan?

You need to apply for federal student loans every year through the Free Application for Federal Student Aid (FAFSA®).

After completing the FAFSA, you’ll be covered for one academic year. FAFSA sends you an award letter that has details about how much federal student aid you qualify for apart from grants, scholarships, and even work-study funding. 

FAFSA is only valid for one year and you need to submit a new form annually with updated income, tax, and personal information. 

You’ll need a new FAFSA if your dependency status changes. The United States Department of Education reviews your information each year to decide the funds you are eligible for in the new academic year. 

Your school will disburse your student loans at least once per term – semester, trimester, or quarter depending on your school. First-year undergraduates and first-time borrowers may be subject to a 30-day waiting period before getting funds from the school. The 30-day waiting period helps ensure the student is enrolled in school, makes satisfactory academic progress, and completes the required paperwork and financial aid counseling. The waiting period also helps protect the student from fraud or abuse.