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The FAFSA has to be redone and resubmitted every year you're in school, correct?

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It is correct. In most academic, financial aid offices require that you re-apply by completing the FAFSA application every single year. This is because your eligibility for financial aid can differ from year to year. To get more information, visit http://www.fafsaonline.com/fafsa-questions/do-i-have-to-fill-out-the-fafsa-every-school-year.php.

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