You will need to apply for student financial aid each year. This is necessary to be able to calculate changes to income and status. You may be eligible for more assistance than the previous year and not even know it. You may qualify for less. New scholarships and grants may be available that were not available in previous years. In any case, if you do not submit a new application every year, your financing will end. The Free Application for Federal Student Aid (FAFSA) is the form used to apply for the Pell Grant and other forms of financial aid such as the Stafford Loan and Perkins Loan. This form must be completed annually. Filling it out incorrectly or omitting information will result in your application being rejected. When filling out the FAFSA, the person the form refers to is the person requesting financial aid. Sometimes parents have mistakenly filled out the form thinking that the I and You referred to them. This is the student to whom the form refers. It is always best to obtain all the necessary forms before completing the application. You will have everything at your fingertips or easy to access. This saves time and avoids costly omissions. There are many times when the requester doesn't have the information at that time and thinks they will go back and fill it in later. What usually happens is that the applicant forgets and the FAFSA is rejected. Don't let this happen to you. These are the things you will need to fill out the FAFSA.1) Your Social Security card2) Your driver's license or state-issued identification3) Your previous year's tax return (if you are an applicant independent )4) Your parents' tax returns (if your dependent status)5) Bank statements6) Tax-exempt income information (Social Security information-time...... half of the document.. ....balance ning they can choose to deposit this money into your school account or receive it directly. It is their choice. The PLUS loan is charged interest from the time the loan funds are dispersed until the debt is paid in full. At the time of this writing. article, the interest rate for the 2007-2008 school year is 8.02%. There is a fee associated with disbursing these loans. This fee is charged every time the money is distributed can be up to 4% of the loan e is paid whenever loan payments are missed. Penalties may apply for late loan payments. Payments for PLUS loans begin approximately two months after your last funds payment. These loans must be repaid while you are still in school. There are no extensions with this type of loan.