Anwer these questions and I will be able to give you a more accurate reponse.

OK, with your extra details I can answer your question:

First of all, there is no way to “cancel” your FAFSA once you file it. This means that you cannot simply withdraw your application once it is submitted. What you are looking at is notifying your school that you are no longer attending and be sure that your classes are officially dropped to ensure that no further payments go out to you.

Unfortunately, you are likely to go into repayment for all or a portion of the aid you received. When a student receives a grant and then withdraws before a specific point in the semester, your school must place you into repayment for a prorated portion of the funds, depending on how much of the semester you completed. You will receive a notice from your school after the semester ends that will tell you how much you must repay. You will be given a certain time frame by your school in which you can repay it to the school, but after that deadline it will be sent to collections.

I would advise you to contact your school’s financial aid office right away to inform them of your withdrawal and to get an estimate of how much you might owe back, that way you will be better prepared to repay it before it is sent to collections.

As long as you repay the debt and do not allow it to go to collections, you can still reapply and receive more aid when you do become enrolled again (considering of course that you do not become academically disqualified from receiving federal aid at your school. Each school has their own Academic Progress Policy for receiving aid, so you may want to ask your financial aid counselor if your withdrawals this year are going to negatively effect your academic status for receiving financial aid in the future).

Anyway, if you return to school in the same academic year, you will not have to complete an additional FAFSA.