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Financial Aid Tip of the Month, January 2013

Wednesday, 01 02, 2013

Tim Ballard
(502) 696-7372
tballard@kheaa.com
http://www.kheaa.com/

High school seniors planning to attend college or technical school this fall should fill out the Free Application for Federal Student Aid, also called the FAFSA, as soon as possible, according to the Kentucky Higher Education Assistance Authority (KHEAA).

The information on the FAFSA determines if students qualify for federal and state grants and for federal student loans. Also, many colleges use the information to award grants and scholarships administered by the school. Therefore, students should submit the FAFSA even if they feel it is unlikely they will qualify for aid.

The FAFSA asks for information about income, assets and expenses. A formula set by Congress determines eligibility for federal and state aid. If the student is considered a dependent under federal guidelines, both the student and parents must provide financial information. Nearly all students going directly to college from high school are considered dependent.

Some student aid programs have limited money and provide funds on a first-come, first-served basis to qualified students, so it is important to submit the FAFSA as soon as possible.

For faster results, KHEAA recommends that students submit the FAFSA online at www.fafsa.gov, although they may also be mailed to the FAFSA processor.

To find links to other useful education websites, go to www.gotocollege.ky.gov. For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602; or call 800-928-8926, ext. 6-7372.

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