The FAFSA is the form students complete to determine if they qualify for federal and state grants and to apply for loans. Students should submit the FAFSA even if they feel it is unlikely they will qualify for aid. Many colleges use information from the FAFSA to determine the distribution of grants and scholarships administered by the school.
The FAFSA asks for information about income, assets and expenses. A formula set by Congress is used to determine the student’s eligibility for federal and state aid. If the student is considered dependent under federal guidelines, both the student and the parents must provide financial information. Nearly all students going directly to college from high school are considered dependent.
Due to the current economic downturn, an increase in college enrollment is anticipated, making it more important than ever to submit the FAFSA as soon as possible after January 1. Some financial aid programs have limited money and provide funds on a first-come, first-served basis to qualified students.
Parents and students who need help filling out the FAFSA should attend the nearest College Goal Sunday location on January 31. Financial aid professionals will go over the FAFSA in detail and answer questions, free of charge. The sessions are sponsored by the Kentucky Association of Student Financial Aid Administrators, in cooperation with the Lumina Foundation and the Kentucky Higher Education Assistance Authority (KHEAA). To find a College Goal Sunday site near you, visit www.kasfaa.com/cgs/default.htm.
For faster feedback, KHEAA recommends that students submit the FAFSA online at www.fafsa.ed.gov, although they may also be mailed to the FAFSA processor.
To learn how to plan and prepare for higher education, visit www.GoHigherKY.org. For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602-0798; or call (800) 928-8926, extension 6-7372.