Dec. 17, 2013
For Immediate Release
CAMPBELLSVILLE, Ky. - Are you, your son or daughter planning to attend college in the fall of 2014? If so, the filing period for the Free Application for Federal Student Aid (FAFSA) opens on Jan. 1, 2014.
State grant funds for Kentucky residents, facilitated through Kentucky Higher Education Assistance Authority (KHEAA), are expected to run out in mid-to-late January 2014, according to Steve Pike, assistant director of financial aid at Campbellsville University.
Pike said the only way students may be considered for state grant funds is to file a FAFSA. The FAFSA is the first step a student can take in preparing a financial plan to fund their higher education.
Pike said, “Our message is that current students and those planning to enroll should file their 2014-2015 FAFSA at www.fafsa.ed.gov by Jan. 15, 2014.
“If you (or your parents) need to file a 2013 income tax return with the IRS and have not done so yet, you can submit your FAFSA now using estimated tax information (W2s or 2012 tax information), and then you must correct that information after you file your return. If you wait much beyond this date, then the chance of losing possible state funds will be very real.”
Pike said, “For our students, it can mean thousands of dollars by the time they graduate.”
The FAFSA consists of a series of financial questions that the student answers about their family. This information is used to determine a student's Expected Family Contribution (EFC), which is the annual amount the government expects the parents and student to contribute toward the student's college education.
The EFC is used to determine a student's eligibility for need-based aid. Need-based aid consists of federal and state grants, federal direct subsidized student loans, federal work-study and some institutional aid. For more information on the FAFSA, visit www.fafsa.ed.gov.
“Each year, we have students who do not file by the priority date and lose out on need-based aid,” Pike said. He said these students generally end up borrowing this money in the form of student loans in order to remain in school.
“We encourage Kentucky residents to file their FAFSA in early January. They may be eligible for free Kentucky state grant funds instead of having to borrow it,” Pike said.
“Remember, to determine eligibility for federal grants, loans, and work-study, as well as Kentucky state grants and some institutional grants, the FAFSA must be filed,” he said..
Campbellsville University is a widely acclaimed Kentucky-based Christian university with more than 3,600 students offering 63 undergraduate options, 17 master's degrees, five postgraduate areas and eight pre-professional programs. The website for complete information is cjpk.net.