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Seniors: Have you completed the FAFSA? Use the FAFSA tab to learn more if you need assistance. #ItsWhatWeDo
FAFSA Completion Challenge
FAFSA Completion Challenge
KHEAA is hosting a FAFSA Completion Challenge to encourage the Class of 2021 to complete the FAFSA.
If you have already completed the 2021-2022 FAFSA, you are eligible to register for the chance to win a $500 college scholarship.
If you still need assistance completing the FAFSA, you can attend an upcoming webinar hosted by KHEAA. Participants will be given a thorough line-by-line overview of the FAFSA, and will have the opportunity to meet with a KHEAA Outreach Counselor for one-on-one counseling if needed. The upcoming dates are listed below.
May 13, 2021 @ 7:30 PM EST
May 20, 2021 @ 7:30 PM EST
May 27, 2021 @ 7:30 PM EST
June 3, 2021 @ 7:30 PM EST
June 17, 2021 @ 7:30 PM EST
June 24, 2021 @ 7:30 PM EST
July 1, 2021 @ 7:30 PM EST
July 8, 2021 @ 7:30 PM EST
July 15, 2021 @ 7:30 PM EST
July 22, 2021 @ 7:30 PM EST
July 29, 2021 @ 7:30 PM EST
August 5, 2021 @ 7:30 PM EST
Ms. Sandefur's FAFSA Toolkit
Ms. Sandefur's FAFSA Toolkit
What is the FAFSA?
What is the FAFSA?
The FAFSA is the Free Application for Federal Student Aid. It should be completed during you senior year of high school. As the name implies, the FAFSA is free and it determines your eligibility for aid. By filling out the FAFSA, you may qualify for federal grants, state grants, loans, or work-study. It is not all about low income either, some scholarships may require the FAFSA in order to determine the scholarship amount so it is a good idea to fill it out.The FAFSA opens every year on October 1. It is best to fill it out as early as possible because many grants are on a first come, first served basis.
What do I need to fill out the FAFSA?
What do I need to fill out the FAFSA?
You will need the following items in order to fill out the FAFSA:
Your Social Security Number
You Alien Registration Number (if not a U.S. Citizen)
Federal Income tax returns, W-2's and other records of money earned
Bank statements and records of investments (if applicable)
Records of untaxed income (if applicable)
Your FSA ID
Download the FSA ID Worksheet to use when you make your FSA ID. You can write down all the information that you used to create the FSA ID. Store it in a safe place until you need it again the following year.
Independent vs Dependent
Independent vs Dependent
In order to fill out the FAFSA, you have to know if you are considered an independent student or a dependent student. If you are considered an independent student you do not have to include tax information from a parent or guardian. If you are a dependent student you have to include tax information from a parent or guardian. Answer the following questions to determine dependency:
Will you be 24 or older by January 1 of the school year for which you are applying for financial aid? For example, if you plan to start school in August 2021 for the 2021-2022 school year, will you be 24 by January 1, 2021?
Are you married or separated but not divorced?
Will you be working toward a master's or doctorate degree (such as M.A., M.D., J.D., Ph.D., Ed.D., etc.)?
Do you have children who receive more than half of their support from you?
Do you have dependent (other than children or a spouse) who live with you and receive more than half of their support from you?
Are you currently serving on active duty in the U.S. armed forces for purposes other than training?
Are you a veteran of the U.S. armed forces?At any time since you turned 12, were both of your parents deceased, were you in foster care, or were you a ward or dependent of the court?
Are you an emancipated minor or are you in a legal guardianship determine by a court?
Are you an unaccompanied youth who is homeless or self-supporting and at risk of being homeless?
If you answered yes to ANY of the questions, you are considered independent for FAFSA purposes.
If you answered no to ALL of the questions, you are considered dependent for FAFSA purposes.
What are the different types of aid?
What are the different types of aid?
Once you get your financial award letter from different schools, it can be overwhelming looking at all of the numbers. Often times, many times are aid are used to cover the expenses of attending college.
Scholarships
Scholarships
Scholarships can be awarded for a variety of reasons such a merit based, athletic scholarships, community service scholarships and many more. The important thing to know about scholarships is that they do not need to be paid back.
Need-Based Grants
Need-Based Grants
In order to be eligible for a need-based grant, you must fill out the FAFSA. Eligibility is determined based on need, cost of attendance, and other factors. The most common federal grant is called the Pell Grant. If student is award this type of grant, they can be awarded up to $6,345.
Kentucky also has some state need-based grants. It is best to file the FAFSA early since these are also first come, first served grants. The CAP grant is a state grant and can provide up to $2,000 at a two-year institution or $2,200 at a four year institution.
The Kentucky Tuition Grant can provide up to $3,000 for student that want to attend a private institution.
These grants usually do not need to be paid back.
Federal Work Study
Federal Work Study
You may notice federal work study on your financial aid award letter. This opportunity is also determined by the FAFSA. This opportunity allows you to work part-time through the school while enrolled. This allows you to earn money directly to be used for college expenses. This is like a normal job expect the amount of hours that you can work and earn is determine based on your Federal Work Study award.
Federal Loans
Federal Loans
First of all, loans must be repaid back and there is usually and interest attached. There are a few different types of loans with different options
Direct Subsidized Loans
These types of loans are awarded to students that have demonstrated financial need. There is no interest charged while the student is enrolled in school. You usually have six months after graduation before you start making payments. Interest is at a rate of 2.75%. Your school usually determines how much you can borrow.
Direct Unsubsidized Loans
These loans are available to anyone and there is no requirement to demonstrate financial need. The amount you borrow is also determined by the school and you are responsible for paying back the amount borrowed plus interest. However, interest starts accumulating as soon as the money is disbursed to the school.
Parent PLUS Loan
This loan option allows a parent or legal guardian to take on a loan on the student's behalf. The interest rate is much higher at 4.236% and there is a credit check before the loan is issued.
FAFSA Verification
FAFSA Verification
You may be selected for a random FAFSA verification. It does not mean that you did something wrong. You will not get any financial aid until the verification process is complete.
Check in these places to see if you have been selected for FAFSA verification:
Email you listed on the FAFSA
MyKHEAA account
College/University student account
FAFSA Verification - Google Slides.webmIn this video, Ms. Sandefur describes the process of FAFSA Verification. Watch the video to learn more about FAFSA Verification and how to complete it if you are selected.
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