LOUISVILLE, Ky. — Kentucky students are leaving money on the table.
According to state numbers, only 55% of Kentucky's 2021 graduating high school class filled out the FAFSA. This left more than $54 million in Pell Grant money unclaimed.
And this year there are major changes to the annual federal application.
Here are Verify Fast Facts you should know before opening a new application.
SOURCES
- Casi Benedict - The Kentucky Higher Education Assistance Authority (KHEAA)
- Mike Marshall - VP of Enrollment and Communication with Bellarmine University
WHAT WE FOUND
1. The timeline for application and aid is different this year.
In a typical year, the application is open in October with aid packages coming down as early as January. Both our sources say neither will happen.
“This time of year was when we were expecting those aid offers to roll in. You could kind of lay those all out, determine what your out of pocket cost is going to be, and choose where you want to go to college -- that is all delayed," Benedict said.
The good news for families is that it’s also delayed for schools.
“So even if someone has it done today, colleges will not be able to actually access it any earlier than the end of January,” Marshall said.
Instead, the application was made available on Dec. 31, but only in a soft launch period. That lasted for a couple weeks. Now, the application should be fully open.
2. Your financial aid offer is now being calculated using the student aid index.
This change expands eligibility for Kentucky students. According to Benedict, about 60% of Kentucky filers now qualify for a Pell Grant.
“Before it was about 3.7 million students who were eligible for the Pell Grant," Marshall said. "It's now going to be about 5.2 million that will be eligible.”
Kentucky is a first come, first serve state; the faster you fill out the application the more money could be coming your way. Benedict says not to worry, the state will not run out of aid.
“That's not something that KHEAA currently is super concerned with. We think that funding will hold steady,” Benedict said.
3. Contributors need their own FSA ID
Lastly, our sources want to clarify the changes for contributors on your application. Where students would previously start their form and have parents fill in information as they went, parents will need their own financial aid ID.
“It really is essentially multiple forms, depending on the number of contributors you have, that all joined together on the back end, and whoever the final contributor is, who completes their section, they can actually sign and submit the form,” Benedict explains.
If a student lives with a guardian, who did not legally adopt them, they should file as an independent.
Marshall said there is a Contributor Wizard in the application that can help you figure it out. You can also reach out to the KHEAA Counselor in your district to help you.