Beech Tree News Network

If you have gone to college or have had a child go, chances are you’ve filled out the Free Application for Federal Student Aid, better known as FAFSA. Changes to this form announced by the Obama administration in 2015 are about to go into effect for the 2017-2018 school year.

One of the biggest changes to the application is how soon you can fill it out. You can submit the form for the 2017-2018 school year beginning Oct. 1, 2016. This is sooner than in previous years. With the filing deadline remaining June 30, 2017, it will give you more time to fill out the form, explore your financial aid options and meet state and school deadlines for aid. Remember, Kentucky is a first-come, first-served state when it comes to financial aid awards. You’ll want to get your FAFSA in as soon as possible if you plan on receiving state aid. Once the money is gone, no other awards will be given.

You now will submit older tax data to the FAFSA. In previous years, college-bound students and their families have had to estimate their income on the FAFSA and update it once they file their taxes. This change does away with the estimation and updating. For the 2017-2018 year, you will submit your 2015 income and taxes. Since these taxes have already been filed, you may be able to use the IRS Data Retrieval Tool to automatically place your 2015 tax information into your FAFSA.

The Kentucky Higher Education Assistance Authority has great information for college-bound individuals and links to useful tools like the FAFSA4caster, which can give you an estimate of your net cost for college now. Visit their website https://www.kheaa.com/website/kheaa/home for more information.

Extension offices often offer financial education programs for people of all ages. To find one near you, or for more information, contact the Butler County Extension Office at 270-526-3767.

    Educational programs of Kentucky Cooperative Extension serve all people regardless of economic or social status and will not discriminate on the basis of race, color, ethnic origin, national origin, creed, religion, political belief, sex, sexual orientation, gender identity, gender expression, pregnancy, marital status, genetic information, age, veteran status, or physical or mental disability.

By: Tracy M. Cowles, Extension Agent for Family and Consumer Sciences
Source: Jennifer Hunter, Extension Specialist for Family Financial Management