January marks the beginning of the spring semester for many colleges, but for students also represents the time to begin applying for federal student aid.
Submission of the Free Application for Federal Student Aid (FAFSA) begins Jan. 1 of every year and lasts until June 30.
The FAFSA determines who is eligible to receive federal grants, loans and to participate in work-study programs.
For most Murray State students, according to Jennifer Thorn, associate director of Financial Aid, approximately 70 percent of federal aid will come in the form of unsubsidized loans such as the Stafford Loan.
Thorn said most students who apply and complete the FAFSA are eligible for some form of assistance although that would not necessarily be need-based, like the Pell Grant which is awarded to students with low Expected Family Contributions (EFC).
She said those who apply for aid and submit their FAFSA can see results in a week, but it doesn’t mean that the process is necessarily complete once you fill out the FAFSA and submit it.
“If the FAFSA is not filled out correctly or if you’re selected for verification by the federal government, you will have to complete the verification or correct the FAFSA before being able to be awarded any aid,” Thorn said. “The time it takes to confirm the aid you will receive depends on if you filled the FAFSA out right the first time.”
Jason Robertson, senior from St. Louis, Mo., said he currently receives both subsidized and unsubsidized loans from the government.
He said filling out the form last year was pretty straightforward and he only needed help getting his parents’ tax information.
Sean McDonald, a sophomore from Evansville, Ind., said filling out the FAFSA can be a little frustrating, but is worth the effort.
“For what (FAFSA) gets me, it’s worth it,” he said. “My entire college is being paid through financial aid.”
Timeliness in filling out the FAFSA and submitting it is especially important for residents of Kentucky, Illinois and Tennessee because any state-awarded grants distributed by the state government as a result of students’ FAFSAs is done so on a first-come, first-served basis.
The state of Kentucky awards CAP Grants, up to $1900 per year grants, based on if a student is eligible and receiving a federal Pell Grant.
Thorn said Kentucky’s state government usually runs out of money to supply this grant by late January.
In addition to missing out on potential state aid by not filing FAFSAs in a timely manner, waiting to submit your FAFSA by the June 30 deadline may not give Murray State enough time to confirm financial aid.
“Filing the FAFSA before that semester is up, allows us to award and verify the loans,” Thorn said.
“If you don’t apply for the aid until after the semester is up, there’s a chance you will not be able to receive loans until the next semester,” Thorn said.
In addition to sending councilors to high schools in the region to help students file their FAFSA for the first time, she said Murray State will also offer several workshops on campus for Murray State students to participate in throughout the semester.
Story by Ben Manhanke, Assistant News Editor
