Students to be given extra time to complete financial aid applic - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Students to be given extra time to complete financial aid application

CAPE GIRARDEAU, MO (KFVS) -

In the past, students had to wait until January first to fill out the form, that's because they needed their parent's tax information.

Starting in 2016, students can fill the form out in October, and use the previous year's information.

For example, students applying for the 2016-2017 school year will use their parents 2015 tax returns, sent out in January. Starting for the 2017-2018, students can apply starting in October and use their parents 2015 tax return again.

Thus, using the tax return from the previous year on out.

The Obama administration used an executive order to make the change.

That's after criticism that the old rules slowed down the process and made it harder for students to plan how much money they would need after grants and scholarships were given out.

Under the new rule, students get four months extra planning time.

Julian Sanders is a junior at Southeast Missouri State University. He said the new rules will make it much easier for students and their parents.

"For students it will actually do a lot because it's timely meaning we don't have to struggle for each fiscal year for financial aid," Sanders said. "We don't have to struggle to get paperwork and things like that, but at the same time we know that we don't have to think about the extra pressure while we attend classes."

One Southeast counselor said the U.S Department of Education is still working out the details for this change.

The new rule is expected to go into effect for the 2016-2017 school year.

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