LOUISVILLE, KY (WAVE) - The clock is ticking for Kentucky students who need financial aid for college.
The start date to apply for need-based scholarships and grants is now October 1. The previous start date was January 1.
The Kentucky Lottery made the announcement on Wednesday.
The start date for application submission is very significant because the aid is made available on a first-come, first-served basis.
Students wishing to obtain funds from the Kentucky Lottery must submit the Free Application for Federal Student Aid (FAFSA) form. This includes the need-based scholarship and grant programs administered by the Kentucky Higher Education Assistance Authority (KHEAA) and funded by Kentucky Lottery proceeds.
"The October 1 date is beneficial for students and families in two ways. First, it coincides with the time of year when college applications are due," said Dr. Carl Rollins, KHEAA's Executive Director. "The new date also allows for better timing regarding the tax information you must provide. For the 2017-2018 school year, you will provide your 2015 tax information."
The two need-based programs affected are:
• The College Access Program, or CAP. This program provides up to $1900 annually for undergraduate students to attend eligible public and private colleges and universities, proprietary schools and technical colleges.
• The Kentucky Tuition Grants Program, or KTG. These grants provide up to $3000 annually for aid to help Kentucky residents attend in-state eligible private colleges.