Early FAFSA and Prior-Prior Year (PPY)
"How will they affect me as a student?"
On September 14, 2015, the US Department of Education announced changes to the way students and families will apply for federal financial aid using the Free Application for Federal Student Aid (FAFSA). These changes affect when a student applies for aid, and which tax-year information is used. The changes are collectively referred to as "Early FAFSA" and "Prior-Prior Year."
Please watch this short video to learn more about how these changes will benefit you and your family.
Also watch the videos below for more information on Early FAFSA and Prior-Prior Year
If you are a FIRST-TIME FAFSA FILER and would like more information about how to file the FAFSA, click here.
If you are a CONTINUING STUDENT or have filed a FAFSA in the past, click here.
In Summary, here are the three main points to remember about Early FAFSA and Prior-Prior Year:
1. Early FAFSA - file the FAFSA earlier. Beginning October 1, 2016, the FAFSA will be available for students to complete in preparation for the 2017-18 Academic Year. This will allow students to apply for financial aid earlier, more in line with the college admissions process.
2. Prior-Prior Year - use your 2015 tax information to complete the FAFSA. Students and families should use prior-prior year tax information to complete the FAFSA. Since that tax information is already available, students will not need to estimate their financial information on the FAFSA, or have to wait until their taxes are complete to file the FAFSA.
3. Use the IRS Data Retrieval Tool. Using the IRS Data Retrieval Tool (DRT) within the FAFSA, which auto populates student and parent tax information, decreases the need for additional documentation, and speeds up the awarding process.
Since almost all families will have completed their 2015 taxes by October 2016, they will not have to wait to complete the FAFSA, and they won't have to use estimated tax information. That means that students and families will receive their financial aid award earlier, so they'll be able to better plan their finances for the upcoming school year.
For more information about Early FAFSA and Prior-Prior Year, please contact the Office of Financial Aid, (214) 333-5363, or firstname.lastname@example.org.
Again this year, the Federal government is offering a number of tax incentives
(some of which were set to go away)
that could help lower the cost of higher education for some families.
Follow the link below to learn about some of these incentives that may be available to you as you prepare your 2016 axes.
Information regarding specific yearly amounts for each Federal Aid program is available in the FINANCIAL AID STUDENT GUIDE, published annually by the US Department of Education.
Click HERE to view that publication online.