FAFSA Prior-Prior Year (PPY): What does it mean?

What is PPY? Starting October 1, 2016, the 2017-18 FAFSA will be available and require 2015 tax information. Instead of waiting for the parent/student to complete tax returns for the previous year, the FAFSA will now use information from TWO years prior. ***Highly important for HS students who are Juniors now*** PPY Video

College Year of Attendance Timeframe to Submit FAFSA How does PPY work? College Year of Attendance FAFSA Year Timeframe to Submit FAFSA Tax Year Used on FAFSA July 1, 2015 to June 30, 2016 2015-2016 January 1, 2015 to June 30, 2016 2014 July 1, 2016 to June 30, 2017 2016-2017 January 1, 2016 to June 30, 2017 2015 July 1, 2017 to June 30, 2018 2017-2018 October 1, 2016 to June 30, 2018 July 1, 2018 to June 30, 2019 2018-2019 October 1, 2017 to June 30, 2019 2016

Prior-Prior Year (PPY) Pros of PPY Prior Year (PY) Prior-Prior Year (PPY) Available Spring Semester: January 1st Available Fall Semester: October 1st Only allows tax info for prior year Allows tax info from two years prior File FAFSA & must make corrections to data once taxes are officially filed Taxes already filed & can likely use IRS Data Retrieval Tool Incorrectly aligned with college application calendar Better aligned with college application calendar Difficult to meet priority filing deadlines, which must be met to qualify for some forms of financial aid Removes conflicts with priority filing deadlines, which must be met to qualify for some forms of financial aid Financial aid info available nearing college decision deadline dates Financial aid info available further in advance of college decision deadlines Forced more stressful, less-informed college and financial aid decisions Allows for more at-ease, informed college and financial aid decisions

Challenges of PPY If the PPY tax information no longer reflects a student or parent’s financial situations, a Professional Judgment may be allowed by the school. Verification information might be significantly different. Federal Grant amounts will not be available this early. MN Grant amounts will not be available this early.

How is MN Association of Financial Aid Administrators (MAFAA) involved? As financial aid professionals we are here to answer any and all questions that may come up about this new FAFSA process. Coordinating with the MAFAA Outreach Committee, and its partner MN College Goal, will give you access to financial aid professionals throughout the state of MN to help with this transition.

Please contact us Email: mafaaoutreach@gmail.com Website: http://www.mafaa.org/public/public.php Facebook: https://www.facebook.com/MafaaMN/?fref=ts Twitter Handle: mafaaMN https://twitter.com/mafaaMN

Thank you!