Presentation is loading. Please wait.

Presentation is loading. Please wait.

Prior-Prior Year/Early Submission FAFSA

Similar presentations


Presentation on theme: "Prior-Prior Year/Early Submission FAFSA"— Presentation transcript:

1 Prior-Prior Year/Early Submission FAFSA
OASFAA Outreach Committee

2 What is “Prior-Prior Year”?
President Obama announced the use of prior-prior year income data on the FAFSA beginning with the award year. This is NOT a pilot program. Two Components Prior-Prior Year FAFSA is the use of tax information from two years ago (i.e. “prior- prior”) as opposed to the current operating procedure of prior year tax information. Students will now be able to submit a FAFSA as early as October 1st the year prior to actual enrollment (previously Jan 1st of the same year).

3

4 Rationale for PPY/Early Submission FAFSA
White House Press Release, September 13, 2015: “Learning about aid eligibility options much earlier in the college application and decision process will allow students and families to determine the true cost of attending college – taking available financial aid into account – and make more informed decisions.” When announced, the emphasis on learning about aid eligibility, i.e. viewing award information, earlier in the process led many schools to review their awarding timeline to support the White House goals for PPY/Early Submission FAFSA.

5 Recent Letter from Department of Education to College Presidents
Ted Mitchell, Undersecretary of Education, August 8, 2016: “…in order to provide your prospective students and their families more time to explore their postsecondary education options as well as to preserve the ability for those students to receive institutional and campus-based aid, I ask you not to move any priority financial aid deadlines earlier than your deadlines for recent years.” More recently there has been concern expressed about moving up priority deadlines. Students that miss priority deadlines often miss out on potential financial aid. This quote continues: “Moving institutional aid deadlines earlier could put undue pressure on high school seniors to rush through the financial aid and college admissions process, counteracting one of the main benefits of an early FAFSA – ore time to explore and apply to schools.” Secretary Mitchell further states: “Early priority aid deadlines most negatively impact students from low-income backgrounds and first-generation students who often have the least amount of information and support through the college financial aid and admission application processes.”

6 What Are Ohio Schools Doing?
Some Ohio Schools have moved up their priority deadline. Some FAFSA Priority Deadline dates reported by Ohio Schools: 12/1/ /15/ /1/ /15/2017 3/1/ /15/ /1/ /1/2017 Some schools did not change their FAFSA priority deadline. Some schools eliminated their FAFSA priority deadline. Will be awarding on a rolling basis moving forward.

7 What Are Ohio Schools Doing?
Our FAFSA Priority Deadline Survey is out. You can download a copy of it at on the Counselor’s page under “Counselor Resources.” We have copies at our OASFAA resource table at the college fair after lunch. The most important thing for counseling is do not assume you know the FAFSA Priority Deadline for any school based on previous years’ experience.

8 FAFSA Priority Deadlines
In Summary PPY/Early FAFSA is here and not going away. There is a concern that students and families may miss deadlines this year. Families with older students that are used to the previous timeline. Students without family support. It is crucial that students and families do not miss deadlines! Everyone in this room, we, the greater we of the Ohio Higher Education and counseling community, we have to execute in the next several months to ensure that all students meet their institution’s deadline. FAFSA Priority Deadlines

9 What brought on these changes?
NASFAA, along with higher education institutions and policy groups, have long advocated for PPY Use of IRS Data Retrieval Potential to reduce/shift administrative burden Need for earlier information on college costs and financial aid for families Over time, most Pell recipients did not see significant changes in their award

10 Why do some schools need/want to have earlier Priority Deadline?
Many schools require the FAFSAs of their class to be into their system before awarding Assessing “need” of class In contrast to estimated awarding based on historical and trend analysis. System requirements To have as much “known” information, i.e. the EFC before awarding. Unknowns include Federal and State Aid program amounts, as well as the COA at the institution.

11 Campus Perspectives – Compare and Contrast Awarding Timeline Philosophy
Things to consider… Is first last, or last first? First award letter out wins, or is it the last one out wins? Communication plan and timeline. How long can you hold the attention of an 18 year old who has senioritis? Flying blind? Who are you competing against? Will you really know when “it’s over”?

12 Why is this good for students/families?
Alignment of admission and financial aid processes Use of the data retrieval tool (DRT) when FAFSA filed No longer have to estimate non-filed taxes Availability of initial award information earlier Improve the accuracy of initial financial aid award packages Reduce the number of students who are selected for verification Use of PPY will give students and families information on college costs and financial aid sooner so that they can make a more informed decision on what school to attend (if schools award earlier!).

13 What does this mean for financial aid offices?
Accelerated processing timeline Possibility of estimated awards FAFSA data pushed to schools by mid-October 2016 by ED Increase in contacts from student and families Increase in special circumstances applications/appeals Conflicting information issues for 1st year

14 Other Considerations and Questions
Determination of tuition and other costs– some schools are changing when they set costs, some are not. Counseling on costs means you must know if estimated or actual costs. Software vendors – will they be ready? Will there be an impact on the number of early admission applications? Early Decision varies by school as to whether Early FAFSA is required. What will happen between November and May 1 for early filers? Will revisions increase due to changes in financial circumstances and/or cost?

15 In Summary Should students meet FAFSA priority deadlines?
Yes!  Students that miss deadlines may miss out on financial aid. Should students still file a FAFSA if they decide to apply to a school AFTER their priority deadline? Yes.  Schools will vary in how they approach this situation.  Do students have other deadlines before listed FAFSA priority deadlines? Maybe (and likely yes).  Admissions, transcript and other deadlines may be earlier than the FAFSA priority deadline.

16 Requesting a presenter for High School Paying for College Nights
The OASFAA Outreach Committee can help facilitate your school's Financial Aid Night by helping to connect you with local financial aid professionals willing to present at your school. Request a presenter: (counselors page) Remind counselors that if they have traditionally held their paying for college nights in December and January, that this will be past the priority deadlines of many Ohio schools.

17 College Goal Sunday – News!
New Name: FAFSAhelpOH Contains calendar of FAFSA Completion Workshops around Ohio. High Schools are welcome to submit if they are willing for their event to be open to the public. Resources will be loaded closer to October 1st.

18 OASFAA Breakout Session today
More details on FAFSAhelpOH FSA ID: Tips and Problem Solving PPY/Early Submission FAFSA updates for School Counselors Common FAFSA situations we expect school and access counselors to encounter Refresher on common financial aid situations that will occur more often during the senior year of high school that you may get questions about.


Download ppt "Prior-Prior Year/Early Submission FAFSA"

Similar presentations


Ads by Google