In September 2015, President Barack Obama announced a change to the date when students and families can begin to submit a Free Application for Federal Student Aid (FAFSA), as well as a change to which tax year’s information will be collected on the FAFSA. Beginning with the 2017-2018 financial aid application cycle, the FAFSA will be available on Oct. 1, 2016, instead of Jan. 1, 2017. Additionally, income information from one year earlier, known as “prior-prior year” (PPY), will be collected on the FAFSA.
What this means:
- Earlier filing date – With the FAFSA currently available starting in January, it can be difficult for students and their families to prepare and file their income tax return that early. Under the new PPY system, the 2017-2018 FAFSA will be available on Oct. 1, 2016 rather than Jan. 1, 2017, giving students and their families more time to prepare.
- Easier submission process – The IRS Data Retrieval Tool (DRT) now allows automatic population of a student’s FAFSA with tax return data, which decreases the need for additional documentation. It can be used by millions more students and families under PPY, since tax data from two years’ prior will be readily available upon application.
- Earlier notification of financial aid packages – Now that students can apply for aid earlier, OLLU can provide financial aid notifications to students earlier, ensuring that students and their families have more time to prepare for education costs, and provide additional time for OLLU to offer beneficial financial aid counseling.
More information will be available in the coming months.
Students are encouraged to visit the Financial Aid Office and speak with a counselor if they have any questions.