President Obama announced on September 14, 2015, that the Free Application for Federal Student Aid (FAFSA) will switch from prior-year to prior-prior-year income and tax data. The change will take effect with the 2017-2018 FAFSA.
Instead of waiting until you and/or your parents have completed your tax returns for the previous year, you will be able to complete the Free Application for Federal Student Aid, or the FAFSA, using information from two years prior.
Please watch the quick video below to learn more about how you'll benefit from this new move to using prior-prior year income data.
File the FAFSA earlier. The FAFSA is made available January 1 of each calendar year, yet it is uncommon for a family or individual to be prepared to file an income tax return in the month of January. Under the new PPY system, the 2017-18 FAFSA will be available in October 2016, rather than January 1, 2017, and students can use the PPY’s (2015) completed income tax return. Baylor's priority deadline for receipt of the FAFSA is February 1 each year.
More easily submit a FAFSA. The IRS Data Retrieval Tool (DRT), which allows automatic population of a student’s FAFSA with tax return data and decreases the need for additional documentation, can be used by millions more students and families under PPY, since tax data from two-years prior would be readily available upon application.