DIVISION OF FINANCIAL AID FEDERAL AID UPDATE - FAFSA Changes & More! - FAFSA Changes & More
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DIVISION OF FINANCIAL AID
FEDERAL AID UPDATE
FAFSA Changes
& More!
1
FAFSA CHANGES
FAFSA opens earlier – October 1st
Earlier tax info required – 2015 taxes
Promotions on @FAFSA – Federal Student Aid Twitter
2
BENEFITS OF FAFSA CHANGES
Alignment
• FAFSA availability closer to college application
deadlines
Better accuracy
• Majority of taxes already complete
• IRS Data Retrieval Tool available immediately
Less Stress
• Increased opportunity to meet filing deadlines
• Time for comparison of cost vs. aid at schools
3
CONFUSED ABOUT WHAT SIDE YOUR ON?
Confusion about how
this is a good thing
or is it a bad thing?
What does early
FAFSA mean for
students & financial
aid?
4
THE GOOD
Families can file earlier, and many can use the IRS
Data Retrieval Tool (DRT).
Families get earlier knowledge of their EFC
(Expected Family Contribution).
Get information earlier, so they can begin work with
students on verification & corrections.
5
THE BAD
Family situations & income may be different than
when 2015 taxes were filed.
Some colleges won’t be able to provide award offers
until close to normal time.
6
CHALLENGES FACED BY DFA
• Establishing & getting approval on next year’s
costs and budgets earlier than in past
• Ensuring financial aid processing systems are
updated and ready for use.
• Stretches resources on system. Multiple years
are up to almost all the time.
• Assisting academic departments in adjusting
timelines for scholarship reviews.
7
HOW WE ARE HELPING!
• Various communications going out to students
and community to announce earlier open date &
what tax info to use.
• Working diligently to get systems/processes set
up to award as soon as possible.
• Will provide 2 College Goal Sunday opportunities
to help families file the FAFSA. Emails being
sent out to applicants by admissions.
8
COLLEGE GOAL SUNDAY
9
THE END RESULT
• As with any change, process adjustments and
benefits take time.
• Initial filing of the FAFSA should be easier and
completed earlier!
• More time to make corrections & deal with
additional info requests from colleges.
• More opportunity for students to compare
colleges’ costs & aid for for final decision.
10FAFSA DETAILS
What information will families
use to file?
11FAFSA INFORMATION COMPARISON
2017-18 FAFSA 2018-19 FAFSA
2016-17 FAFSA
FAFSA Data (2017 Fall - 2018 (2018 Fall -2019
(2017 Summer)
Summer) Summer)
Student/Family
Info as of the date FAFSA is filed
Demographic Data
Number in Household Projected for award year (July - June)
Number in College Projected for award year (July - June)
Income & Tax Data 2015 2015 2016
Assets: Cash, Savings
Info as of the date FAFSA is filed
& Investments
Additional Financials
2015 2015 2016
& Untaxed Income
Means-tested Calendar year Calendar year Calendar year
Benefits* 2014 or 2015 2015 or 2016 2016 or 2017
*Medicaid, SSI, SNAP, Free/Reduced Lunch, TANF, WIC
12COMMON QUESTION
Families update Short Answer:
their tax info NO!
once 2016 taxes
are filed, right?
Long Answer:
2016 Tax Data will
only be used in
special
circumstance
situations
determined by the
Financial Aid Office!
13PROFESSIONAL JUDGMENT
Financial aid administrators are allowed to make
reasonable judgments on a documented case-by-
case basis.
• Change data elements, such as income, that
are part of the EFC calculation (FAFSA result).
• Treat a student who would be dependent
based on FAFSA questions as an
independent.
14PROFESSIONAL JUDGMENT
Possible special circumstances based on income
changes between 2015 taxes and current situation:
• Death of a parent
• Divorce/separation of parents
• Loss/change of job
• Significant uninsured medical expenses
1516
SO WHAT AM I FORGETTING?
17THE UGLY
18AN END TO QUALITY ASSURANCE
Quality Assurance Program (QAP)
• Has been in existence since c.1992
• Allowed schools to develop selection criteria
• Data generated used to help ED
–Focus areas of high error in filers
–Reduce need to select less prone
• No longer necessary with DRT
Quality Assurance
• ED says, “Has met intent” Program
c.1992-2017
19WHAT THIS MEANS TO DFA
• Will go from QAP to normal verification
• Under QAP roughly 1500 families selected each
year for review by DFA
• Under normal verification DFA will need to verify
between 6000 – 8000 families.
20THE TRAIN IS COMING
• We would prefer to be next to the tracks as
opposed to on them.
• DFA is being very proactive in addressing the
approaching train.
• A vast majority 80 - 90% of students can use the
IRS – Data Retrieval Tool or (IRS-DRT)
• We are encouraging this
• May outsource a portion
21DON’T BE LOST IN THE DESERT
• DFA Website and FAQ’s: www.purdue.edu/dfa
• Email Inquiry Service: facontact@purdue.edu
• Phone: 765-494-5050, (M-F 8am-5pm Eastern, 24 hour
automated service)
• Financial Aid Walk-in Services
Schleman Hall 305, (M-F 8am-5pm Eastern)
• Student Employment Services
Schleman Hall 302, (M-F 8am-5pm Eastern)
22THE END
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