FAFSA Changes for 2017-2018
The application process for financial aid is changing for the 2017-2018 award year. You may also hear these changes referred to as "Early FAFSA" or "Prior Prior Year/PPY"
Changes in a Nutshell:
What hasn't changed?
- FSA ID: Students (and parents, if appropriate) will still need to establish an FSA ID and password to sign the FAFSA.
- FAFSA done annually: The FAFSA will still need to be completed for every academic year you are seeking funding. Beginning the 2017-18 academic year you can complete the FAFSA Oct. 1.
- Complete Financial Aid file: Students must still complete their Financial Aid file by submitting additional documentation before awarding can occur.
What Changes Can UNM Students Expect?
- You may submit a FAFSA earlier: Students will be able to file a 2017–18 FAFSA as early as Oct. 1, 2016. The earlier submission date will be a permanent change, enabling students to complete and submit a FAFSA as early as October 1 every year.
- FAFSA Priority Date: Students should have their FAFSA’s complete by January 6 and submit any requested Additional Documentation by January 31 to remain eligible for limited priority funding that is awarded on a first-come first-serve basis.
- You are required to use earlier tax information: Beginning with the 2017–18 FAFSA, students will be required to report income information from an earlier tax year. For example, on the 2017–18 FAFSA, students (and parents, as appropriate) will report their 2015 income information. For the 2018-19 FAFSA, 2016 income information will be required.
- Important - IRS Data Retrieval Tool (DRT): Students and parents will be able to use the IRS Data Retrieval Tool (DRT) when completing the FAFSA. Tax information will auto-fill into your FAFSA and this will result in fewer errors and faster processing.
- Award Notification: Award Notification will begin earlier than usual, although some awards may be estimated until the legislature finalizes funding amounts for the award year (usually by late June). UNM expects to make awards by late February.
Frequently Asked Questions
Have Financial Aid dates changed as a result of the earlier FAFSA?
Will I have an option to use my 2016 tax year income instead of the 2015 tax year income?
Will my Financial Aid Awards be available earlier since the FAFSA will be available earlier?
How can I get my 2015 Tax Transcript?
Since the 2017-2018 FAFSA will use information from 2015, will my 2017-2018 Expected Family Contribution (EFC) be the same as my 2016-2017 Expected Family Contribution and will I get the same amount in Financial Aid Awards?
Will I be able to sign my Master Promissory Note earlier?
Will the IRS Data Retrieval Tool be available when the FAFSA becomes available on October 1, 2016?
How do I use the IRS DRT?
Will UNM Financial Aid have to review my 2016-17 and 2017-18 FAFSA information to determine if there might be conflicting information because the two FAFSAs are supposed to be completed using the same 2015 income and tax information?
Will the 2017-2018 FAFSA be pre-populated with information from my 2016-2017 FAFSA since the information should be the same?
Learn more about 2017-18 FAFSA changes:
What You Need to Know About the 2017–18 FAFSA
Video: Early FAFSA