You need current knowledge to tackle prior-prior year legislation
Financial Aid offices, I’m happy for you. What you have been asking for across many years is finally coming true!
The Prior-Prior Year (PPY) legislation is becoming a reality. Finally, parents don’t have to estimate taxes, submit the Free Application for Federal Student Aid (FAFSA), and then go back and update it with actual tax information after they receive it. Even when two giant systems in our government (the IRS and U.S. Department of Education) started talking to each other, it was still a tedious and intimidating process.
I speak from experience. I have a son in college.
But now, no matter how many times Microsoft Word, my iPhone, and Outlook try to correct “prior-prior year” as a typo, it’s a reality.
How to adapt to PPY
Working in a Financial Aid office is easily one of the most demanding jobs on campus. It requires financial acumen, knowledge of students and the entire student population, and the ability to constantly adapt to regulations.
You can’t do this if you rely on paper.
By digitizing paperwork and folders and then using automated, electronic processes, you’re ready to transition to PPY. Capturing paperwork submitted by students electronically, you make it all accessible with just one click from within an integrated Student Information System or your Financial Aid system.
You stay right in those screens that you work with day in and day out.
From there, as you check and re-check each student to assure the information is right and that you are awarding Financial Aid properly, it will be straightforward. No paperwork to file. No folders spread out all over the desk.
As you move through this change in process, you can easily load-balance amongst FA Advisors.
And with the right Financial Aid verification solution, you capture data – actually lift it – from those Tax Transcripts and W-2s and write it into the solution. No more manual, error-prone work. The solution then compares it to your ISIR data and alerts you to which fields have discrepancies.
It focuses your work for you, so you don’t waste time on what is already correct.
But it’s not just about a solution, it’s about support.
It’s about you finding a company dedicated to higher education enough to send folks to NASFAA every year to listen and learn. We stay current on what’s happening in the world of Financial Aid, so we can adapt our higher education solutions to ensure you stay compliant. It’s about monitoring those business processes that we know are critical to your success and proactively offering blog posts and webinars that walk you through what to expect.
And it’s about Team M at Hyland. This team is truly dedicated to serving higher education customers. From the time I arrived here, I’ve been blown away by how much customers love our tech support team.
If you call and say you have a question about prior-prior year, Team M will know what you mean. They’ll be able to offer expert advice. And that can make all the difference.
If you are not fully digital in the Financial Aid office, you can also call me.
As you budget for this project and outline the steps for readiness at your institution, folding in document management to your readiness plan might make sense. The next time there is a change in Financial Aid regulation, and there will be changes, you’ll be able to adapt quicker.
And, as the success of PPY shows, things are changing – for the better.