This is part two of a two-post series on opportunities associated with the new FAFSA PPY (Prior-Prior Year) regulations which went into effect in fall 2016. See part one.
How well is your enrollment team tracking the impact of FAFSA PPY? Are you maximizing your early filer conversion and yield rates?
In September of 2015, the Department of Education announced that we would be moving to Prior-Prior Year (PPY) or Early FAFSA Filing for the fall 2017-18 academic year. This change was largely supported by higher education institutions, policy groups, and lawmakers with a number of goals in mind:
- Simplify the aid application process
- Increase FAFSA completion
- Increase the accuracy of the FAFSA
- Provide families an earlier and more accurate idea of their anticipated financial aid and college costs
- Provide all students more time to plan and make informed enrollment decisions
And of course the ultimate goals: greater affordability and greater access for students.
Now that PPY and fall 2017 recruitment are well under way, it is important to review the early results of FAFSA PPY and identify specific strategies to maximize filer conversion and yield rates.
Early FAFSA PPY filing rates: What the data show
FAFSA PPY filing started off quickly in comparison to previous years but slowed during December. In the absence of previous filer rates for October, the Department of Education in its reports decided to compare FAFSA filing rates from 2016 to 2017 by week. For example: Week 4 of 2017 included filing data through October 21 compared to Week 4 of 2016 which included data through January 22:
Above, we can see the first 4 weeks of filing this year were exceptional with 497,884 filers compared to 390,819 in the previous cycle, a 27.4 percent increase. The FAFSAs submitted were also more accurate, with the number of rejected ISIRs dropping by 12.6 percent in the first month. This translates to a 34.1 percent increase in the number of completed FAFSAs submitted during the first four weeks of the FAFSA cycle for 2017.