New for 2017-2018 CODE 399
There have been significant changes to income and tax information that students should be aware of when they complete their 2017-2018 Free Application for Federal Student Aid (FAFSA). Previously students provided their most recently completed tax year information on their FAFSA. For example, in 2015-2016, the student/parent(s) completed their FAFSA using their 2014 income tax data, and the 2016-2017 FAFSA required 2015 income tax data. The 2017-2018 FAFSA will also require 2015 income data, otherwise referred to as the “prior-prior“ year income (PPY).
The change to use PPY may result in conflicting information or discrepancies in income and tax data between the two FAFSA application award years. The reporting of 2015 tax data for 2016-2017 and 2017-2018 could result in a 399 code by the U.S. Department of Education. The Financial Aid Office encourages students and parent(s) to complete their FAFSA data using the IRS Data Retrieval Tool (DRT) as the most effective way to prevent conflicting data. Students will be notified with a tracking code of “399” on ‘My Documents,’ located in the student’s portal. Students may also refer to their Student Aid Report (SAR) to identify the Code 399.
How Can Code 399 (Conflicting Information) Impact Your Financial Aid?
1. The Financial Aid Coordinator will compare the data provided on the 2016-2017 FAFSA and 2017-2018 FAFSA. Financial Aid Administrators have the right to ask for any documentation needed to verify conflicting information.
2. The student’s current financial aid will be placed on-hold until all conflicting data has been identified and corrected.
3. If the conflicting Information results in a higher Estimated Family Contribution (EFC):
a. Federal grant (Pell & SEOG) overpayments will need to be repaid in full before future federal aid can be applied to the student’s account.
b. Federal Subsidized Student loan overpayments may be repaid following the terms and conditions of the student’s Master Promissory note.
4. The Financial Aid Office is required to take the applicable actions if conflicting information is involved. Therefore, we highly recommend that students use the IRS Data Retrieval Tool (IRS DRT) to transfer IRS data to their FAFSA applications.