The new, simplified Free Application for Federal Student Aid (FAFSA) has been anything but simple so far.
After a 3-month delay, the FAFSA for the 2024-25 academic year opened a “soft launch” with limited hours that frustrated students and families eager to complete the form and be first in line for financial aid.
Just when it seemed some of the major bugs were getting ironed out and the Department of Education was able to open the form around the clock, the Department acknowledged Tuesday that $1.8 billion in federal student aid was at risk of being lost if it didn’t correct its formula to calculate eligibility to account for the past couple of year’s soaring inflation. So, without detailing how or when it would correct the issue, it said it would.
“Adjusting these inflationary numbers is the right thing to do, and should have been done from the beginning,” Justin Draeger, president of nonprofit advocate National Association of Student Financial Aid Administration, said in a statement. “Unfortunately, because the Department is making these updates so late in the financial aid processing cycle, students will now pay the price in the form of additional delays in financial aid offers and compressed decision-making timelines.”
All of this makes the steps you take even more important to get everything right the first and hopefully, only time. You want to avoid questions or corrections later that could further delay your award.
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