The Department of Education said Friday that it has identified a vendor’s calculation error impacting several hundred thousand financial aid forms. The mistake could further delay students’ aid awards and, as a result, their decisions on where to go to college next year, financial aid experts warn.
The new problem adds further complications to the FAFSA (Free Application for Federal Student Aid) process this year, which has been marked with delays and glitches after a long-awaited, updated version of the financial aid form was released.
Typically, colleges send financial aid award letters to students in March and request a decision by May 1 on whether they plan to enroll the following fall. Many colleges – but not all – have already delayed this timeline due to the problems with the FAFSA.
“This is another unforced error that will likely cause more processing delays for students,” Justin Draeger, CEO of the National Association of Student Financial Aid Administrators, said in a statement.
“At this stage in the game and after so many delays, every error adds up and will be felt acutely by every student who is counting on need-based financial aid to make their postsecondary dreams a reality,” he added.
High school seniors have been slower to submit the FAFSA this year. As of March 15, nearly 31% fewer of them had filed compared with the prior class at that same point the year before, according to the National College Attainment Network.
Students typically wait to receive financial aid award letters from colleges that accept them before deciding where to enroll next fall – and whether they can afford it. But colleges don’t usually send those award letters to students until the government transmits their FAFSA information.
The Department…
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