"The 'soft launch' of the 2024-25 Free Application for Federal Student Aid (FAFSA) application had a $1.8 billion error in its inflation adjustment that may delay colleges releasing financial aid awards," Yahoo Finance reports.

..."But the announcement of the update threw delays and chaos into the aid award process.

'On the very day that schools were expecting FAFSA applicant information, they were instead notified by the U.S. Department of Education that they shouldn't expect to receive that data until March, at the earliest,' Justin Draeger, president of the National Association of Student Financial Aid Administrators (NASFAA), said in a statement. 'These continued delays, communicated at the last minute, threaten to harm the very students and families that federal student aid is intended to help.'

The soft launch itself was not without some problems, and students and families were warned to exercise patience."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 1/30/2024