WASHINGTON (CNN) — The Department of Education announced Friday that it had identified a calculation error that affected hundreds of thousands of dollars in financial aid. form. Financial aid experts warn that the mistake could further delay students' aid awards, which in turn could further delay their decisions about where to attend college next year.
New issues make the FAFSA (Free Application for Federal Student Aid) even more complex. This year, the process has been marked by delays and glitches after the release of a long-awaited updated version of the financial aid form.
Typically, universities send financial aid award notifications to students in March and require a decision by May 1 on whether they plan to enroll next fall. Many, but not all, colleges have already postponed this timeline due to FAFSA issues.
A new error at the Department of Education has resulted in incorrect financial needs information, known as the Institutional Student Information Record (ISIR), being sent by the government to universities. The Department of Education said the error affected ISIRs sent to schools before March 21, and the issue has been resolved for information sent after that date.
The vast majority of the 1.5 million ISIRs delivered to universities to date were unaffected. The Department of Education has provided workaround instructions to enable universities to process affected ISIRs and create interim support packages for students.
“This is another unforced error that will likely result in additional processing delays for students,” Justin Drager, 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 mistake adds up and every student counting on need-based financial aid to make their post-secondary dreams a reality. It will be felt keenly,” he added.
CNN Wire
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