Article originally appeared on www.foxbusiness.com.
The Department of Education said it will make important fixes to the new Free Application for Federal Student Aid (FAFSA) form, but the mistake will further delay the timeline for financial aid awards into spring.
More than 3 million FAFSA applications have been submitted since the new form was launched on Dec. 30. However, student aid calculations for the latest forms were based on three-year-old tables that did not accurately reflect the current high inflation environment. The FAFSA Simplification Act passed by Congress in 2020 included a provision requiring the Education Department to update tables used in the Student Aid Index (SAI) calculation to account for inflation and other economic changes.
The update gives students access to an extra $1.8 billion in aid, according to the Department of Education. However, the department said it would send the FAFSA applicant data …
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