If your financial aid package for the upcoming school year seems off, you may want to have it checked. An error on the online Free Application for Federal Student Aid, better known as FAFSA, made some applicants appear far better off financially than they actually are.
The error on the online form causes some low-income filers appear to be millionaires, which can have a dramatic impact on what, if any, federal financial aid they can receive.
Jeff Baker, policy liaison at the Education Department’s Office of Federal Student Aid told student-aid administrators at the Chronicle of Higher Education that the error has already impacted thousands of borrowers, and is likely to impact even more.
“It’s a serious problem,” Baker said at the National Association of Student Financial Aid Administrators’ annual meeting. “We have to fix it.”