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The Federal Student Aid office is under scrutiny for FAFSA processing delays affecting millions.
Federal Student Aid Office Faces Scrutiny Over FAFSA Delays Amid $2 Trillion Loan Portfolio Management
The Federal Student Aid office is facing heavy criticism due to delays in processing college financial aid. The Education Department announced it will review the office which handles the nation’s nearly $2 trillion student loan portfolio and has hired an independent consulting firm to suggest improvements, according to the report of USA Today.
The problems began with an overhaul of the Free Application for Federal Student Aid (FAFSA), intended to simplify the form. Instead, it caused many glitches and errors, disrupting the application process for millions of students. Though processing times have improved, Republican critics say the Biden administration focused too much on student loan relief neglecting other duties.
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Federal Student Aid Office Faces Scrutiny Over FAFSA Delays Amid $2 Trillion Loan Portfolio Management
Immigrant families were especially affected by the delays in financial aid. The Education Department is restructuring its internal processes and rethinking contracts with outside vendors to address these issues.
Education Secretary Miguel Cardona announced changes including new leadership and increased oversight, to make the Federal Student Aid office work better for students and families. Denise Carter will become the principal deputy chief operating officer replacing Rich Cordray who will step down at the end of June.
Rich Cordray’s resignation amid the financial aid crisis marks a significant leadership change. The department aims to fix the FAFSA issues and improve the system for future applicants.
