New FAFSA form launches: What you need to know to apply for financial aid

New FAFSA form launches after long delay

After months of delays and setbacks, the long-awaited simplified free application for federal student aid is finally available, but many families are finding that filling out the new form is anything but simple. FOX 5 NY's Jodi Goldberg has the story.

As millions of students try to fill out their Free Application for Federal Student Aid or FAFSA form ahead of the upcoming academic year - many of them are having issues getting started.

The U.S. Department of Education hasn’t updated the FAFSA platform and its eligibility rules since the 1980s. But Andy Lockwood, CEO of Lockwood College Prep, says now that it’s out, there are still glitches that need to be addressed.

"I would expect a lot of delays," he said. "In terms of getting into and paying for college, it’s one more area of hassle, uncertainty, and anxiety."

Hofstra education professor Alan Singer explains that the new system was designed to simplify the process for some 15 million students who apply for aid each year.

"The personal circumstances section where you plead poverty now has 18 questions which was reduced from 100," he said.

The new application comes with some rule changes that will impact families. Discounts will no longer be available for families with more than one child attending college, business owners may not receive as much financial aid as well as families with parents who are divorced.

"Now the person who fills out the FAFSA is the parent who supports the child more usually the parent who has a higher income," Lockwood said.

Advocates working to promote student success say it’s best to file as soon as possible.

"Keep checking at studentaid.gov, maybe try at odd hours," said Jill Desjean with NASFAA.

Even though you submit early, financial aid offices may not start receiving forms until later this month, the earliest which may cause additional delays.