KEY POINTS
  • Despite a rocky "soft launch," more than 1 million students and families have filled out the new FAFSA, according to the Department of Education.
  • However, it is still unclear when schools will receive each applicant’s information, potentially delaying college award letters and the decision deadline this spring.

For many families, financial aid is crucial when it comes to affording college.

But students must first fill out the Free Application for Federal Student Aid to access any assistance, including student loans, work study and grants. And this year, a new FAFSA form has been plagued by problems.