Federal data show nearly a million borrowers slipped into default late last year and overall student‑loan delinquencies worsened through 2025, the New York Fed reports. At the same time, Education Department officials told NASFAA that the 2026 FAFSA rollout has produced earlier launches, lower call wait times, and increased Pell eligibility for millions — a sign of operational progress after earlier implementation issues. The juxtaposition underscores a bifurcated aid picture: administrative improvements in access and form satisfaction amid a deteriorating repayment landscape. Financial‑aid officers, policy makers, and campus leaders now face simultaneous pressures to expand aid access while addressing rising delinquency and default risk among borrowers.