For decades, the Free Application for Federal Student Aid (FAFSA) forms were processed electronically by the legacy Central Processing System. In 2021 the Office of Federal Student Aid (FSA) initiated a system development effort and in December 2023 deployed a new system to process forms for the 2024-2025 school year. However, student aid applicants reported that the new system had availability issues, recurring errors, and long wait times. This Government Accountability Office (GAO) testimony (1) describes the delays in delivering on the FAFSA Processing System (FPS) requirements; (2) describes the defects that were identified before and after FPS deployment; (3) assesses the extent to which disciplined systems acquisition practices were used to manage FPS requirements, conduct systems testing, and carry out independent acquisition reviews; and (4) assesses the extent to which Education and FSA IT leadership provided oversight of FPS development. This statement is a companion to GAO's related statement on the simplified FAFSA rollout (GAO-24-107407). In addressing the first two objectives, GAO summarized the preliminary results of its continuing ongoing work describing delays and defects. For the latter two objectives on requirements, testing, and independent reviews, GAO completed its audit work and is making recommendations to address weaknesses.