All About the FISAP 2026-27 – Updated Requirements and Key Deadlines for Successful Submission

The Fiscal Operations Report for 2024–25 and Application to Participate for 2026–27—commonly known as the FISAP—is a required annual submission for institutions participating in the Federal Perkins Loan (Perkins), Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work-Study (FWS) programs. As such, accurate and timely completion is critical to ensure continued eligibility and appropriate funding allocations for campus-based programs. To demystify this process, this article outlines the 2026–27 FISAP updates, provides a detailed walkthrough of requirements, and offers a practical timeline and preparation strategies for financial aid administrators preparing to complete this requirement for this year’s cycle.

First and Foremost: What is the FISAP and Who Must File?

The FISAP serves two purposes:

1. Application to Participate – Requests FSEOG and/or FWS funds for the upcoming 2026–27 award year
2. Fiscal Operations Report – Reports how funds for 2024–25 were used, including continued reporting on Perkins Loan portfolios

Who must submit:

• Any school that spent campus-based funds in 2024–25
• Any school requesting FSEOG or FWS funds for 2026–27
• Any school servicing a Perkins Loan portfolio, regardless of liquidation status

Failure to submit by the October 1, 2025, deadline can result in loss of funding.

Key 2026–27 Updates and Reminders

• Deadline Certainty – The statutory deadline for FISAP submission remains October 1, 2025. No extensions are granted.
• Program Requests – Schools may only request funds for programs they are eligible for per their Program Participation Agreement (PPA).
• Perkins Loan Reporting – While no new Perkins Loans can be issued, institutions must continue reporting on their existing portfolios until fully liquidated.
• Waiver Requests – If more than 10% of a program’s allocation is returned unused, institutions may apply for an Underuse Penalty Waiver by February 2, 2026.
• Cross-Year Funds – Ensure transfers and carry forwards/back between FWS and FSEOG comply with the 25% (transfer) and 10% (carry forward/back) limits and are accurately reflected in reporting.

FISAP Completion Overview

Part I – Identifying Information & Certification

• Verify school name, OPEID, address, type, and length of programs
• List any additional eligible institutions if filing for multiple schools under one administrative control
• Ensure the CEO listed in the PPA is prepared to sign original signature pages and lobbying certification if applicable

Part II – Application to Participate

• Request realistic funding amounts for FSEOG and FWS based on actual usage trends
• Indicate Perkins liquidation status if applicable
• Provide accurate enrollment data (traditional or non-traditional calendar) for 2024–25 and estimates for 2025–26
• Include tuition/fee assessments and Federal Pell Grant expenditures
• Categorize eligible aid applicants by income and Pell status

Parts III–V – Fiscal Operations Reports

• Part III: Perkins Loan Program (if applicable) – cumulative activity, annual transactions, and repayment data
• Part IV: FSEOG – funds authorized, spent, and recipient breakdowns
• Part V: FWS – compensation totals, funds spent, and community service/job development participation

Part VI – Program Summary

• Summarize recipients and expenditures by student type and calculate the Administrative Cost Allowance (ACA)

Actionable Timeline for 2025–26

Preparation Tips for Successful Submission

1. Start Early – Download the FISAP from COD as soon as it is available to review updates and identify potential data gaps.
2. Assemble a Cross-Functional Team – Involve financial aid, business office, and institutional research staff for accurate reporting.
3. Use Actual Data When Possible – Avoid estimates unless specifically requested.
4. Maintain Compliance with Transfer and Carryover Limits – Review prior-year fund usage to avoid underuse penalties.
5. Check Pell Grant Data – Ensure Pell expenditures reported match G5 totals.
6. Verify CEO Availability – Secure signatures after the FISAP is submitted, not before.
7. Document Everything – Retain verifiable records for each reported data point for audit and program review purposes.

Please note that timely, accurate FISAP submission is essential to secure and maintain campus-based funding for your school. The 2026–27 provided and posted through the federal student aid website provide clear guidance, but successful completion requires early planning, interdepartmental collaboration, and meticulous attention to detail. By adhering to the outlined timeline and leveraging these preparation strategies, institutions and newly-minted financial aid directors and leaders can ensure compliance while optimizing operations. For additional guidance and support, consider reaching out to our seasoned team of financial aid professionals at info@heag.us for assistance guiding you through the necessary steps to complete this critical requirement successfully.