As experienced financial aid directors might already know, the online Fiscal Operations Report for 2023–24 and the Application to Participate for 2025–26 (FISAP) will be available on the Common Origination and Disbursement (COD) website on August 1 and is due on October 1, 2024. While the deadline might seem distant, beginning your preparations early is crucial. Here’s why starting now can save you time and stress down the line.
1. Avoid the Semester Rush
August and September mark the beginning of the academic year, a hectic period for financial aid offices. With students returning to campus and new students arriving, financial aid professionals face a surge in inquiries and paperwork. Balancing FISAP preparation with student demands can lead to late nights and weekend work. Starting early allows you to spread out the workload and handle it more efficiently.
2. Plan Around Executive Availability
The FISAP application requires the chief executive’s signature, which can be challenging to obtain during the late summer and early fall. Executives may be involved in recruitment, attending conferences, or taking vacations. By requesting the necessary signatures early, you can avoid last-minute scrambles and ensure a smooth submission process.
3. Coordinate with Other Departments
FISAP preparation involves gathering data from various departments, such as the comptroller’s office for financial data. Other departments are often just as busy at this time of year, so giving them advance notice is essential. Starting early ensures you have ample time to collect and verify all required data, reducing the risk of delays.
4. Verify Data Accuracy
Accurate data is critical for a successful FISAP submission. If your financial aid management system (FAMS) doesn’t update enrollment information in real-time, you may need additional time to reconcile this data with other sources. Starting the process early allows for thorough data checks and corrections, ensuring the accuracy of your report.
5. Utilize Training Resources
Whether you’re new to FISAP or need a refresher, utilizing available training resources can be incredibly beneficial. The Federal Student Aid (FSA) Training Center offers materials that can help you understand the latest requirements and processes. By reviewing these resources now, you’ll have time to seek additional support if needed, making the process smoother and less stressful.
6. Implement a Step-by-Step Plan
Creating a detailed timeline and checklist for FISAP preparation can help keep you on track. Break down the process into manageable steps, assigning deadlines for each task. This approach not only makes the workload seem less daunting but also ensures that you don’t miss any critical components. According to the FISAP Instructions, here are the dates to keep present to mind:
• FISAP available to schools in COD (report 2023–24 data / request 2025–26 funds) by August 1, 2024
• Reallocation Form submission (return 2023–24 funds / request 2024–25 supplemental FWS funds) due August 21, 2024
• FISAP submission (report 2023–24 data / request 2025–26 funds) due October 1, 2024
• Work Colleges Report of 2023–24 Expenditures due October 1, 2024
• Financial Assistance for Students with Intellectual Disabilities (CTP) Report of 2023–24 Expenditures due October 1, 2024
• Work Colleges Application and Agreement for the 2025–26 Award Year for NEW Applicants due November 1, 2024
• FISAP Edit Corrections to 2023–24 data and Perkins Cash on Hand as of October 31, 2024 due December 13, 2024
• Tentative 2025–26 Awards posted on COD by February 1, 2025
• Request for Waiver of Underuse Penalty (on 2025–26 funds for underuse of 2023–24 funds) due February 3, 2025
• Work Colleges Application and Agreement for the 2025–26 Award Year for RETURNING Applicants due March 3, 2025
• Final 2025–26 Awards posted on COD by April 1, 2025
• Request for Waiver of FWS Community Service Expenditure Requirement (2025–26 Award Year) due April 21, 2025
7. Leverage Technology
Consider using project management tools to streamline the FISAP preparation process. Tools like Trello, Asana, or Microsoft Planner can help you keep track of tasks, deadlines, and team responsibilities. Digital collaboration tools can also facilitate communication and data sharing among departments, making the entire process significantly more efficient.
8. Engage Your Team
Involve your team in the FISAP preparation process early on. Delegate tasks based on individual strengths and ensure everyone understands their roles and responsibilities. Regular team meetings can help monitor progress, address any issues, and keep everyone aligned with the overall timeline.
9. Stay Informed
Keep up with any updates or changes in FISAP requirements by regularly checking the COD website and the FSA Partner Connect. Staying informed will help you avoid any surprises and ensure that your application meets all current guidelines.
10. Seek Professional Assistance
If your office is short-staffed or if you anticipate a particularly challenging year, consider seeking external help. Professional organizations like HEAG offer interim staffing solutions and regulatory expertise that can provide a critical lifeline during times of transition or general need. To schedule a consultation, email us at info@heag.us for further guidance. Our expert guidance can assist in ensuring that your FISAP application is accurate and submitted in a timely manner.