Financial aid offices are once again approaching a key compliance milestone: the December 15, 2025 deadline for submitting FISAP edit corrections and reporting Perkins Loan Program cash-on-hand. While the initial FISAP filing may feel like the heavy lift, this follow-up period is where accuracy and reconciliation truly matter.
This year’s reminder from the Department of Education reinforces two important responsibilities. First, any corrections or edits to the 2026–27 FISAP must be fully entered and officially submitted by the deadline. Many institutions make adjustments after reconciling internal ledgers, reviewing disbursement activity, or identifying data mismatches across systems. ED stresses that saving changes alone does not complete the process—schools must resubmit the corrected FISAP to finalize it.
Second, institutions that participate in the Federal Perkins Loan Program, including those in liquidation, are required to report their cash-on-hand balance as of October 31, 2025. This figure is used to assess remaining revolving fund activity and ensures Perkins reporting stays aligned with federal monitoring and closeout expectations.
For financial aid professionals, these tasks are more than procedural—they tie directly to program eligibility, funding integrity, and audit readiness. Ensuring accurate expenditure data, verified balances, and clean reconciliation across departments helps prevent downstream issues that can affect campus-based funding in future years.
As December 15 approaches, institutions should be finalizing corrections, confirming Perkins balances, and coordinating with business office partners to ensure all data is defensible and consistent. And if your institution needs support navigating this process, College Aid Services is here to help, from compliance review to hands on assistance.