The U.S. Department of Education has released its annual Information and Reporting Reminders for the Fiscal Operations Report for 2025–26 and Application to Participate for 2027–28 (FISAP). The announcement serves as a comprehensive guide for institutions preparing their annual Campus-Based reporting and highlights several areas that commonly result in reporting errors.
For institutions participating in the Federal Work Study (FWS) and Federal Supplemental Educational Opportunity Grant (FSEOG) programs, now is the time to begin reconciling records and reviewing data before the October 1, 2026 submission deadline.
You can read the full Electronic Announcement here. The Final 2027–28 FISAP Form, Instructions, and Desk Reference can be found here.
Areas to Review Before Filing
As you prepare your submission, the Department encourages schools to pay particular attention to several common reporting issues.
Start Preparing Early
Although the deadline is October 1, 2026, preparing a FISAP often requires coordination between financial aid, business office, and accounting staff. Beginning early provides time to reconcile records, resolve discrepancies, and ensure the information submitted accurately reflects your institution’s Campus-Based program activity.
Report Pell Grant Expenditures Correctly
Schools should only report Federal Pell Grant disbursements made from 2025–26 funds in Part II, Section E, Field 23. If schools made crossover payments from 2026–27 funds, they should report the disbursements in next year’s FISAP (Fiscal Operations Report for 2026–27 and Application to Participate for 2028–29).
Reconcile Before You Submit
One of the most important reminders is for financial aid and business office staff to work together to reconcile G5 activity with Campus-Based disbursement and expenditure records before the FISAP is submitted. If the amount drawn from G5 exceeds the expenditures reported on the FISAP, the institution will have a negative balance and must return the excess funds.
Evaluate Whether an Underuse Waiver Is Needed
Schools that return more than 10% of their 2025–26 total (initial plus supplemental) Federal Work-Study (FWS) and/or Federal Supplemental Educational Opportunity Grant (FSEOG) allocation MUST request an underuse waiver in Part II, Section C to avoid incurring the underuse penalty on their 2027–28 FWS or FSEOG awards.
Review Administrative Cost Allowance Claims
Schools should calculate and claim an appropriate Administrative Cost Allowance (ACA) (see Volume 6 of the Federal Student Aid Handbook). After Dec. 15, 2026, a school is not permitted to make any additional claims to the ACA that were not previously reported on its FISAP. Note: Schools are not permitted to claim Federal Perkins Loan Program (Perkins Loan) ACA.
Don’t Forget Perkins Loan Reporting
A school should report the federal share of Perkins Loan funds the school returned to the U.S. Department of Education in Part III, Section A, line 28.1 “Repayments of fund capital to federal government” by adding the amount returned in 2025–26 to the cumulative amount previously reported in this field.
A school should report the service cancellation reimbursement amount it was instructed to reimburse itself from the Perkins Fund in Part III, Section A, line 28.2 “Service cancelation reimbursement received on or after 07/01/2019” by adding the amount it was instructed to reimburse itself in 2025–26 to the cumulative amount previously reported in this field.
A school should report the institutional share of Perkins Loan funds that it returned to itself in Part III, Section A, line 30.2 “Repayments of excess/liquidated fund capital to Institution” by adding the amount it repaid itself in 2025–26 to the cumulative amount previously reported in this field.
Need Help with Your FISAP?
Preparing the FISAP can be a complex process, particularly when reconciling expenditures, reviewing fund utilization, or addressing reporting requirements.
College Aid Services has extensive experience assisting institutions with FISAP preparation. Whether you need a second review before submission or hands-on assistance completing your report, our experienced consultants are here to help.
If your institution would like assistance with this year’s FISAP, contact us to learn how we can support your team before the October 1 deadline.