The U.S. Department of Education’s Federal Student Aid (FSA) office has reminded institutions that corrections to the Fiscal Operations Report for 2025–26 and Application to Participate for 2027–28 (FISAP), along with required Federal Perkins Loan Program cash-on-hand updates, must be submitted by December 15, 2026, at 11:59 p.m. Eastern Time.
In an October 30, 2026, electronic announcement, FSA outlined important reconciliation, validation, and submission requirements institutions should address before the deadline.
FISAP Reconciliation and Corrections
Institutions should review their reported Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work-Study (FWS) expenditures to ensure they reconcile with drawdown activity in G5.
During the 2025–26 Campus-Based award closeout process, which will occur no later than March 1, 2027, FSA will reduce institutional FSEOG and FWS authorizations to the expended amounts reported and certified on the FISAP. Any remaining unexpended funds will be deobligated.
FSA has provided additional reconciliation instructions to help institutions verify their reported expenditures.
Schools should also review and resolve FISAP validation errors through the Common Origination and Disbursement (COD) System. If reported information is accurate despite a validation error, institutions may provide an explanation rather than changing the data.
Federal Perkins Loan Cash-on-Hand Updates
Institutions maintaining a Federal Perkins Loan Revolving Fund must update Part III, Section A, Line 1.2 of the FISAP to reflect their cash on hand and in depository as of October 31, 2026.
These updates must also be submitted by December 15, 2026.
Submission Requirements and Late Corrections
Institutions must ensure that all corrections and updates are formally submitted through the COD System by the deadline. Saving or validating changes alone does not constitute submission. Schools should verify successful submission through the Submission Log.
Previously submitted FISAPs do not require new signature pages when corrections are made.
Corrections requested after December 15 must go through the FISAP Change Request process and require justification and FSA approval. However, certain changes, including increases to funding requests and reported administrative cost allowances, will not be considered after the deadline.
Additional Information
FSA encourages institutions to complete their reconciliations, review validation errors, and verify their submissions before December 15 to avoid potential reporting or funding issues.
Institutions needing assistance may contact the FSA Partner and School Relations Center at 1-800-848-0978 or CODSupport@ed.gov.