Introduction
This volume of the Federal Student Aid (FSA) Handbook discusses the academic calendar, payment period, and disbursement requirements for awarding aid under the Title IV student financial aid programs, determining a student’s cost of attendance, and packaging Title IV aid.
One Big Beautiful Bill Act Changes
The One Big Beautiful Bill Act (OBBBA) makes numerous amendments to the Higher Education Act of 1965, as amended (HEA), some of which became effective upon enactment of OBBBA while others will become effective on July 1, 2026, and beyond. To ensure that ED can implement those provisions that are effective now or will become effective on July 1, 2026, we have drafted this volume of the Handbook in advance of publication of a final rule on these topics. The information in this volume is subject to change depending upon ED's rulemaking process. We will provide updated information if any changes are made during the rulemaking process that impact written guidance in this volume.
Changes for 2026-2027
Chapter 1
We eliminated the appendices at the end of this chapter and incorporated the examples throughout the chapter.
Chapter 2
We removed references to the “Power Five” conferences in the “NCAA Considerations” section.
Chapter 3
We added guidance to comply with the provision in the OBBBA that a student who receives non-Federal grant or scholarship aid that equals or exceeds the student’s cost of attendance is not eligible to receive a Pell Grant.