Posted Date:August 26, 2015
|Author:||Sue O'Flaherty, Service Director, Program Management, Federal Student Aid|
Subject: Reminder - October 1, 2015 Deadline for Submitting FISAP
This is a reminder of the upcoming deadline for submitting the Fiscal Operations Report for 2014-2015 and the Application to Participate for 2016-2017 (FISAP) for the Federal Perkins Loan (Perkins Loan), Federal Supplemental Educational Opportunity Grant (FSEOG), and Federal Work-Study (FWS) programs. As announced in the Federal Work-Study and Federal Supplemental Educational Opportunity Grant programs 2015-2016 Award Year Deadline Dates, published in the Federal Register on January 12, 2015 (80 FR 1495), the date by which a school must submit the FISAP and the required signature pages is Thursday, October 1, 2015.
All schools requesting funding under the Campus-Based programs for the 2016-2017 Award Year and all schools that had Campus-Based expenditures or Perkins Loan activity for the 2014-2015 Award Year are required to electronically submit a FISAP via the eCampus-Based (eCB) Web site. This includes schools that closed during the 2014-2015 Award Year and are required to complete and submit a final FISAP to report 2014-2015 Campus-Based Program expenditures. The eCB Web site allows a school to complete and submit its FISAP online, receive real-time validation edits, and access prior-year data to assist in completing the FISAP. For information about accessing the FISAP on the eCB Web site, refer to the July 20, 2015 Electronic Announcement posted to the Information for Financial Aid Professionals (IFAP) Web site.
The deadline for electronic submission of the FISAP is 11:59 P.M. (ET) on October 1, 2015. Transmissions must be completed prior to 12:00 midnight.
Reminder: We are encouraging schools to utilize the electronic signature option for the Chief Executive Officer (CEO) signature on the FISAP as noted on the IFAP Web site in a July 29, 2015 Electronic Announcement: eCampus-Based (eCB) Electronic Signature (eSignature) Reminder.
Critical Program Requirement – Submitting the FISAP by the October 1, 2015 deadline is a critical program requirement. To comply with this program requirement and ensure Campus-Based funding for the 2016-2017 Award Year, a school must 1) electronically submit its FISAP via the eCB Web site and 2) submit the required signature page using either the eSignature process or mail the signed hard copy of the combined certifications and signature page for its FISAP to the Department of Education (the Department) as instructed on the eCB Web site.
Click “Submit” – Remember that saving data into the FISAP online is not the same as submitting the FISAP. To meet the deadline requirement, the FISAP must be submitted by 11:59 P.M. (ET) on October 1, 2015. Transmissions must be completed prior to12:00 midnight. Data can be entered and saved as a school works through the form, but it is not actually submitted until the school user clicks on “Submit” located on the left side of the page.
Consequences for Not Filing the FISAP – 2014-2015 Campus-Based funding levels will be reduced to zero ($0) for a school that received Campus-Based funds for 2014-2015 but fails to file the FISAP by the October 1, 2015 deadline. This includes schools that closed during the 2014-2015 year and drew Campus-Based funds for that year from G5. Any 2014-2015 program funds that have been drawn down in G5 will be required to be returned to the Department. Additionally, 2016-2017 program funds may not be awarded to schools failing to file the FISAP.
Updated Financial Aid Administrator (FAA) Contact Information Required – All Campus-Based program notifications are sent via e-mail to the FAA. For timely receipt of these notifications, it is important that a school ensures the accuracy of its FAA contact information, including the FAA e-mail address. A school can update its contact information when submitting the FISAP or by selecting “Setup,” then “Contact Info” on the eCB Web site. However, be aware that all changes or corrections to contact information must also be updated in the school’s Program Participation Agreement on the E-App Web site at http://eligcert.ed.gov.
Additional Information Required for Underuse Penalty Waiver Application –If a school is returning more than 10 percent of its 2014-2015 FSEOG or FWS allocation on the FISAP, the school’s allocation for that program for 2016-2017 will be reduced by the unexpended amount.
Consistency Helps Avoid Negative Balances – Make sure the information reported for expenditures of 2014-2015 award amounts are consistent with the amounts drawn in G5. For example, if a school's FWS authorized amount was $50,000 and the school reported an expended amount of $40,000 on the FISAP, the school's award will be closed out at the expended amount of $40,000. If the school has a different amount in G5, we will assume that the correct expenditures are the amounts certified by the Chief Executive Officer in Part I, Section B of the FISAP and we will deobligate the difference, $10,000 in this example. In some cases this results in a negative balance which is required to be returned by the school to the Department.
Edit Corrections through December 15, 2015 – Once a FISAP is submitted, the working copy is available for correction by the school until 11:59 P.M. (ET) on December 15, 2015. Any corrections must be transmitted by 11:59 PM on December 15, 2015. Data can be entered and saved as a school makes corrections. If corrections are made, remember to submit them. Note: After the December 15, 2015 deadline for submitting corrections, approval of FISAP change requests is limited.
Online Help is Available 24/7 – If additional help is needed, the eCB Web site has several documents that can be accessed online as well as a series of frequently asked questions and answers (Q&As).
A waiver for this underuse of funds may be requested in Part II, Section C, Line 6 of the FISAP. A written explanation of the circumstances which caused the underuse must be provided on the “Additional Information” page of the FISAP. Instructions for providing the Additional Information are provided in on page II-2.
The deadline to request a waiver of the underuse penalty is February 8, 2016.
If you have any questions about the FISAP submission deadline, contact the Campus-Based Call Center at 877/801-7168. Customer service representatives are available Monday through Friday from 8:00 A.M. until 8:00 P.M. (ET). You may also e-mail CBFOB@ed.gov.