The Fiscal Operations Report for 2025–26 and Application to Participate for 2027–28 (FISAP) is now available on the Common Origination and Disbursement (COD) website.
Schools that had Campus-Based program expenditures for the 2025–26 award year and schools that wish to request funding under the Campus-Based programs for the 2027–28 award year are required to electronically submit a FISAP via the COD website. The deadline for the electronic submission of the FISAP is 11:59 p.m. Eastern time (ET) on Thursday, Oct. 1, 2026. Transmission must be completed by midnight.
On July 20, 2026, we informed schools of the availability of the final 2027–28 FISAP Form, Instructions, Desk Reference and 2027–28 Technical Reference documents.
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We outlined updates to the FISAP and instructions in a May 7, 2026, Electronic Announcement.
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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).
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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.
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The financial aid and business office staff must coordinate efforts to reconcile G5 activity and disbursement and earning records to report accurately on the FISAP.
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If a school drew funds from G5 that exceeded the amounts reported as expended on the FISAP, a negative balance will result, and the school will need to return funds to G5.
Example: If a school's FWS authorized amount was $50,000 and the school reported an expended amount of $40,000 on its FISAP (as calculated in Part V, Section E, Field 18), the school's award will be closed out at the expended amount of $40,000. If the school drew more than $40,000 from G5, a negative balance for the amount drawn over $40,000 will result and that amount must be returned.
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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.
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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.
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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.
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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.
For additional information about the FISAP or the referenced documents, contact the FSA Partner and School Relations Center at 1-800-848-0978. The contact center is open from 10 a.m. to 6 p.m. ET, Monday through Friday. You may also email CODSupport@ed.gov.