Changes to 2005-2006 FISAP

The Department of Education has made several changes to the Fiscal Operations report for 2003-2004 and Application to Participate for 2005-2006 (FISAP). These changes were made to reflect statutory and/or regulatory changes, as well as to incorporate suggestions from institutions. The Department is awaiting final approval for these changes from the Office of Management and Budget (OMB) but has published a draft of the FISAP incorporating these changes so that institutions may plan accordingly.

Institutions must file the FISAP each award year if they wish to participate in any of the campus-based aid programs. The campus-based programs include Federal Work-Study, the Federal Perkins Loan Program, and the Federal Supplemental Educational Opportunity Grant (FSEOG) Program. The FISAP is made available annually by August 1, and is due to the Department by October 1.

The major changes are in Part III, the Federal Perkins Loan Program Report, for the collection of information on defaulted Perkins loans and Perkins loans that have been discharged due to total and permanent disability of the borrower.

The complete list of changes, as well as the draft FISAP reflecting these changes, may be accessed on the IFAP website at http://ifap.ed.gov/dpcletters/CB0403.html

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