Federal Financial Aid
You may see references online or in the news to a new federal law called the One Big Beautiful Bill Act, often referred to as OB3. We want to help you understand what this means, when it applies, and how Excelsior University is here to support you.
What Is OB3?
OB3 is a federal law signed in July 2025 that makes changes to how federal student loans and some aid programs work. These changes were designed at the national level and apply to colleges and universities across the United States.
Some parts of OB3 took effect right away, while other changes, especially those related to federal student loans and borrowing limits, require additional rules from the U.S. Department of Education before they can be fully implemented.
When Do These Changes Apply?
OB3 related changes to federal student aid are expected to begin with the 2026–2027 award year (Fall 2026–Summer 2027).
Important:
- Financial aid for the 2025–2026 award year, including the summer trimester, is not impacted by OB3.
- Aid you are currently receiving remains under the existing rules.
Because federal rulemaking is still in progress, some details may be clarified or adjusted before the final rules are issued.
What Might Change Starting in 2026–2027?
Based on current federal guidance, OB3 may introduce changes such as:
- New limits on how much students or parents can borrow through federal loan programs.
- Elimination of Graduate PLUS Loan availability.
- Loan amounts that vary based on enrollment level (for example, full time vs. part time).
The exact details, including how these changes apply to specific programs or students will be finalized once the U.S. Department of Education publishes its final regulations at the end of June 2026.
What Is Not Changing Right Now?
- Your current financial aid is not affected.
- There are no changes to aid already awarded for 2025–2026.
How Excelsior Is Supporting Students
Excelsior University is taking a proactive, student focused approach to OB3 by:
- Updating financial aid systems to support the new 2026–2027 award year rules.
- Analyzing data to understand how students may be impacted.
- Planning institutional scholarship support to help students who may experience federal funding gaps.
- Preparing Admissions, Advising, and Financial Aid staff to answer questions clearly and consistently.
We’re Here to Guide You
We understand that changes to federal financial aid can feel overwhelming.
Please know:
- You are not expected to navigate these changes on your own.
- Excelsior will continue to communicate updates as federal guidance is finalized.
- Our Financial Aid team is here to help you understand your options and plan ahead.
This page will be updated as more information becomes available from the U.S. Department of Education. For broader national context, Excelsior also monitors guidance from higher education professional organizations, such as the National Association of Student Financial Aid Administrators (NASFAA).
If you have questions or concerns, we encourage you to reach out to our Financial Aid team at VAFA@excelsior.edu or call 855-323-9235. We’re here to help!
Federal financial aid falls into two categories:
Eligibility for Federal Financial Aid
- Must have a high school diploma or GED
- Must be enrolled or accepted for enrollment in an eligible program of study at Excelsior University. Students completing their degrees solely by exam are not eligible for federal aid.
- Must maintain half-time student status (6 credits for undergraduate and 3 credits for graduate)
- Must be pursuing a degree
- Must be a United States citizen or eligible noncitizen
- Must have a valid Social Security Number
- May not be in default on a federal student loan
- Must not owe an overpayment of federal grant or loan funds
- Must be making Satisfactory Academic Progress as outlined in Excelsior’s Student Policy Handbook
Applying for Federal Financial Aid
To apply for financial aid, follow these steps.
Fill out the FAFSA form on the FAFSA website. Our federal school code is 014251. Here is a link to some helpful videos.
FAFSA year you should file as an Excelsior University student:
| If a term start date falls within this time frame | To submit this FAFSA | Using income and tax information from |
| August 28, 2023– August 26, 2024 |
2023–24 | 2021 |
| August 27, 2024– August 25, 2025 |
2024-25 | 2022 |
Federal Aid Book Voucher
To receive a Federal Aid Book voucher, you must complete the Book Voucher Request Form each trimester. The book voucher can only be used toward books that are required for the course(s) you are registered in.
- You need to have accepted enough federal financial aid to cover the cost of tuition, fees, and books. Excelsior cannot issue a federal financial aid book voucher with scholarship, private loan, or VA benefit funds.
- Your initial eligibility for a book voucher will be estimated at $140 per course. If you require an increase based on the actual cost of course materials, you may report the amount needed on the book voucher request. You will receive a letter to the email address listed with Excelsior University from eCampus Bookstore with further instruction including your book voucher number and expiration date once your book voucher is available.”
- Any unused funds will go back onto your account to be disbursed once the voucher expires. You may contact eCampus Bookstore at 877-284-6744 if you have any questions.
- The Book Voucher Request Form is available through the Online Financial Aid System. The system is accessible by logging in to your MyExcelsior account, navigating to the Aid and Billing section, and selecting Online Financial Aid System. Once in the system, select the Student Request Forms page from the menu to complete the book voucher request
As a distributor of Federal Student Aid, Excelsior University is required by Federal regulations to inform you of the graduation rates of our first-time full-time students. We primarily serve working adults who attend college part-time, and who typically transfer in college credit previously obtained from other sources. The number of students at Excelsior University who are considered “first-time full-time” students for the current reporting year is zero for both associate and bachelor’s degree seeking students.
Excelsior University is committed to providing you with information about the success of our degree program students. As a reflection of that commitment, we have joined with other colleges and universities that serve adults at a distance in a voluntary system of accountability and transparency. Transparency at Excelsior includes information that is reflective of our student body, including part-time and transfer students. You will also find additional statistics about the learners in our programs, as well as information about student satisfaction, engagement, and learning outcomes.
Some FAFSA applications will be flagged for “unusual enrollment history” by the U.S. Department of Education as a result of the student having received Federal Pell Grants and Federal Direct Loans at multiple institutions in recent years.
Read more
You must be enrolled in at least one approved 3 credit hour course at Excelsior University and at least one course at the Host Institution per consortium term. Please obtain course approval from your Excelsior University academic advisor for courses at both institutions prior to registering.
This agreement does not guarantee an increase in the amount of financial aid you will be eligible to receive.
Please upload the completed consortium agreement application through your MyExcelsior Financial Aid Online System. To submit the consortium application through MyExcelsior, please notify the Office of Financial Aid ahead of time so that we can enable uploading of the document for you.
REPORT PUBLISHED 04/10/2022 FOR QUARTER ENDING 03/31/2022
PR/AWARD NUMBER P425E205853 AND P245E205853-20A
Excelsior University signed and returned to the Department of Education the Certification and Agreement. Excelsior intends to use 100% of the funds received under CRRSAA and ARP (a)(1) and (a)(4) to provide Emergency Financial Aid Grants to students.
The total amount that Excelsior received under the HEERF II student aid allocation is $1,248,334.
The total amount that Excelsior received under the HEERF III student aid allocation is $2,092,252.
- During the quarter ending 6/30/21, Excelsior distributed $4,000 to 4 eligible students.
- During the quarter ending 9/30/21, Excelsior distributed $912,220 to 644 eligible students.
- There were approximately 3,680 students eligible to receive funds in this quarter.
- During the quarter ending 12/31/21, Excelsior distributed $711,750 to 475 eligible students.
- There were approximately 5,584 students eligible to receive funds in this quarter.
- During the quarter ending 3/31/22, Excelsior distributed $1,497,500 to 958 eligible students.
- There were approximately 6,908 students eligible to receive funds in this quarter.
- Quarter ending 6/30/22 report: 00283400_HEERF_Q22022_071022
The following eligibility criteria were used to determine award distribution:
HEERF II & III –Project Description 84.425E Eligibility
- Defined as having a FAFSA calculated Expected Family Contribution (EFC) in the Federal Pell Grant eligible range–$0-$5,711, for 2020-2021, $0-$5,846 for 2021-2022, and/or significant unmet need
- Must file a FAFSA to establish eligibility.
- Admitted and attempted credit-bearing activity during the national state of emergency related to COVID-19.
- Newly admitting and prospective students are not eligible.
- Are eligible even if not currently registered, but were during COVID-19 national state of emergency and have withdrawn.
Award
- Amounts calculated based upon institutional methodology.
- Prioritized based upon greatest need and availability of funding by trimester, until funds exhausted.
- Does not affect eligibility for current or future financial aid awards.
- Not considered financial aid or part of the financial aid package
- Will NOT be visible to the student in the financial aid package in NetPartner.
- Is not considered taxable income.
Student Use
- Any Component that goes into a COA
- Emergency Costs arising due to COVID
- Tuition
- Food
- Housing
- Health/Mental health Care
- Child Care
- Funds are paid directly to student (we are a pass through)
- Will be disbursed through student billing account and refunded
- Students MAY use funds to pay Excelsior University billing charges
- Student would need to complete authorization on our webite found in the HEERF section at the top of “Federal Financial Aid” page, https://www.excelsior.edu/costs-and-financing/financial-aid/federal/. Authorization should be submitted thru MyExcelsior message center
- Students are NOT REQUIRED to authorize use toward billing charges.
