The Lifetime Membership Award is the highest award that NASFAA can bestow on one of its members or an individual who is affiliated with a member organization. In order to be eligible to receive this award, the individual must first be employed or have been employed by a member institution, be an affiliate member, be employed by a constituent or associated member organization, or be a student member. In as much as this award is the highest that NASFAA can bestow on a member, the achievements and contributions of the individual must truly be outstanding and significant.  Normally, the individual will have made these contributions and achievements over a sustained period of time. That is to say, this award is not typically made for a one-time achievement or effort, but for working over a sustained period of time for the Association and the profession in important capacities, and contributing significantly to NASFAA's success in meeting its goals.

At the 1979 NASFAA National Conference in Boston, Massachusetts, a resolution was unanimously adopted by the members present to accord an Associate Lifetime Membership to Vivian Purdy (Mrs. Allan W.) for her very gracious support of the financial aid profession.

In 2008, Jill Martin (Mrs. Dallas Martin) was presented with an Associate Lifetime Membership during the NASFAA National Conference in Orlando, Florida.