The NASFAA Regional Award is given to a regional association of student financial aid administrators for the creation and implementation of a substantially new initiative intended to promote innovative and positive change within student financial aid. The intent of the award is to encourage and publicize initiatives that have provided service to students, parents, families, or constituencies or colleagues within the profession. The award is not necessarily given annually.

A selected regional association receives a display banner to reside permanently with the regional association. Award presentation takes place annually at NASFAA's Conference. There may be a category of Honorable Mention to allow meritorious initiatives not receiving formal awards to receive appropriate recognition. The Awards Committee reserves the right to adjust the number of Honorable Mention awards based upon the quality of initiatives submitted. Submission of award material indicates that the region grants permission for NASFAA to publish information for members to use for their own regional or state associations or institutions.

• For any initiative to be submitted by a regional association, the initiative must have been initiated and implemented by the regional association, must demonstrate participation/collaboration of multiple states within the region and must have been evaluated within the last two years.
• The evaluation of the initiative (supporting how the stated outcome or goal was accomplished) must be included with the application.
• Ongoing initiatives will be considered, but only if a full cycle of activity that allows for thorough evaluation has been completed.
• All regional associations of student financial aid administrators that are recognized as such by NASFAA are eligible to participate in the competition.
• All projects must be submitted electronically using the Web application.
• Multiple submissions from the same regional association will be accepted.
• Initiatives submitted in one year will not be considered in subsequent years from the same regional association unless the initiative has been significantly modified to improve effectiveness.
• Initiatives that are based on NASFAA-developed materials will not be considered.
• The Awards Committee reserves the right to eliminate projects that do not meet these guidelines.

Projects are evaluated by NASFAA's Awards Committee. The evaluation system weighs the following criteria.

• Originality: The project reflects a new idea or a creative and innovative approach to an old idea. (40 points).
• Applicability to other regions.  The concept or initiative can be duplicated or transferred to other regions easily and at reasonable cost. (30 points)
• Impact on student financial aid.  The initiative has the potential to make a real difference in the financial aid/higher education arena. It furthers the goals, purposes, and objectives of student financial aid.  (30 points)