Members serve two year terms on the Council. In its initial year, the Council established staggered terms, so that each year half of the members are up for reelection. This ensures a Council membership of both new and experienced individuals.
Elections to the Council are held once a year in the springtime. To encourage nominations, an announcement is sent to the financial aid industry inviting everyone to submit a nomination. Once all nominations are received, the slate of candidates is presented to the Council for voting. Only Council members vote and their votes determine the membership.
Newly elected members are invited to attend the first Council meeting in June.