This paper presents the Federal Student Aid Annual Report for 2010. Federal Student Aid experienced an extraordinary year in 2010. The passage and enactment of the Health Care and Education Reconciliation Act of 2010 ushered in sweeping reforms to the federal student financial assistance programs, resulting in tens of billions of dollars in increased funding for low-income college-bound students. Federal Student Aid continued to update its systems and increase capacity to prepare for an exponential increase in Direct Loan volume. This past year, the agency further simplified the Free Application for Federal Student Aid (FAFSA), making it easier for millions of students to access postsecondary education. Federal Student Aid also piloted an initiative, modeled after a successful program in Chicago, to increase FAFSA completion in several school systems across the country. Federal Student Aid continues to partner with agencies from across the federal government, including the Securities and Exchange Commission, the Department of Labor, and the Federal Bureau of Investigation, to improve program compliance and monitor customer complaints. The year also provided Federal Student Aid an opportunity to reflect on its business, past practices and priorities in order to chart its future path. It redefined Federal Student Aid's vision, core values, and mission in an effort to articulate a clear and common purpose: "Funding America's Future, One Student at a Time". Achieving this mission demanded the development of long-term strategy to guide the organization in pursuit of this common goal. The agency developed a new Five-Year Strategic Plan for FY 2011-15 with concrete goals to help meet the needs of the evolving educational landscape. Federal Student Aid's organizational structure was realigned to better position its business and its employees to achieve the goals outlined in the Strategic Plan. A glossary is included. (Contains 7 footnotes.)