Let’s face it — the student loan process is a little cumbersome: lots of information to gather, dates to remember, forms to complete, etc. And up until last month, borrowers had to use a PIN — a 4-digit password used to sign your loan application. Parents also had to have their own unique PIN.
Now the FAFSA PIN has been replaced with the FSA ID. This new ID simplifies the overall borrowing process for students and their parents (who also have to have their own FSA ID) and complies with new security requirements.
What’s in it for me?
This new ID is great for students in several ways because it:
- Removes your social security number and date of birth from your log-in credentials,
- Creates a more secure and efficient way to verify your information when you log in to any of the U.S. Dept. of Education’s sites,
- Allows you to easily update your personal information, and
- Makes it much easier for you to retrieve your username and password should you forget them.
What can I do with my new FSA ID?
Your FSA ID allows you to apply for loans AND access all related repayment information once it’s time to start repaying your loans (typically 6 months after you graduate). You get direct access to all of the following helpful U.S. Department of Education sites, sites you’ll visit before starting college and four years or more later after you graduate:
- FAFSA on the Web where you can apply for student loans,
- StudentAid.gov where you can view your loans and grants and learn where to make payments,
- StudentLoans.gov where you can apply for income-driven repayment plans or a consolidation loan, and
- Agreement to Serve where you can manage your TEACH Grant.
How do I get the FSA ID?
That’s easy. You can apply for your FSA ID here. If you currently have a PIN (that you remember!), you can easily link it to your FSA ID, giving you immediate access to all the sites listed above. If you’ve forgotten or don’t have a PIN, you’ll have to wait 1-3 days to gain access to those sites while your personal information is confirmed.
The great news for you?
This new FSA ID makes the student loan process easier, saves you time and gives you better access to all your important student loan information.