Why You Need an FSA ID for Financial Aid

 December 23, 2019
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FSA ID for Student Loans

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Before you can access financial aid to pay for college, you need to submit the Free Application for Federal Student Aid (FAFSA). And unless you’re sending the FAFSA via snail mail, you need a Federal Student Aid (FSA) ID to sign the FAFSA.

Along with signing the FAFSA, you can use your FSA ID to log into federal financial aid websites such as StudentLoans.gov and the National Student Loan Data System, as well as the myStudentAid mobile app.

While borrowers used an FSA PIN in previous years, the government introduced the new FSA ID in 2015 to ramp up online security. These days, the FSA ID provides a secure and easy way to log into your financial aid accounts and sign legal documents without compromising your personal information.

What is an FSA ID?

The FSA ID is a username and password that gives you the unique benefit of logging into your accounts and electronically signing documents — while removing all personally identifiable information.

Because the FSA ID doesn’t require you to provide sensitive information each time you sign in, it offers a secure way of accessing and updating your information. It also serves as your secure online signature on legally binding documents, such as the FAFSA and student loan Master Promissory Note.

Since the FSA ID is unique to each individual accessing the site, students and parents must have their own IDs. It’s linked to your individual email, phone number and Social Security number, so you can’t share an FSA ID with a family member.

If you’re applying for financial aid as an independent student, your parents might not need an FSA ID. But if you’re a dependent, both you and your parents will need this secure login to sign the FAFSA.

What sites can you access with your FSA ID?

You use your FSA ID to log into FSA websites such as,

  • myStudentAid app
  • StudentLoans.gov
  • National Student Loan Data System
  • Agreement to Serve website

All of these sites are important for managing financial aid and student loans, whether you’re applying for financial aid for the first time or completing student loan exit counseling as you approach graduation.

New and incoming undergraduates, for instance, can use their FSA ID to sign their FAFSA and FAFSA renewal forms. And graduates and student loan borrowers can use their FSA ID for student loans, whether they want to:

  • Sign a Master Promissory Note for student loans
  • Complete student loan entrance and exit counseling
  • Retrieve student loan info, such as lender information and total balance
  • Apply for a Direct Consolidation Loan
  • Apply for an income-driven repayment plan

As you can see, your FSA ID is crucial for accessing all the sites associated with federal financial aid and student loans.

How to create your FSA ID

It only takes a couple of minutes to create your FSA ID. To get started, take the following steps:

1. Go to the Create a New FSA ID page. Begin your FSA ID application on this screen by creating your new username and password.

2. Next, enter your Social Security number, date of birth and full name.

3. On the following page, provide contact information, including your email address and phone number. You can indicate whether you’d like to receive secure codes via email or text. You’ll also provide your mailing address and set your language preference.

4. Create several “challenge questions and answers.” Make sure to record your answers so you don’t forget them in the future. Otherwise, you might have trouble resetting your password.

5. Review your profile information and accept the terms and conditions. Simply verify your email address or phone number, and your FSA ID will then be created.

Wait 1-3 days for FSA ID verification

While you can use your FSA ID to sign your FAFSA immediately, you’ll need to wait one to three days before you can use it to log into other accounts. That’s simply because it takes the Social Security Administration (SSA) a few days to match your information. You will receive an email confirmation once your account has been verified.

If you want to find out sooner, you can check your SSA match status via the “Manage my FSA ID” tab on the FSA ID site. After signing in, look for “SSA Verification,” where you can see if your status is “Matched,” “Not Matched” or “Pending.”

If you see a mismatch, sign into your account and double-check that you’ve entered your Social Security number and other personal information correctly.

Need FSA ID help?

While the process of creating an FSA ID is straightforward, you might run into issues if you have an FSA PIN, which is what students used prior to May 10, 2015. In this case, you have the option of connecting your PIN to your FSA ID during the setup process. If you go this route, your FSA ID will be up and running immediately, and you won’t have to wait the typical one to three days for SSA verification.

Another potential issue could be if you need to change your username or password. In this situation, you can go to the “Edit My FSA ID” tab on the login page. In the event you feel your information has been compromised, contact the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) immediately.

Save your FSA ID in a secure place

Since you need your FSA ID to manage your accounts, it’s critical to save your username and password. Rather than saving it on your computer, which could be hacked, consider writing it down on a piece of paper and storing it in a safe place. Alternatively, you could use a secure password-storing software, such as Lastpass or 1Password.

As long as you hang on to your FSA ID, you should have no trouble signing into your accounts and managing your federal financial aid and student loans. Plus, you’ll be all set when it comes time to renew the FAFSA and ensure you have financial aid throughout all four years of college.

Rebecca Safier contributed to this report.

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LenderVariable APREligibility 
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0.98% – 11.90%4Undergraduate

Visit Ascent

1.69% – 11.98%5Undergraduate

Visit SoFi

1.86% – 9.39%6Undergraduate



Visit FundingU

0.00% – 23.00%8Undergraduate

Visit Edly

* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 7/1/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

3 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.49% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.19% APR to 10.14% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada.

4 Important Disclosures for Ascent.

Ascent Disclosures

Ascent loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs

Rates are effective as of 07/01/2022 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates.

1% Cash Back Graduation Reward subject to terms and conditions, please visit AscentFunding.com/Cashback. Cosigned Credit-Based Loan student borrowers must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs are available for the most creditworthy applicants and may require a cosigner.

5 Important Disclosures for SoFi.

Sofi Disclosures

UNDERGRADUATE LOANS: Fixed rates from 3.75% to 13.30% annual percentage rate (“APR”) (with autopay), variable rates from 1.89% to 11.98 % APR (with autopay). GRADUATE LOANS: Fixed rates from 4.75% to 13.30% APR (with autopay), variable rates from 2.59% to 11.98% APR (with autopay). PARENT LOANS: Fixed rates from 4.48% to 13.55% APR (with autopay), variable rates from 1.69% to 11.98% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 06/17/2022.

6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  • Variable Rate Disclosure: Variable interest rates are based on the 30-day average Secured Overnight Financing Rate (“SOFR”) index, as published by the Federal Reserve Bank of New York. As of July 1, 2022, the 30-day average SOFR index is 1.02%. Variable interest rates will fluctuate over the term of the loan with changes in the SOFR index, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable interest rate is the greater of 21.00% or the prime rate plus 9.00%.
  • Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
  • Lowest Rate Disclosure: Lowest rates are only available for the most creditworthy applicants, require a 5-year repayment term, immediate repayment, a graduate or medical degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

7 Important Disclosures for Funding U.

Funding U Disclosures

Offered terms are subject to change. Loans are made by Funding University which is a for-profit enterprise. Funding University is not affiliated with the school you are attending or any other learning institution. None of the information contained in Funding University’s website constitutes a recommendation, solicitation or offer by Funding University or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

8 Important Disclosures for Edly.

Edly Disclosures

1. Loan Example:

  • Loans from $5,000 – $20,000
  • Example: $10,000 IBR Loan with a 7% gross income payment percentage for a Senior student making $65,000 annually throughout the life of the loan.
    • Payments deferred for the first 12 months during final year of education.
    • After which, $270 Monthly payment for 12 months.
    • Then $379 Monthly payment for 44 months.
    • Followed by one final payment of $137 for a total of $20,610 paid over the life of the loan.

About this example

The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. The maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 60. You will not pay more than 23% APR. No payment is required if your gross earned income is below $30,000 annually or if you lose your job and cannot find employment.

2. Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered commercial bank, member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.