Annual Student Loan Acknowledgement

Beginning in the 2020-2021 school year, as part of the Master Promissory Note (MPN) confirmation process, an ANNUAL STUDENT LOAN ACKNOWLEDGEMENT may be completed by any borrower accepting:

  • A federal student loan (subsidized / unsubsidized)
  • A PLUS Loan for graduate / professional students
  • Or a Parent PLUS Loan

The Acknowledgement must be completed each award year in which you accept a new federal loan, and is intended to better assist borrowers in understanding the financial responsibility of funding their education. 

  • What is the Annual Student Loan Acknowledgement?

    The Annual Student Loan Acknowledgement is an online session that will allow students and parents to see how much they have borrowed, preview what their monthly payments, and explain concepts such as capitalization and the difference between federal and private loans. This Acknowledgement should take less than 10 minutes to complete.

  • What will you gain from the Annual Student Loan Acknowledgement?
    • Making informed choices by showing students and their parents how much they owe in federal student debt before agreeing to borrow more money to pay for their higher education.
    • Knowing the borrower’s obligation by calculating the monthly payments and the median salary that students can expect to receive after graduating from a specific college.
    • Understanding the balance for repayment by breaking down basic loan concepts such as interest accrual and capitalization and the difference between private and federal student loans.
  • How do I complete the Annual Student Loan Acknowledgement?

    Log in to your MyStudentAid account using your FSA ID and password to access and complete the Annual Student Loan Acknowledgment (ASLA).  

    Parent borrowers must also complete the ASLA if a Parent PLUS loan has been borrowed.  Parent borrowers must use their own FSA ID and password to access and complete.

What Can You Expect?

Your experience will be personalized based upon your attributes, but generally:

First-Time Borrowers (borrowers with no current loan balance) will:

  • Answer a few questions about their state, school, expected degree, and field of study
  • View summary information from the College Scorecard about total estimated school costs, graduation rate, total estimated student loan debt, and estimated monthly payments
  • View general financial literacy information about borrowing student loans
  • Check a box acknowledging you have read and understood the information

Returning Borrowers (borrowers with current outstanding loan balances) will:

  • View summary information about their loans and grants from the National Student Loan Data System (NSLDS®) as of the day they complete the Acknowledgement. Information includes outstanding balances, estimated 10-year standard monthly repayment based upon current balances, servicer information, loan limit information, grant summary, and grant limit information
  • Check a box acknowledging you have read and understood the information

 

PLEASE NOTE: This new requirement is in addition to the existing Master Promissory Note (MPN) process and does not replace existing counseling requirements.

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