The Department of Education has recently launched an application to assist students with accessibility to their student loans. The app is called “My Student Aid” and provides a central location to view many key pieces of information such as student loan balances, FAFSA forms or repayment calculators.
When first opening the app, information about the 2021-2022 FAFSA form is shown. You are currently unable to complete the form on the app, but it should be an option by the end of the year. The FAFSA application becomes available each year on October 1st. The FAFSA priority date for K-State is December 1st and it is recommended that you try to submit it by that date to be considered for all aid available. However, FAFSA forms can be submitted anytime before June 30th for each academic year.
After launching the app, click on the three lines in the top right of the screen. This will be your main menu for finding the information you are looking for. I would recommend first clicking on the profile section and putting in your information. Under the profile section you are able to change basic contact information such as email or best address for contact.
Under the same drop down menu, there is a subsection named FAFSA where you can use the same username and password to view that information. You are able to click on the information from the current school year, and from that view your SAR (Student Aid Report). This will show you information from the student and parent, as well as your financial aid history. The financial aid history shows how much your loans are at the time you’ve completed your FAFSA form.
The final tab on the right side menu is called the Explore tab. This tag has some great information, including the new checklist and Loan Simulator. The checklist is a great resource for students to look at as they go through college and prepare to take on their loans after graduation. The list is customizable and offers different recommendations based on the season.
The next tab is titled “myFederalLoans” and has a lot of very important information as well. Under this tab you will see your total loan balance, and the exact number of loans as well. The information is provided in a pie chart, but can be broken down into a list by clicking “View Breakdown”. Here you can see the exact loan type, and how much each individual one is for each semester at school.
The final tab on the Explore section is titled “Loan Simulator” and is personally one of my favorite tools. After completing some easy questions about personal preference and your future, your results will be given to you. The information provided shows you the best repayment option for you to pay off your loans based on the amount and answers to the questions earlier. I would highly recommend clicking “View and Compare Plans” to see the other repayment options that are always able to be switched to if you prefer.
Overall, the app is a great asset for students with student loans. It provides a central location to view a wide variety of extremely important information. The app is very easy to understand, and looks to be getting updated often as rules and regulations are often changing. I would recommend this to anyone with student loans, as the more you know about them the better prepared you will be.
Remember if you need any assistance with this topic or any other financial topic, students can request a free appointment with a peer financial counselor like myself, at www.k-state.edu/powercatfinancial.
Chace Prothe
Peer Financial Counselor II
powercatfinancial@k-state.edu
www.k-state.edu/powercatfinancial
