Financial aid is a college student’s worst nightmare as it can be very complex and complicated. Understanding this, the Federal Student Aid launched the Next Gen Federal Student Aid (Next Gen FSA) initiative in 2017. Next Gen FSA is a big step forward in improving the way students, parents, and borrowers interact with and access the benefits given by Federal Student Aid.
On December 6, 2020, the Federal Student Aid released a significant update to the myStudentAid mobile app to add personalized features, improve functionality, and integrate the look and feel of StudentAid.gov. This includes a new module of Loan Simulator, which allows you to estimate what your monthly bill would be if you borrowed more federal loans.
The myStudentAid is free and available on the app store. Watch The Digital Future of Federal Student Aid for more information about navigating the app.
Before the update, completing the FAFSA® form was the primary in-app experience available to users of the app. With the enhanced app, users will be able to
- create an account;
- View and update their account settings;
- complete the 2020–21 and 2021–22 FAFSA forms;
- access a personalized dashboard that summarizes their aid, highlights upcoming loan payments, and provides relevant content and checklists;
- view their detailed loan and grant information, loan servicer information, and details such as remaining Direct Loan and Pell Grant eligibility, qualifying payments toward public service loan forgiveness, and more with the new My Aid Summary feature;
- get important notifications and account updates, such as recertifying an income-driven repayment plan within the Notification Center; and
- continue to receive alerts (push notifications) directly on their phone.
They will continue to add features to the mobile app in the coming year.
Download the app here: