Announcing NSLDS Support!
The National Student Loan Data System (NSLDS) is the central database for any federal aid provided in the United States. As part of the system, they allow any borrower to have access to a snapshot of all their federal loans or grants used to pay for education.
The snapshot is called a “MyStudentData” text file. It can be very handy when needing to drill into the details of a loan’s history - from origination to the current status!
We’ve already been able to help advisors gain access to this information through Payitoff Sync.
However, we’ve noticed that some advisors prefer not to send a link to their clients or aggregate accounts if they already have a MyStudentData file. Also, it is largely seen as a reliable “source of truth” when verifying federal repayment options (especially among student loan experts).
Uploading a MyStudentData File
On Payitoff, advisors can now upload this MyStudentData file and gain access to the entire snapshot within seconds. Here’s a peek of how it works:
How Do I Find This File?
You’ll need to ask your clients to follow the steps below in order to get the file:
- Go to this NSLDS site and log in with an FSA ID. If you don’t have an FSA ID, you can create one by clicking on “Create an FSA ID”.
- Press “Accept” on the next prompt.
- Click on the MyStudentData Download icon.
- Read the confirmation message and press “Confirm”.
Here’s a pdf handout of these instructions that you can send to a client. Instead, you could also share this video explaining how to get the file.
More To Come
We’re constantly working to improve the planning process for financial advisors whose clients have student loans. We’d love to hear your thoughts on these new additions — and we have many more in store for the future!
