As a reminder, student and parent borrowers will be required to complete the Annual Student Loan Acknowledgment (ASLA) process for the 2021-2022 award year. This process must be completed on studentaid.gov before the borrower can receive the 1st loan disbursement for the 2021-2022 award year. Schools must inform borrowers of this requirement and schools should update their websites and other materials with information on this new process. The ASLA process does not replace the existing loan counseling requirements. Rather, this is an additional step to ensure borrowers understand how much they currently owe in federal student loans and acknowledge that they are aware of the loan debt. Some states already require this information to be provided to borrowers. However, even if you are providing this information to borrowers as part of your state’s requirement, the ASLA process must still be completed by all borrowers.
We are providing a link to the most recent electronic announcement published by ED regarding the ASLA process. https://ifap.ed.gov/electronic-announcements/042120ASLAOpGuidanceSchoolsAddtlCODSysInfo