FSA's Financial Management System (FMS) is a centralized system for all FSA financial transactions. It allows FP users to: collect, process, maintain, transmit, and report data about financial events ON-LINE. It also provides functionality to support financial planning and budgeting activities, accumulate and report cost information, and the preparation of financial statements.
- The following FP applications can be accessed by clicking on the ‘GAFR’ or ‘LARS’ icons on the right.
- All FMS users are required to submit updated FSA/FMS Security Forms annually with the U.S. Department of Education.
If you have any questions regarding FMS, contact the FMS Help Desk at 1-800-433-7327, 7 a.m. – 6 p.m. Eastern Time (ET), Monday through Friday. Questions can also be emailed to FMS_Operations@ed.gov.
Guaranty agenices use the Guaranty Agency Financial Report to request payment from and make payments to the Department of Education (ED) under the Federal Family Education Loan (FFEL) Program. Prior to entering GAFR data electronically users are required to:
Submit the required FSA/FMS Security forms.
Lender Reporting System (LaRS)
Lenders are required to submit quarterly student loan portfolio data to the Department of Education (ED), Financial Management System (FMS). These invoices are subsequently validated by the LaRS application. The LaRS integrates access to lender data through one system and creates ad hoc query analysis functionality. Prior to entering LaRS data electronically either by direct data entry or file transfer, you will be required to:
- Submit a signed Organization Participation Agreement (OPA)--LaRS [PDF - 5 pages] to FSA;
- Submit Lender Application Process (LAP) demographic data via the hardcopy LAP [Word - 10 pages]; and
- Submit the required FSA/FMS Security forms.
NOTE: If it is impossible at this time to submit the LaRS via the online system, you are required to submit a hardcopy LaRS [PDF - 20 pages] form.
NOTE: For additional information on any of the above applications, please see our Data Exchange site.