myFSApay Payment Vehicle Account Program Pilot

The myFSApay pilot is an innovative program available to students who receive federal financial aid at a limited number of schools. It is being offered by the U.S. Department of Education’s office of Federal Student Aid to enable us to evaluate an alternative financial aid disbursement option. The myFSApay account provides students who opt to participate with a reloadable prepaid debit card that includes e-banking functionality through a website and a companion mobile app.

The following questions and answers provide more information on the myFSApay program pilot.

myFSApay Payment Vehicle Account Program Pilot

What is the myFSApay program pilot?

The myFSApay program is designed as a short-term test (or pilot) that provides students with an alternative method to receive financial aid refunds.

Many schools offer students options to receive a credit balance refund, which occurs if the amount of financial aid you receive exceeds your school’s direct costs, such as tuition and fees. In addition to providing direct deposits and paper checks, many schools offer students with credit balances other disbursement options such as prepaid or debit cards designed for students. myFSApay is a prepaid debit card and linked account designed to provide students with an alternative option.

How is a payment vehicle account different from a regular bank account?

You can use myFSApay to receive and manage up to $8,000 in funds from financial aid credit balances, direct deposited paychecks from a job, and paper checks you electronically deposit into your account. You can access your money using the myFSApay prepaid card, which you can use in stores and to make online payments, with a daily spending limit of $2,500 and a daily ATM cash withdrawal limit of $500. You can even request paper checks from your card provider that can be written for up to $1,000.

The myFSApay account is available as long as you are enrolled in a participating school and receive federal financial aid. When you transfer, graduate, or otherwise leave school, you will be able to receive your myFSApay account funds in the form of a check or transfer them to another financial institution.

Who can get a myFSApay account?

Students who receive federal financial aid (such as a William D. Ford Direct Loan or Federal Pell Grant) and are enrolled at a participating school may enroll in myFSApay.

Which schools are participating in the pilot?

Jackson State University, Purdue University, University of California–Riverside, and University of Georgia are participating in the pilot. Student from these schools may enroll in the program.

Which financial institutions are providing accounts through myFSApay?

myFSApay Cards are issued by MetaBank®, Member FDIC. The pilot programs are processed by Fiserv and managed by Money Network. The card providers will be serviced by the same mobile app and call center, so all myFSApay account holders can access their information in the same place, regardless of the account provider.

Will I be charged any fees to use a myFSApay account?

The myFSApay program pilot charges no fees for the most common types of transactions. A few less-common fees will be assessed but reimbursed automatically within one month. Other rare fees may be reimbursed upon request; just call the number on the back of your card to start the reimbursement process. Below is a detailed list of fees and reimbursement guidelines.

No fees will be charged for

  • opening an account;
  • reissuance of lost or stolen card;
  • overdraft*;
  • monthly account maintenance;
  • receipt of financial aid refunds from your school;
  • direct deposit of other funds, such as those from an employer;
  • purchases using your myFSApay Card;
  • requesting a Money Network® check;
  • cash withdrawals, card declines, or account balance inquiries at in-network ATMs or branches;
  • funds transfers to other banks;
  • foreign currency conversion or foreign ATM usage; and
  • mobile app check deposits

Fees will be assessed, but reimbursed automatically on a monthly basis for the following less-common third-party fees:

  • Cash withdrawals, card declines, and balance inquiries at out-of-network ATMs
  • Cash deposits at retail reload providers

Fees will be assessed, but only reimbursed upon student request for the following rare fees:

  • Out-of-network check cashing services
  • Cash withdrawals in out-of-network bank branches
  • International ACH withdrawals

*The myFSApay Card does not include an overdraft feature. Instead of overdrafting funds, the account will decline a purchase when there are insufficient funds. In addition, a purchase by check will require an authorization code to prevent you from overdrafting from the account.

Note: See the Long Form Fee Disclosure provided by the card provider for a more detailed list of fees and reimbursements.

How do I sign up for myFSApay?

  1. Download or launch the myStudentAid mobile app.
  2. In the main menu, select “myMoney” and then select “myFSApay.”
  3. Review the myFSApay fact sheet and review the rest of the questions and answers on this page.
  4. Select your school in the myStudentAid mobile app. If your school is not listed, it is not participating in the pilot. Check back, though, as we will add schools to the program in the future.
  5. Review the disclaimer and go to the card provider’s website to enroll.
  6. Follow the enrollment instructions to sign up for your account.

When you sign up for an account, you will have to complete a short registration form that includes information like your name, contact information, and Social Security number to verify your identity and establish your account. After you submit your application, you will immediately receive your account information and access to your virtual account from your card provider. The myFSApay Card will arrive in 7–10 business days.

How can I receive my financial aid credit balance on my myFSApay Card?

Once your account is open, you’ll receive instructions on how to access your bank routing and account number. You can then provide this information to your school. This will enable your school to disburse your credit balance directly to your card. If you have questions, you can contact the bursar’s office or financial aid office at your school.

Where can I find an in-network ATM?

Your card provider’s app or website provides a locator where you can search for nearby in-network ATMs.

Will any of my personal information be shared with Federal Student Aid (FSA)?

No, your data will be secure and private. FSA will not receive any personal information on your card usage or spending. FSA may receive aggregate level informational reports about the program but will not receive specific customer data or transaction information. Additionally, myFSApay program providers have agreed to not market other products to you or to sell your data to others who might.

What can I do if I have an issue with my card?

Many questions can be answered by visiting the Help section on the myFSApay program provider’s website. Once you have an account, you may speak with a customer service representative by calling 1-866-387-5146. If you have a complaint related to your experience as a myFSApay user that has not been satisfied after raising the issue to a customer service representative, you can submit information to the FSA Feedback System, contact the FSA Ombudsman, or file a complaint with the Consumer Financial Protection Bureau.

What happens to my account when I leave school?

When you leave school, you’ll be allowed to withdraw funds from your account either via cash or check, or transfer your funds to another financial institution.

What will happen to my account when the pilot ends?

The pilot is currently scheduled to end in December 2020, but it may be extended an additional year to assess its impact on school operations and student satisfaction. At the end of this timeframe, the pilot will be evaluated and either expanded into a broader program or canceled. At the end of the pilot, you will be able to withdraw your funds using the methods described in the previous question and answer.

Can I enroll in the myFSApay program if I’m not enrolled at a participating school?

No, you can’t use myFSApay if you’re not enrolled at a participating school. Other schools may be added to the pilot in the future. Your school will let you know when the option becomes available.

Will the card provider get information about my financial aid?

No, your card provider won’t have access your academic information or financial aid package. The only information your card provider will have will be what you provide to sign up for your account.


The myFSApay program pilot is available to students who receive federal student aid. The account is provided by a private company (also known as a myFSApay program provider) that is participating in the pilot program, and that charges no fees for account maintenance or the most common types of transactions. A few less-common fees will be assessed and reimbursed automatically or by request, depending on the type of fee. Remember, the security and privacy policies on the linked app may be different than FSA policies; be sure to read the card provider’s policies closely. The card provider can answer any questions you have once you are enrolled in the pilot.

The Money Network name and logo are registered trademarks of Money Network Financial, LLC, a wholly owned subsidiary of First Data Corporation and are used with permission. Money Network® Checks and myFSApay Cards are issued by MetaBank, Member FDIC.

Standard message and data rates apply for use of any mobile apps discussed on this page.