What is electronic signature (e-Signature?)

American Student Assistance’s (ASA) electronic signature (e-Sign) is a process that allows a student or parent borrower to electronically “sign” their Stafford or PLUS Master Promissory Note (MPN). Rather than fill out a paper promissory note, sign it in ink, and send it through U.S. mail, e-Sign allows users to quickly and easily take care of their MPNs online. The entire e-Sign process is efficient and secure and allows you to print a paper version of your MPN for your records once you are finished.

Please Note: Your schools students and parent borrowers can only use the electronic signature functionality if you, the school, sign up for this service.

How does my school sign up for e-Signature?

Schools should contact their Client Manager Representative to sign up for the service or request more information about the benefits of using e-signature. Click here to locate your school’s Client Manager Representative.

How do I know what lenders are participating in e-Signature?

You should contact your Client Manager to discuss your school’s preferred lender list and other issues relating to e-Sign processing for your institution. A borrower may choose any lender the borrower would like for his or her loan, regardless of your school’s list. Also please remember that your preferred lender list may not be used to deny or otherwise impede a borrower’s choice of lender, contain fewer than 3 lenders that are not affiliated with each other and that will make loans to borrowers or students at the school, and include lenders that have offered, or offered in response to a solicitation by a school, financial or other benefits to the school in exchange for inclusion on the school’s list or any promise that a certain number of loan applications will be sent to the lender by the school or its students.

What are the benefits of having my students electronically sign their MPNs?

The e-Signature process allows borrowers to avoid printing, signing and mailing their Stafford MPN or PLUS MPNs, speeding up the disbursement of the borrower’s loan funds.

What types of loans can be electronically signed via ASA Direct^®?

Borrowers can use ASA Direct to electronically sign their subsidized and unsubsidized Stafford MPNs as well as, their Federal PLUS loans.

What e-Signature method does ASA support?

ASA uses the FSA PIN (Federal Student Aid Personal Identification Number) to verify the borrower’s identity. This process is a secure way for borrowers to electronically sign their Stafford MPNs.

For PLUS MPNs, borrowers are authenticated and allowed to electronically sign in 1 of 2 ways. The first is through the credit check that ASA performs for the borrowers pre-approval. If a credit check already exists for that borrower, ASA uses a second transaction with our credit agency called “Trace +.” This is a non-credit check transaction.

Is ASA able to provide schools and lenders with a monthly report of how many students completed the Stafford MPN application online vs. paper?

Yes. Schools and lenders can access the customized Excel report “Loans by Signature Date/Method” online at ASA Direct. Users simply input the parameters of a date range and signature method to find out how many borrowers electronically signed an MPN within a certain time period.

How can I get more information about the e-Signature process?

To find out more about e-Signature, financial aid professionals can review the troubleshooting guides or contact their ASA representative.