What is FMS?
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.
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 the address below.
Guaranty agencies 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:
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: