If you are filling out an application for the first time, entering a Transaction Password allows you to save a non-submitted application. You cannot save an application later on if you don’t provide a Transaction Password upfront.

If you do not submit the application, and wish to retrieve it later, you must enter the Transaction Password. If you cannot remember the Transaction Password, you will have to start a new application. Neither Federal Student Aid nor Customer Service can provide you with the Transaction Password.

Once entered, the Transaction Password cannot be changed.