FSA
Abbreviation with 7 meanings
| Stands for | Flexible spending account |
|---|---|
| Meanings | 7 |
| Categories | Business & Finance, Government & Politics, Geography & Places, Military |
FSA has seven meanings. The most common are Flexible spending account (personal finance) and Federal Student Aid (US federal agency); it can also stand for Farm Service Agency, Food Standards Agency, Forward sortation area, Financial Services Authority and Family Separation Allowance.
Meanings of FSA at a glance
| # | FSA stands for | Context |
|---|---|---|
| 1 | Flexible spending account | Business & Finance › Personal Finance |
| 2 | Federal Student Aid | Government & Politics › US Federal Agency |
| 3 | Farm Service Agency | Government & Politics › US Federal Agency |
| 4 | Food Standards Agency | Government & Politics › UK Government |
| 5 | Forward sortation area | Geography & Places › Canadian Province and Territory |
| 6 | Financial Services Authority | Government & Politics › UK Government |
| 7 | Family Separation Allowance | Military › Military Term |
1. Flexible spending account
Business & Finance · Personal Finance Abbreviations · also used in medicine
Employer-sponsored account funded through pre-tax payroll deductions and used for eligible out-of-pocket health costs such as copays, eyeglasses and prescriptions. The full annual election is usually available on the first day of the plan year, but most money left unspent at year-end is forfeited.
Example: Open enrollment closes Friday, so decide how much to put in your FSA for next year.
The "use it or lose it" rule is softened by either a grace period of up to two and a half months or a limited carryover amount, at the employer's option. An FSA does not require a high-deductible health plan and is not portable when leaving the job. FSAs are offered through cafeteria plans under Internal Revenue Code section 125.
2. Federal Student Aid
Government & Politics · US Federal Agency Abbreviations · also used in education
Office of the Department of Education that runs the FAFSA, awards Pell Grants and federal student loans, and oversees a loan portfolio of about $1.6 trillion owed by more than 40 million borrowers. It is led by a Chief Operating Officer.
Example: Log in to your FSA account at StudentAid.gov to see your loan servicer and balance.
Designated in 1998 as the first performance-based organization in the federal government, it operates with more managerial independence than a typical office. Students and parents use an FSA ID, a username and password, to sign the FAFSA electronically. The Farm Service Agency at USDA shares the same initials.
3. Farm Service Agency
Government & Politics · US Federal Agency Abbreviations
USDA agency that runs farm loans, commodity price-support and disaster assistance programs and the Conservation Reserve Program through a network of county offices. It is led by an Administrator.
Example: The rancher applied at the FSA county office for livestock forage disaster payments.
Created in a 1994 USDA reorganization, it inherited functions of the Agricultural Stabilization and Conservation Service and the Farmers Home Administration. Farmers elect local FSA county committees that help administer programs. In student aid, FSA instead means Federal Student Aid, the Education Department office behind the FAFSA.
4. Food Standards Agency
Government & Politics · UK Government Abbreviations
Independent government department responsible for food safety and hygiene in England, Wales and Northern Ireland, overseeing food hygiene ratings, meat inspection, allergen rules and food recalls.
Example: The takeaway displays its FSA food hygiene rating of 5 in the window.
It was created in 2000 after BSE and other food scares damaged trust in government food policy. Scotland formed its own agency, Food Standards Scotland, in 2015. Hygiene ratings from 0 to 5 must be displayed in Wales and Northern Ireland but are voluntary in England.
5. Forward sortation area
Geography & Places · Canadian Province and Territory Abbreviations
First three characters of a Canadian postal code, letter-digit-letter, as in K1A. The first letter identifies a province, territory or part of one (H for Montreal, M for Toronto, V for British Columbia), and the digit shows whether the area is urban (1 to 9) or rural (0).
Example: Statistics Canada publishes income data by FSA, such as M5V in downtown Toronto.
Canada has about 1,600 FSAs. The letters D, F, I, O, Q and U are never used in postal codes, and W and Z never start one. Canada Post's code for Santa Claus, H0H 0H0, is a famous FSA plus local delivery unit.
6. Financial Services Authority
Government & Politics · UK Government Abbreviations
Former single regulator of the UK financial services industry, which supervised banks, insurers, investment firms and markets until it was abolished in April 2013.
Example: The mis-selling rules were introduced by the FSA in the 2000s.
Created from the Securities and Investments Board in 1997 and given full powers in 2001, it was criticized for "light-touch" regulation before the 2008 financial crisis, including the run on Northern Rock. Its responsibilities were split between the Financial Conduct Authority and the Bank of England's Prudential Regulation Authority.
7. Family Separation Allowance
Military · Military Term Abbreviations
Monthly allowance for service members with dependents who are separated from their families for more than 30 consecutive days because of military orders, such as deployments, ship duty or unaccompanied tours.
Example: He started receiving FSA on day 31 of the deployment.
FSA is meant to offset extra costs, such as household help or travel, that arise when a member cannot live with family. Dual-military couples married to each other may qualify in certain circumstances. In civilian benefits, FSA more commonly means flexible spending account.
Related abbreviations
More personal finance abbreviations
- FHSA – First Home Savings Account
- FICO – Fair Isaac Corporation credit score
- FIRE – Financial independence, retire early
- FRA – Full retirement age
- HCOL – High cost of living
- HSA – Health savings account
- HYSA – High-yield savings account
- IBR – Income-Based Repayment
See all 69 personal finance abbreviations →
More US federal agency abbreviations
- FNS – Food and Nutrition Service
- FOMC – Federal Open Market Committee
- FRB – Board of Governors of the Federal Reserve System
- FSIS – Food Safety and Inspection Service
- FTA – Federal Transit Administration
- FTC – Federal Trade Commission
- GAO – U.S. Government Accountability Office
- GNMA – Government National Mortgage Association