Approximately 6,000 students nationwide who borrowed subsidized Stafford loans for the first time after July 1, 2013 should expect to hear from their loan servicers very soon because they have not completed their degree or certificate after attending college for over 150% of the published length of their program. These students will start accruing interest on their subsidized Stafford loans and in some cases the subsidy loss will be applied retroactively which could increase their monthly loan payment if they have already begun repayment. Information about the 150% subsidized loan limit is available here and additional details about the subsidy loss that is occurring this week can be found here. Students should contact their loan servicers if they have any questions about this. Students may view their loan histories and look up contact information for their loan servicers by logging into the “My Federal Student Aid” portal at www.studentaid.ed.gov.”
Looking for scholarships takes time and effort. There are thousands available and many places to look for them. They can be found at the NVCC Educational Foundation, local clubs and businesses, the State Department of Education, etc. The following article will provide a step-by-step guide on how and where to look for scholarships and the necessary process that needs to be taken to apply for the scholarships. Click here to read the article.
Financial Aid Newsletter – GREENBACK
Check out the latest issue of The Financial Aid GREENBACK, our quarterly Financial Aid newsletter. This issue: Department of Ed partners with NOVA, Win $100 in CashCourse Contest, the New Financial Aid & Student Accounts Support Center, and more. This newsletter is designed to help students and staff members stay up-to-date on the latest and greatest in the world of financial aid.
Posted in Bookstore Purchases, Default Prevention, Financial Aid Support Center, FYI, Greenback
Tagged CashCourse, Default Management, Dept of Ed - Default Prevention, Financial Aid & Student Accounts Support Center, Financial Literacy, Financial Literacy Blog, Inceptia
Are you thinking about pursuing a career in a public service at a non-profit organization or are you currently working at a non-profit organization? If so, and if you have borrowed federal student loans you should definitely know about the Public Service Loan Forgiveness program. After working full-time for at least 10 years at a public service organization while making at least 120 qualifying monthly loan payments after October 1, 2007 the remaining balance of your Federal Direct student loans may potentially be forgiven. Read more about the Public Service Loan Forgiveness program here.
Established in 2007, the Two-Year College Transfer Grant Program (CTG) provides an incentive for students to first complete an associate degree at a Virginia public two-year college before transferring to a participating Virginia four-year college or university as a means to reduce the overall cost towards completing a bachelor’s degree.
In addition to paying lower tuition charges for their freshman and sophomore years while attending a two-year college, students who qualify may also receive a CTG award once they transfer to the four-year institution.
Click here for more information and to apply: 2YRCollegeTransferGrantApp201516
Don’t become a victim of a financial aid or student loan scam. For more information about financial aid fraud or reporting fraud please visit the Consumer Financial Protection Bureau website or the Federal Student Aid website.
On Wednesday, May 27, 2015, the IRS announced its “Get Transcript” application had been compromised by cyber criminals. Over 100,000 taxpayers’ accounts were illegally accessed. The “Get Transcript” application has been temporarily disabled. The IRS has taken several additional measures to protect taxpayers and their confidential information.
This impacts students and families who may be requesting tax transcripts to complete their financial aid process. At this time, tax transcripts are only available when requested by mail and take up to ten days for delivery. Students and parents are strongly encouraged to utilize the IRS Data Retrieval Tool (DRT) available within fafsa.ed.gov. Links to a statement from the IRS and a Q & A list are provided below.
IRS’s Full Statement
Get Transcript Q & A
FAS will continue to provide updates on this issue as they become available. If you have specific questions, feel free to submit them via email.
NOVA Financial Aid Team
Want some quick information on financial aid guidelines? Check out the National Association of Student Financial Aid Administrators Reference Guide.
The new Student Aid Reference Sheet for 2015 -16. This guide includes updated information about Stafford Loans, Pell Grant, PLUS Loans, Federal Perkins Loans and more.
To see the 2015-16 Student Aid Reference Sheet click here.
The FSA ID – A username and password will replace the Federal Student Aid PIN. It is required to log in to certain U.S. Department of Education websites.
Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents.
For instruction to create your FSA ID click here: FSA ID