Category Archives: Default Prevention

NOVA Partners with Inceptia for Default Prevention

You’re not alone when it comes to student loans. NOVA has partnered with Inceptia, a division of National Student Loan Program (NSLP), to provide you with FREE assistance on your Federal student loan obligations to ensure successful, and comfortable, loan repayment. Inceptia’s friendly customer representatives may reach out to you if your loan(s) become delinquent.

Inceptia is not a collection agency. We’ve partnered with them to help you explore a wide variety of possibilities such as alternative repayment plans, deferment, consolidation, discharge, forgiveness, and forbearance options. Inceptia will stay in touch with you via phone calls, letters, and/or emails to help you find answers to your questions and solutions to your issues.

When it’s time to start repaying your student loans, don’t get stressed. If you’re confused about repayment plans or feel your loans are too impossible to tackle, we’ve got the money knowledge and resources to help. Inceptia may contact you with information about loan repayment options. Until then, get some loan knowledge from the Knowl at MoneyKnowl.org.

Financial Aid Newsletter – GREENBACK (August_2016)

Financial Aid Newsletter – GREENBACK_August 2016

Check out the latest issue of The Financial Aid GREENBACK, our quarterly Financial Aid newsletter. This issue: Financial Aid Course Audit (FACA) – Steps to get and stay ahead, 2017-2018 FAFSA filing Changes, CashContest coming soon, Partner with NOVA and protect your identity, 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.

Default Prevention and Responsible Borrowing

Approximately 13.7% of NOVA students borrowed a student loan in 2014-2015 to help finance their educational expenses according to data compiled by NOVA’s Office of Institutional Research.  While this is a relatively low percentage of the student population, the college is committed to encouraging responsible borrowing and reducing the number of students who default on their loans.

By partnering with Inceptia, we have assisted over 1,300 former NOVA students in getting all of their delinquent student loans back into good standing within the last four months.  The efforts of the Default Prevention Committee have also helped reduce the college’s Cohort Default Rate (CDR) from 13.6% in FY2011 to 12.0% in FY2012 (the two most recent periods for which data is available).  This indicates a reduction in the percentage of NOVA borrowers defaulting on their student loans within three years after entering repayment.

Per federal regulations, students must complete the Master Promissory Note (MPN) and Entrance Counseling at www.studentloans.gov before receiving a Federal Direct Stafford Loan, and they must complete Exit Counseling upon leaving school.  Borrowers are also encouraged to use NOVA’s Loan Planning Form to review their loan histories, determine the impact of additional borrowing, and to start planning how they will repay their student loans.

Financial Aid Newsletter – GREENBACK (Dec_2015)

Financial Aid Newsletter – GREENBACK

Check out the latest issue of The Financial Aid GREENBACK, our quarterly Financial Aid newsletter. This issue: Default Prevention/Responsible Borrowing,  CashCourse Contest winners selected, the New Financial Avenue, financial literacy tool, 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.

Financial Aid Newsletter – GREENBACK (July_2015)

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.

How to Handle Direct Loan Deferments

The National Student Clearinghouse has learned that a number of Direct Loan recipients, who are currently enrolled, have been contacted by their lenders regarding repayment of their loans. Please instruct your students to request a deferment form from their lender and return the completed form to your school.

The completed deferment form must include the following information:

  1. Student’s full name
  2. Student’s Social Security number
  3. Date of birth
  4. Student’s signature
  5. Your school code
  6. Loan holder or servicer’s address
    This is in the form’s lender section, which is typically found on page 2.

Please forward all completed deferment forms to the Clearinghouse and include a cover sheet containing your school’s full name, school code, branch code, and the academic term in question.

Deferments must be mailed. They CANNOT be faxed because most lenders require the original form and signature.

IMPORTANT: If a student has more than one loan holder, he or she must complete a separate deferment form for each lender/servicer.

Please mail your cover sheet and deferment form(s) to the Clearinghouse at:

National Student Clearinghouse
2300 Dulles Station Blvd, Suite 300
Herndon, VA 20171

The Clearinghouse will complete the deferment forms we receive from you using the enrollment information provided by your school for the term in question.

If you have any questions, please contact your Clearinghouse regional director or service@studentclearinghouse.org.

 

 

GREENBACK (Jan_15) Financial Aid Newsletter

Check out the latest issue of The Financial Aid GREENBACK, our quarterly Financial Aid newsletter. This issue: new electronic refund options, FAFSA to replace the Student Aid PIN, be proactive with your student loans, 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.