During the 2016-2017 academic year, NOVA students who successfully complete Financial Avenue courses will be entered in drawings for forty $100 grants and bookstore gift cards that can be used for educational costs at NOVA. The Financial Aid Office will randomly select winners after each completion period has ended. Each course typically takes about 45 minutes to complete and covers topics such as budgeting, saving, credit cards, loans, financial aid, and employee benefits. Please consider entering the contest! It’s a great opportunity to potentially win money towards your educational expenses while building real-life personal financial management skills!
The Official CashContest rules are posted on NOVA’s Financial Literacy Blog. Students may sign up for Financial Avenue at https://fa.financialavenue.org/sign-up/ and enter NOVA’s access code, “FinLit” to participate in the contest. The deadline for completing the first course, “Foundations of Money” is 11:59pm on October 18, 2016.
In addition to the Financial Avenue courses, a variety of other resources are available on the Financial Literacy Blog.
The Department of Education implemented changes to make the FAFSA application process easier and more efficient, thus allowing for earlier availability of important financial eligibility information.
TWO IMPORTANT CHANGES GO INTO EFFECT WITH THE 2017-2018 FAFSA:
- Submit a FAFSA earlier: Students will be able to file a 2017-18 FAFSA beginning October 1, 2016 (rather than beginning on January 1, 2017). The earlier filing date will be a permanent change, thus allowing students to complete and submit a FAFSA as early as October 1 every year.
- Use earlier income information: Beginning with the 2017-18 FAFSA, students will report income information from an earlier tax year. For example, on the 2017-18 FAFSA, students (and parents, as appropriate) will report their 2015 income information (rather than their 2016 income information).
The following table provides a summary of key dates as we transition to using the early FAFSA submission timeframe and earlier tax information.
For more information on Early FAFSA filing, visit: nvcc.edu/financialaid
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.
The following tutorials will assist students with navigating the Financial Aid Course Audit (FACA) process. Please review as needed.
What you should do: Please run your advisement report, accessible from your Student Center on MyNOVA, to determine which classes are still required to complete your program. See your academic advisor, if necessary, and enroll in required coursework. Financial aid will be awarded on eligible courses only.
- Be proactive. Discuss your academic and career goals with your advisor. Make sure that you are enrolled in the program that best aligns with these goals.
- Register for courses that apply to the program(s) you have chosen to maximize your award and achieve your goals sooner.
- If you register for an ineligible course and wish to take it despite not having financial aid awarded for the course, pay for it by the payment deadline to prevent it from getting dropped for non-payment You can make the payment for the financial aid ineligible course only by visiting the business office at your campus. Payment cannot be made on-line.
- Contact the Financial Aid Support Center at (855) 323-3199 or visit your Campus Financial Aid Office if you have any questions about your eligibility.
Our hope is that by providing you this information in advance, you will be able to better plan your academic career, select courses that apply to your program, and complete your degree or certificate in a timely fashion. Remember: Financial aid will be awarded on eligible courses only. If you choose to take ineligible courses, you must go to a campus business office and pay for those courses.
IRS Warning of a ‘Federal Student Tax’ Scam
On May 27, 2016 the IRS released a statement warning of a scam involving a bogus “Federal Student Tax”. As provided in their statement, the scam is currently presented as “phone calls from IRS impersonators demanding payment for a non-existent tax, the ‘Federal Student Tax.’”
The IRS’ statement includes further explanation of what the scam includes, how students and taxpayers can protect their information, and how the IRS is responding to the issue. More information on the IRS statement can be found on the irs.gov website, at https://www.irs.gov/uac/newsroom/irs-warns-of-latest-scam-variation-involving-bogus-federal-student-tax.
The fourth CashCourse Contest drawing recently came to a close. Were you one of the eight $100 winners? If not, consider taking about 20-30 minutes to enter in the final drawing by successfully completing the “Making the Most of Employee Benefits” module at www.cashcourse.org by the June 10, 2016 deadline. Eight more $100 winners will be drawn from the pool of current NOVA students who complete the final module with a post-test score of at least 80%. Complete contest rules are available on NOVA’s Financial Literacy blog at http://blogs.nvcc.edu/financial-literacy/.
While on the Financial Literacy blog, you may also want to check out the money management resources that are available. It features some great tips on getting your finances under control and saving some money. In case you’re interested, there’s also an article about the college’s other financial literacy programs available here.
Pick a federal student loan repayment option that’s right for you in 5 steps or less here. Examples of federal student loans include Direct Loans, Stafford, PLUS and Perkins loans.
To celebrate the Class of 2016, Inceptia has published its third annual “Great Advice for Grads,” a collection of articles that offers practical advice and words of wisdom for money, loans, and living one’s best life. Check it out here.
Navigating the FAFSA:
Federal Student Aid published a new video to their YouTube channel: https://www.youtube.com/watch?v=QdaGZASwjZU
This 6 minute video contains helpful information for parents of Free Application for Federal Student Aid (FAFSA) applicants. It helps parents navigate the FAFSA process: from logging in, to filling out and to signing their child’s FAFSA using their FSA ID.
Creating an FSA ID:
For information on creating an FSA ID, FSA has a video with detailed instructions on how to create an FSA ID: https://www.youtube.com/watch?v=lLi0q7hkFns
Please review these videos and share them with students and parents on campus, at high school night or SDV presentations, in your offices and anywhere else it could be seen.
April is National Financial Literacy Month which means it’s a great time to review your finances and develop a plan for managing your money. Some excellent resources are available on NOVA’s Financial Literacy Blog.
You may wish to review the Money Management for College Students presentation, request a free copy of your credit report at www.annualcreditreport.com, and set up a budget and savings plan. You could also enter NOVA’s CashCourse Contest for a chance to win $100 while learning about managing your finances.
If you haven’t already done so, remember to reapply for financial aid by completing the 16-17 FAFSA at www.fafsa.gov and submitting any items that may be requested on your NOVAConnect To Do List before the May 1, 2016 priority filing date for fall 2016.
If you’ve borrowed student loans we also encourage you to utilize NOVA’s Loan Planning Form to review your loan history, determine the impact of additional borrowing, and start planning for loan repayment.