Disbursement Update

Financial aid is disbursed after the census date passes for at least six credits during a particular semester (if there are no holds or incomplete requirements on the MyNOVA To Do List).  If students take less than six credits then aid will disburse once the census date passes for those credits.  Students must also be meeting the Satisfactory Academic Progress (SAP) requirements to be eligible for aid.  Before dropping or withdrawing from a course we encourage students to consult with the Financial Aid Office to determine how this will affect their financial aid eligibility.

In order to potentially receive aid for a particular course students must attend the course past its census date.  Also please note that eligibility for grants is determined based on enrollment at the main 16-week census date (or when students are awarded aid for the first time if they are awarded after the 16-week census); which means that grant aid eligibility for a particular semester cannot be increased after that time.  For loans, students must be enrolled in at least six credits at the time the loan is offered and disbursed.  For more information about disbursement requirements please review the Financial Aid Handbook or contact the Financial Aid Support Center.

Right after the 16-week census passes, the Financial Aid Offices verifies the enrollment of all students receiving financial aid and reduces aid if necessary based on a student’s enrollment at that time.  Since awards made prior to the 16-week census are based on anticipated full-time enrollment, students who are enrolled in less than 12 credits may potentially have their aid reduced.  This adjustment process typically takes about two weeks and then aid is disbursed for eligible students who have passed the census date as mentioned above.  If a financial aid adjustment causes a student to owe a balance the student will need to make arrangements to cover their remaining balance before enrollment cancellation resumes so they can avoid potentially being dropped from courses for non-payment.

If students have a credit balance on their account then they should receive a refund in approximately 10-15 business days after aid is disbursed.  Students may elect to receive refunds via the following options:

  • A reloadable Visa prepaid debit card
  • Direct deposit into a checking account (ACH)
  • A check mailed to your mailing address listed in MyNOVA (the default option if a refund preference is not elected)

Students may select their refund preferences by logging into the NOVA refund website at https://nvcc.afford.com/refunds.  Refund preferences only need to be set up once for all future terms and students may change their preference at any time.  If a refund for excess financial aid has not been received within 10-15 business days after aid is disbursed students may contact Tuition Management Services (TMS) at NOVArefunds@afford.com or 1-888-722-4867 to check on the status.  TMS can also assist students with setting up refund preferences.  Additional information about the refund process is available here.

Students should also verify that their mailing address listed in MyNOVA is correct.  Prepaid debit cards and checks are sent to the mailing address provided in MyNOVA.

 

 

GREENBACK Newsletter (August_2014)

Check out the latest issue of The Financial Aid GREENBACK, our quarterly Financial Aid newsletter. This issue we give you additional information on the 150% loan eligibility guidelines, the Financial Aid Pending (FAP) process and fall bookstore purchase authorization e-form. 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.

 

Time Limitation on Direct Subsidized Loan Eligibility for First-Time Borrowers on or after July 1, 2013

Maximum eligibility period to receive Direct Subsidized Loans

(This article was originally published on StudentLoans.gov as part of Direct Loan Entrance counseling.)

There is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. In general, you may not receive Direct Subsidized Loans for more than 150% of the published length of your program. This is called your “maximum eligibility period”. You can usually find the published length of any program of study in your school’s catalog.

For example, if you are enrolled in a 4-year bachelor’s degree program, the maximum period for which you can receive Direct Subsidized Loans is 6 years (150% of 4 years = 6 years). If you are enrolled in a 2-year associate degree program, the maximum period for which you can receive Direct Subsidized Loans is 3 years (150% of 2 years = 3 years).

Your maximum eligibility period is based on the published length of your current program. This means that your maximum eligibility period can change if you change programs. Also, if you receive Direct Subsidized Loans for one program and then change to another program, the Direct Subsidized Loans you received for the earlier program will generally count against your new maximum eligibility period.

Example 1: You are enrolled in a two-year undergraduate program. You then enroll in a four-year undergraduate program. When you change programs, your maximum eligibility changes from three years to six years.

You received Direct Subsidized Loans for only one year while enrolled in the two-year program. When you enroll in the four-year program, you are eligible to receive five more years of Direct Subsidized Loans.

Example 2: You are enrolled in a four- year undergraduate program. You then enroll in a two-year undergraduate program. When you change programs, your maximum eligibility changes from six years to three years.

You received Direct Subsidized Loans for two years while enrolled in the four- year program. When you enroll in the two-year program, you are eligible to receive one more year of Direct Subsidized Loans.

Example 3: You are enrolled in a four-year undergraduate program. You then enroll in a different four- year undergraduate program. Because both programs are the same length, your maximum eligibility does not change when you change programs-it remains six years.

You received Direct Subsidized Loans for three years while enrolled in the first four- year programs. When you enroll in the second four- year program, you are still eligible to receive three more ears of Direct Subsidized Loans.

Periods that count against your maximum eligibility period

The periods of time that count against your maximum eligibility period are periods of enrollment (also known as “loan periods”) for which you received Direct Subsidized Loans.

For example, if you are a full-time student and you receive a Direct Subsidized Loan that covers the fall and spring semesters (a full academic year), this will count as one year against your maximum eligibility period.

If you receive a Direct Subsidized Loan for a period of enrollment that is shorter than a full academic year, the period that counts against your maximum usage period will generally be reduced accordingly.

For example, if you are a full-time student and you receive a Direct Subsidized Loan that covers the fall semester but not the spring semester, this will count as one-half of a year against your maximum eligibility period.

With one exception, the amount of a Direct Subsidized Loan you receive for a period of enrollment does not affect how much of your maximum eligibility period you have used. That is, even if you receive a Direct Subsidized Loan in an amount that is less than the full annual loan limit, that lesser amount does not reduce the amount of your maximum eligibility period you have used. The one exception applies if you receive the full annual loan limit for a loan period that does not cover the whole academic year.

For example, if you receive a Direct Subsidized Loan that covers only the fall semester and not the spring semester, and the loan amount you receive is equal to the full annual loan limit for your grade level, this counts as one full year against your maximum eligibility period.

Effect of borrowing while enrolled part-time

If you receive a Direct Subsidized Loan when you are enrolled less than full-time, the period that is counted against your maximum eligibility period will be reduced.

For example, if you are enrolled half-time and receive a Direct Subsidized Loan for a period of enrollment that covers a full academic year, this will count as only one-half of a year against your maximum eligibility period.

Loss of eligibility for additional Direct Subsidized Loans and becoming responsible for paying interest on Direct Subsidized Loans

After you have received Direct Subsidized Loans for your maximum eligibility period, you are no longer eligible to receive additional Direct Subsidized Loans. However, you may continue to receive Direct Unsubsidized Loans.

In addition, if you continue to be enrolled in any undergraduate program after you have received Direct Subsidized Loans for your maximum eligibility period, we will no longer (with certain exceptions) pay the interest that accrues on your Direct Subsidized Loans for periods when we would normally have done so. After you lose eligibility, whether you become responsible for the interest that accrues on your Direct Subsidized Loan depends only on your enrollment, not applying for, requesting, or receiving federal financial aid.

Remember, your maximum eligibility period can change if you enroll in a different program. So, if you received Direct Subsidized Loans for your maximum eligibility period for one program and then enroll in a longer program, you will not become responsible for interest that accrues on your Direct Subsidized Loans.

Direct_Subsidized_Loans_and_ Direct_Subsidized_Loans_Charts

(This chart was originally published on StudentLoans.gov as part of Direct Loan Entrance counseling.)

The above chart summarizes the periods when we normally pay the interest on your Direct Subsidized Loans, and an explanation of what happens after you become responsible for the interest.

If you meet any of the “yes” conditions indicated on the chart, you will become responsible for the interest that accrues on your Direct Subsidized Loans on and after the date of your enrollment, during periods when we would have normally paid the interest for you.

Example: If you are enrolled in a four- year undergraduate program and receive Direct Subsidized Loans for six years, you are no longer eligible to receive Direct Subsidized Loans.

Whether you become responsible for interest on your Direct Subsided Loans depends on what you do next:

1. If you complete the program in 6 years and do not enroll for a 7th year, the Federal government will continue to pay the interest that accrues on your Direct Subsidized Loans as described in the chart below. Even if you eventually enroll in another program, because you completed the program before enrolling for a 7th year, the Federal government will continue to pay your interest as described in the chart below.

2. If you continue to be enrolled in the program for a 7th year, then on the date you enroll for the 7th year you will become responsible for paying all interest that accrues on your Direct Subsidized Loans from that point forward.

3. If you do not complete the program, but transfer to another undergraduate program that is four year or less (that has a maximum eligibility period of 6 years or less), then you will become responsible for interest, starting with the interest that accrues on the date that you enroll in the other program.

Regaining eligibility for Direct Subsidized Loans

If you become ineligible for Direct Subsidized Loans because you have received Direct Subsidized Loans for your maximum eligibility period, you may again become eligible to receive Direct Subsidized Loans if you enroll in a new program that is longer than your previous program.

If you regain eligibility to receive additional Direct Subsidized Loans because you enrolled in a program that is longer than your prior program and you previously became responsible for paying all of the interest that accrues on your Direct Subsidized Loans, we will pay the interest that accrues on your new loans during the periods described in the chart above. However, you will continue to be responsible for paying all of the interest that accrues on the previous Direct Subsidized Loans that you received.

Bookstore Purchase Authorization E-form for Fall 2014

Students with pending financial aid can purchase books against their excess financial aid beginning online on Aug 6th. Campus bookstore purchases begin on Aug 6th and continue through the term census date, Sept 8th, the end of the book purchase period. Students must complete the Bookstore Authorization E-Form, via the Financial Aid Dashboard, prior to completing their purchase. Students enrolled in distance learning or wishing to make their purchase online must complete and electronically sign the Bookstore Authorization form via the Dashboard prior to your order being Processed. Students enrolled or planning to enroll in later starting classes who desire to use their financial aid to purchase books must do so during this purchase period. Students who are awarded after the term census date will not be able to charge bookstore purchases against their undisbursed financial aid award until a second book purchase period opens prior to the second eight-week session.
If you have any questions or concerns, contact the Financial Aid Support Center at 855-323-3199 or your campus financial aid office.