All posts by Clint Young

April is Financial Literacy Month!

April is National Financial Literacy Month!  Do you feel like you have your finances in order?  If you could use a little help, check out the thirty steps to financial wellness at www.financialliteracymonth.com or schedule a free financial coaching session with NOVA’s Financial Coach, Diana Yacob, who is an Accredited Financial Counselor.  You may reach Diana at dyacob@nvcc.edu.

Additional money management tips and resources are available here.

Check Out the Focus2 – Interactive Career and Education Planning System

FOCUS 2 is an online, interactive, self-guided career and education planning system that can help you:

  • Select a program/major based on your interests and aspirations
  • Discover occupations matching your personal preferences and attributes
  • Map out your career plans, present and future
  • Make informed career decisions

Create an account by self-registering for FOCUS 2 at https://www.focuscareer2.com/Portal/Login.cfm?SID=1014

  • Access Code: NOVA
  • VCCS student e-mail account required to create an account
  • Status: select appropriate group from list provided

IRS Data Retrieval on the FAFSA will Not Work for Weeks

The IRS Data Retrieval Tool that parents and students use to transfer tax information directly from the IRS to the Free Application for Federal Student Aid (FAFSA) is not currently working.  Officials at the IRS and the Department of Education expect the IRS Data Retrieval Tool to be nonfunctional for “several weeks” as they work to resolve technical issues with their systems.

When completing the 2016-2017 FAFSA or the 2017-2018 FAFSA, applicants should manually enter the requested information from their 2015 federal tax returns.  If selected for verification, students and the parents of dependent students may request a copy of their 2015 tax return transcript at www.irs.gov and then upload it to the School Servicing Center at www.sscwp.org when they complete the verification interview.  Applicants who do not have a copy of their 2015 federal tax return may also request a copy of their 2015 tax return transcript in order to manually enter their tax data on the FAFSA when they apply.  Tax return transcripts may be downloaded from the IRS website once the tax filer’s identity is confirmed or mailed to the tax filer within 5-10 days.

Instructions for Getting a 2015 Tax Return Transcript

Graduation Checklist

Congratulations! All your hard work and late night studying is about to pay off. Graduation is just around the corner. Understandably, it might feel overwhelming, but with a bit of planning, making the transition from school to full-time work can be smooth.

The following is a checklist with some important tasks to consider:

  • Take the last few months seriously. Yes, you may be in the homestretch but be sure to study hard. This is not the time to coast.
  • Have you applied to graduate? If not, review NOVA’s graduation website, http://www.nvcc.edu/graduation/.
  • Pay a visit to NOVA’s Career Services Office. They can assist you to develop your cover letter, resume, and portfolio as well as teach you how to prepare for an interview and begin your job search.
  • Develop a list of references and letters of recommendation. As this may be your first job, ask your instructors for permission to use them as a reference or for those letters of recommendation. Potential employers will ask for this information if you are a serious candidate for the job.
  • Figure out where you are going to live after college. You need to think about if you are going to move back home with your parents on a short-term basis or if you’re going to live on your own.
  • What about transportation? If you currently have a car, you’re probably good to go. If not, you’ll need to carefully consider affordable options including public transportation, at least for the short term.
  • Will you be going to grad school? Ask yourself: what school will you be attending, how much will it cost and how will you pay for it?
  • Check your consumer credit report. No matter what your plans for living and getting around, you’ll want to check your consumer credit report at www.annualcreditreport.com for errors and to see where your credit score stands.
  • Most importantly, start planning to repay your student loans. Six months after graduation, you’ll be expected to begin repayment on your federal student loans. For other loans, check your promissory notes and contact your lender(s). Be sure to inventory your student loans. For federal loans, visit www.studentloans.gov. There you will find a complete list of how much you borrowed, your interest rates and your loan servicer information. Contact your servicer(s) to update your contact information and to discuss repayment options.

Source:  ECMC Fab Gab Outreach and Financial Literacy Newsletter, Winter 2017

Enter NOVA’s CashContest for a Chance to Win $100

Were you one of the 16 randomly selected students who won $100 grants or bookstore gift cards by participating in NOVA’s CashContest during fall 2016?  If not, consider entering the CashContest during the spring semester for a chance to win $100 while also learning more about managing your finances.  Complete contest rules are posted on NOVA’s Financial Literacy blog at https://blogs.nvcc.edu/financial-literacy/. The next module, “Credit and Protecting Your Money” must be completed by March 5, 2017 to be entered in the contest.

Financial Aid Newsletter – Greenback (December 2016)

Financial Aid Newsletter – Greenback_DEC-16_FINAL

Check out the latest issue of The Financial Aid Greenback, our quarterly Financial Aid newsletter. This issue: Manage your educational borrowing, FAFSA Filing Update, Scholarship information, Essay Tips, 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.

File Your 2017-2018 FAFSA Now!!

You can file your FAFSA for next fall NOW…no need to wait to begin your financial aid application process!! You can file now using your 2015 tax information again. The online FAFSA at fafsa.gov will guide you through the application; click on the “Start A New FAFSA” button on the home page, and follow the directions on the screen. Below are tips to help you along the way:

  • Submit a 2017-2018 FAFSA now, 3 months earlier than usual. The new start date is October 1, 2016 (rather than January 1, 2017). The earlier filing date is a permanent change, thus allowing students to complete and submit a FAFSA as early as October 1 each year.
  • The 2017–18 FAFSA, will use 2015 tax information again. The use of one-year older tax information is another change. For one time only, the same tax information is used for two years, 2016-2017 and 2017-2018, if income earners are the same.
  • The FAFSA asks for information about you (your name, date of birth, address, etc.) and about your financial situation. You may be eligible to have your tax information imported automatically from the IRS into your FAFSA. Doing so for both years will help prevent conflicting information and lessen the chances of your having to provide income figures through the verification process.

 

If you have any questions, please feel free to contact the Financial Aid Support Center at: https://mysupport.nvcc.edu or call us at: 1-855-323-3199.

File Your FAFSA Oct 1, 2016!!!

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.

FAFSA_Oct-2016_Clock

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