All posts by Clint Young

Financial Aid Support Center, General Information

2015-16 Scholarships Available

The on-line scholarship application is now active and accepting new scholarship applications for 2015-2016 NVCC Educational Foundation scholarships. Complete the application process accurately and prior to the application deadline: Wednesday, February 18, 2015.

To access Financial Aid Scholarship Applications, go to https://nvcc.academicworks. com. Once there, you must sign up, if you have not already done so, by using your VCCS email and creating your own pass- word.

When you have signed in, complete the General Application first. After completing the General Application, you may apply for any additional scholarships that interest you, provided you meet the requirements.

If you have additional questions, please contact the Financial Aid Support Center (855-323-3199) or your campus representative for assistance.

FAFSA Process, General Information

2014 Federal Income Tax Return Transcripts available via Get Transcript early in the 2015 tax filing season

Although the IRS Data Retrieval Tool (DRT) is still the preferred method for providing tax information when completing the FAFSA, accessing a real-time tax transcript at www.irs.gov/transcript will simplify the process of obtaining a Tax Return Transcript for those filers who are not eligible to use the IRS Data Retrieval Tool. Electronic tax filers should have access to a transcript two weeks after taxes are filed, starting about the end of February.

Federal tax filers will be required to provide authentication prior to viewing and printing their Tax Return Transcripts. Get Transcript provides:

  • Individual/joint-filer transcripts
  • All available transcript types and/or

Letters of Non-Filing

  • Taxpayer authentication
  • Immediate display of transcript via PDF; users can view, print, and save the file

Get Transcript will alleviate the need to visit the IRS Office in person or request a transcript via mail; the filer will simply go to www.irs.gov/transcript. After user authentication, students or parents will provide the reason for the request, select the year(s), type(s) of information requested, and other requested information, and the document will be displayed in a printable format.

In preparation for completing the FAFSA, families are encouraged to file their taxes electronically and to do so as early as possible to meet all financial aid priority deadlines.

FAFSA Process, General Information

New FSA ID to Replace the Federal Student Aid PIN

In spring 2015, Federal Student Aid (FSA) will implement a new login process for their student and borrower-based websites, including FAFSA on the Web, NSLDS® Student Access, StudentLoans.gov, StudentAid.gov, and the TEACH Grant website. The new FSA ID, which will be comprised of a userselected username and password, will replace the Federal Student Aid PIN as the process by which students, parents, and borrowers authenticate their identity to access their federal student aid information. The FSA ID will offer new functionality, including a single sign-on process for most of FSA systems.

FSA is making this change to eliminate the need for individuals to enter personal identifiers (Social Security number, name, and date of birth) when accessing Federal Student Aid’s systems. This change is critical to comply with new security requirements and industry best practices.

FSA is working to ensure that the transition from the FSA PIN to the FSA ID is as seamless as possible for customers. Existing users will be able to link their PIN information to the FSA ID. This change will not impact the FSA User ID log-in process that is currently in place for financial aid professionals.

Students will receive additional information regarding this change, which is expected to occur around the end of April, 2015. Please monitor the NOVA Financial Aid website for forthcoming announcements about the transition to the new FSA ID.

Thank you in advance for your support as FSA implements this important change. As always, if questions arise contact the Financial Aid Support Center.

General Information, Loan Information

Be Proactive with Your Student Loans: Prepare for Repayment

NOVA Financial Aid wants to ensure that you know how to find the status of your student loans and the contact information for your loan servicer(s) in case you have questions about loan repayment.

If you have not already done so, it is important to prepare to repay your student loans. Check with your loan servicer if you aren’t sure how or when to make a payment. You are responsible for staying in touch with your servicer and making your payments, even if you do not receive a bill. Many borrowers choose to have their loan servicers electronically debit loan payments from their banks each month in order to help prevent missing payments and becoming delinquent on student loans.

If you ever have difficulty making a loan payment, you should contact your loan servicer before the payment is late. You might qualify for deferment, forbearance, or a different repayment plan that can temporarily postpone or reduce the amount that you must pay. In order to see what options are available for your situation, you would need to call your loan servicer.

You may look up the contact information for your loan servicer by logging into your “My Federal Student Aid” portal at www.studentaid.gov. Click on the log in button in the upper right corner at www.studentaid. gov and enter your information to log in. If you do not know your 4-digit financial aid PIN, you may click on the “Forgot your PIN” link to request a duplicate PIN. Once you log in, scroll down to view your federal student loan history. Click on each of your loans to view the contact information for your current servicer. Different loans could have different servicers, especially Perkins loans. You should call your loan servicer today if you have any questions about repaying your student loans, including any options that may be available for you.

More information is available at www.studentaid.gov > Repay Loans.

Check out this short video for more information: http://cheapscholar.org/2013/11/26/student-loan-repayment-101-video/

Default Prevention, Disbursements, FAFSA Process, General Information, Greenback Newsletter

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.

General Information, Loan Information

Visualize the Direct Subsidized 150% Loan Limit

The 150% Direct Subsidized Loan Limit can be confusing to students who don’t live, eat, and breath student loans (like some of us in financial aid. We want to make the limit change understandable for students who could be impacted. What better way to explain than with a visual that details:

  • Who is impacted by the limit and what that means
  • Which loans are included in the legislation
  • How and when the subsidy will change

Click this link to check out the graphic: NS015_150_Subsidy_Limit

Check out this info-graphic on 5-Loan-infographic to manage your loans.

 

Information provided by: NorthStar Education Services| www,nseds.com

 

General Information, Greenback Newsletter

Designated State Agency-based voter registration sites

 

 

VA_SEAL

COMMONWEALTH of VIRGINIA

Department of Elections

Edgardo Cortés

Commissioner

_____________________________________________________________________________________________

TO:                 Designated State Agency-based voter registration sites

 

FROM:           Garry E. Ellis

                            NVRA/Voter Registration Coordinator

 

DATE:           October 3, 2014

 

RE:                 VOTER REGISTRATION DEADLINE FOR THE November 4th General Election

                       

Mark your calendars: The last day to register to vote for the November 4, 2014, General Election is Tuesday October 14, 2014. All applications completed from October 6th thru October 14th must be transmitted by your agency daily to Department of Elections or local general registrar’s office. Daily transmission of completed applications will assure your client’s application is processed in time to be entered on the automated system and appear on the Virginia List of Registered Voters for the upcoming election.

 

Please remember it is important throughout the year to process all voter registration applications within 5 days from receipt.

 

Please forward this message to your sites. Thank you for your continuing effort and cooperation.

 

 

General Information, Greenback Newsletter, Loan Information

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.

FAFSA Process, General Information, Loan Information

Navigate the 150% Loan Limit Rule with these Five Key Take-A-Ways

NOVA financial aid understands that policy changes such as the 150% time limit rule regarding federal Direct Subsidized loans can be confusing for students and can cause additional counseling inquiries and work for your financial aid office. We’re here to help with key policy take-aways and resources.
As of July 1st, 2013, any first-time borrower, (which is defined as someone who has no outstanding balance on any FFELP or Direct loan when receiving a Direct loan on or after July 1, 2013), will only be able to obtain federal Direct Subsidized loans for a maximum of 150% of the published program length in which they are enrolled. Additionally, under some circumstances, the subsidized loans that had been borrowed up to the 150% point will lose further government subsidy, meaning interest will begin to become the student’s responsibility if the student does not graduate by the 150% point (and continues to be enrolled in the same or a shorter undergraduate program). From that point forward, these subsidized loans will become unsubsidized loans.
Here are five key take-aways to keep in mind regarding the 150% Rule:
Students may receive Direct Subsidized loans for no more than 150% of the length of the current academic program. For example, a student enrolled in a two-year program will have three years’ worth of subsidized loan eligibility, and a student enrolled in a four-year program will have six years’ worth of subsidized loan eligibility.
Once a student reaches the 150% mark in a particular program, future subsidized loan eligibility in that program will end. The student may, however, be eligible for unsubsidized loans.
A student who reaches the 150% limitation will have the interest subsidy end for all outstanding subsidized loans if the student does not graduate and continues to be enrolled in the same or a shorter undergraduate program. Repayment does not begin, but like unsubsidized loans, the student (rather than the government) would become responsible for interest that accrues from this point forward.
Unlike other measures in determining continued aid eligibility, this provision is not affected by the total dollar amount borrowed. Any and all periods of subsidized loan borrowing will count against the 150% time limit, in most instances, prorated for less than full-time enrollment.
This policy is in addition to, and not in place of, the lifetime aggregate loan limits that are currently in place.

General Information

Financial Aid Transitions to E-Forms

Starting with the 2014-2015 financial aid award year, NOVA Financial Aid will begin its transition to the use of online forms (E-Forms). These forms will be available via the NOVA Financial Aid Dashboard website and will be directly linked to a student’s MyNOVA “To Do List’ login and electronic signatures will be used. The addition of E-Forms will greatly increase the financial aid office’s ability to process FAFSA applications.
Online forms will be presented to students via the Financial Aid Dashboard which will be accessed via the NOVA website and a secure login. Once students have logged into the dashboard, they will access their required documents – “To Do List” – as seen in MyNova; forms will be directly linked to E-Form versions, and students will then have the option to complete and submit them via the dashboard. For those forms that are not in the E-form format, students will access the College Forms Library for normal download, completion, and submission.
The most noticeable change will be to the financial aid forms page. This page will now serve as the entry page to the Financial Aid Dashboard, where students can log in and view, complete, and submit requested financial aid forms. In addition, this page will also host video tutorials on how to access and use this system.
Please continue to check the financial aid page of the NOVA website and your NOVA e-mail for updates as this process moves forward. While this change may be a bit unsettling in the beginning, bear in mind that this will greatly improve the financial aid application process and reduce the time it takes for students to view and accept their financial aid awards.