Category Archives: FAFSA Process

FAFSA Process, General Information

How to Create an FSA ID

The first step to applying for federal student aid is completing the Free Application for Federal Student Aid (or the FAFSA®). Before you fill out your FAFSA watch this video to learn how to create an FSA ID―a username and password― that replaced the Federal Student Aid PIN.

You will need an FSA ID to electronically sign and submit your FAFSA, as well as to make any needed corrections later. And if you are a dependent student, your parent will need his or her own FSA ID, too.

Do not allow someone to create your FSA ID for you, and you should not create one for someone else. Not even for a family member. This can cause problems with your financial aid down the road.

Check out this video for helpful information about creating an FSA ID and filling out the FAFSA, and for more resources, visit http://StudentAid.gov/fsaid.

 

 

 

Bookstore Purchases, Default Prevention, FAFSA Process, Financial Aid Support Center, General Information, Greenback Newsletter, Satisfactory Academic Progress

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.

FAFSA Process, General Information

FAFSA Links and Assistance

Below are links to some of the FSA publications and sites for the FSA ID. If you or your parents do not find the answers below, you can always call the FSA ID helpline at (800) 557-7394.

https://studentaid.ed.gov/sa/fafsa/filling-out/fsaid

What is FSA ID?

http://www.ifap.ed.gov/eannouncements/attachments/050415FSAIDReplaceHowToCreateFSAIDGuideATTACH.pdf

How to Create an FSA ID

https://fsaid.ed.gov/npas/index.htm

Create or Edit your FSA ID

https://fafsa.ed.gov/help/FSAIDfaq01.htm

FSA ID FAQs – Forgot Username or Password

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.

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.

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.

FAFSA Process, General Information

The Financial Aid Shopping Sheet

How does this work? The Virginia Community College System (VCCS) and NOVA Financial Aid have teamed up to roll out the Financial Aid Shopping Sheet for the 2013-2014 award year. The Financial Aid Shopping Sheet (PDF) is a consumer tool developed collaboratively by the Consumer Financial Protection Bureau and the Department of Education. The standardized form is designed to simplify the information that prospective students receive about college costs and their financial aid awards so they can easily compare award packages and costs to make informed decisions about where to attend school.

The Shopping Sheet pulls together essential information for the potential student. This includes the specific cost of attendance, a summary of awarded aid, and the FAFSA calculated Expected Family Contribution (EFC). Additionally, the Shopping Sheet includes loan repayment information, institutional loan default rates, and graduation rates. Putting this information in a standardized format will enable students and their families to make the most informed decision about college attendance.

To view your Shopping Sheet, log in to your My NOVA account >VCCS SIS: Student Information Center >Self Service >Student Center; scroll down to Finances >View Financial Aid >financial aid year (2014). Select NOVA Shopping Sheet.