Category Archives: Greenback Newsletter

The Greenback is the College Financial Aid Office’s quarterly newsletter.

August 2019 Greenback – Financial Aid Newsletter

Check out the August 2019 Greenback, the latest issue of NOVA’s financial aid newsletter. This issue features information on:

  • NOVA’s CashContest – Students Can Win Up to $1,000
  • How Dropping  or Withdrawing from Courses Affects Financial Aid
  • Financial Aid Awards, Adjustments, Disbursements, & Refunds
  • What To Do if Courses are Ineligible for Financial Aid
  • Reasons Why Courses May be Ineligible for Aid
  • Preparing for Fall 2019
  • Free Online Tutoring
  • 24 Hour Student Support Center
  • 2019-2020 Financial Aid Handbook
  • Fall 2019 Bookstore Purchase Period
  • Ace Chatbot

The Greenback newsletter is designed to provide students and staff members with a concise summary of current financial aid topics.

How Dropping, Withdrawing, Auditing, or Not Attending a Course Impacts Financial Aid

Always contact the Financial Aid Office before dropping, withdrawing, auditing, or deciding not to attend a course to confirm how it will affect your financial aid.  You should also review both the Return of Title IV Financial Aid Funds (R2T4) policy and the Satisfactory Academic Progress (SAP) policy to make an informed decision.

If you decide to drop, withdraw, audit, or stop attending a course, please be aware that it can reduce your financial aid eligibility depending on the type of aid you have, how many credits you are no longer attending, and the timing of when your enrollment changes.  You will be required to repay any financial aid that you are no longer eligible to receive and it can negatively impact your Satisfactory Academic Progress. 

In order to potentially receive financial aid in the future, you must meet the requirements outlined in the SAP policy which include the successful completion of at least 67% of the cumulative credits attempted, maintaining a minimum cumulative GPA, and completing your program before attempting 150% of the credits required for your program.

In respect to the timing of when you drop/withdraw, please refer to the Academic Calendar published at https://www.nvcc.edu/calendars/academic/index.html to determine the “last day to drop with a tuition refund” (course census date) and the “last day to withdraw without grade penalty” (receive a “W”) for the session(s) that you are attending.  Keep in mind that courses offered in different sessions (e.g. 16-week, 14-week, 12-week, 10-week, 8-week, etc.) typically have different deadlines to drop/withdraw.

If you do not plan to attend a course, it is your responsibility to drop the course on your myNOVA account by the last day to drop with a tuition refund or you may be charged for the course.  Pending financial aid, holds, or positive service indicators may prevent courses from dropping for non-payment through the enrollment cancellation process.

In order for a course to potentially count toward your financial aid eligibility it must be required for your degree or eligible certificate program and you must attend that course past the last day to drop with a tuition refund (course census date).  If you fail to begin attendance in a class, or you drop a class on or before the last day to drop with a tuition refund (course census date), or if you decide to audit a class, your financial aid eligibility will be recalculated based on the reduced enrollment level.  In some cases, this may result in you owing a balance to the college.

Enrollment levels are defined as:

Less Than Half-Time:  1-5 eligible credits

Half-Time:  6-8 eligible credits

Three-Quarter Time:  9-11 eligible credits

Full-Time:  12 or more eligible credits

If you never attend a registered course or if you drop a course before the course census date and it causes your enrollment level to change from one of the aforementioned enrollment levels down to another level, it will likely reduce your eligibility for grants and it could impact your eligibility for other types of aid as well.  If your enrollment level falls below half-time, you would also lose eligibility for federal student loans and work-study.

If your financial aid has already disbursed and your eligibility changes as the result of never attending a course, auditing a course, or dropping a course before the course census date, this is considered an “overpayment” and you will be required to repay all of the funds for which you are no longer eligible to receive.

If you stop attending all of your courses or if you withdraw from all of your courses (i.e. a complete withdraw), you will be subject to the Return of Title IV Financial Aid Funds (R2T4) policy and the Financial Aid Office will be required to calculate how much of your aid was earned before you stopped attending/participating in your courses.  Any unearned aid will need to be repaid by the student in accordance with the federal R2T4 policy.

Though not as likely, the R2T4 policy could also apply if you withdraw from some, but not all, courses after the published “last day to drop with a tuition refund.”  An R2T4 calculation must be performed in the case of a partial withdrawal if you do not attend through the entire period for which you were originally scheduled to attend. However, if you attend and complete at least one course that spans the entire term, all aid will be considered earned for that term (as adjusted for dropped classes and classes that were not attended).

To summarize:

Drops on or before the last day to drop with a tuition refund (course census date): Tuition will be refunded, the course will not appear on your transcript, and the course will not count toward your financial aid eligibility. Your aid may be reduced if your enrollment level changes as mentioned above.  If your financial aid was already disbursed, you will be required to repay any aid you are no longer eligible to receive (i.e. overpayment) based on your enrollment level.

Change to audit on or before the course census date: Tuition will not be refunded, an “X” will appear on your transcript for the course grade, and the course will not count toward your financial aid eligibility. Your aid may be reduced if your enrollment level changes as the result of auditing a class as mentioned above.  If your financial aid was already disbursed, you will be required to repay any aid you are no longer eligible to receive (i.e. overpayment) based on your enrollment level.

Never attending a registered course (NVRK):  If you enroll in a class and do not attend at least one class or submit at least one assignment in an online class prior to the course census date, you may be administratively deleted from the course in accordance with the Never Attending Student (NVRK) policy.  Tuition will not be refunded and no record of the course nor any letter grade for the course will appear on your transcript.  The course will not count toward your financial aid eligibility and your aid may be reduced if your enrollment level changes as mentioned above.  If your financial aid was already disbursed, you will be required to repay any aid you are no longer eligible to receive (i.e. overpayment) based on your enrollment level.

Partial Withdrawal:  If you withdraw from some, but not all, courses after the published “last day to drop with a tuition refund”, your aid will generally not be recalculated, and you will still be charged tuition and related fees for all of your courses. If you withdraw before the “last day to withdraw without grade penalty” you will receive a “W” for the course on your transcript.  If you have loans that were not disbursed prior to your partial withdrawal and your enrollment level drops below 6 eligible credits, your loans will be cancelled.  If your loans were already disbursed before a partial withdrawal, they will not be affected.  Note that an R2T4 calculation must be performed in the case of a partial withdrawal if you do not attend through the entire period for which you were originally scheduled to attend. However, if you attend and complete at least one course that spans the entire term, all aid will be considered earned for that term (as adjusted for dropped classes and classes that were not attended).

Complete Withdrawal:  When a recipient of the Title IV funds (Federal Direct loans, Pell, FSEOG, etc.) withdraws from school or stops attending class before more than 60% of the course has been completed, the school is required to determine the amount of Title IV funds the student earned before the last day of attendance/participation in the course(s).  Any unearned aid will need to be repaid by the student in accordance with the federal R2T4 policy.  If the student attends through 60% of the term, all Title IV aid is considered earned.

Financial Aid Awards, Adjustments, Disbursements & Refunds

Awards

Financial aid offered before the term census (i.e. the 16-week census for the fall and spring terms and the 12-week census for the summer term) is based on anticipated full-time enrollment.  Awards may be reduced after the term census for students enrolled in less than 12 eligible credits.

Students are encouraged to register for all courses they wish to take during the entire semester by the term census because grant eligibility is calculated based on enrollment as of the term census.  Grant aid will not be increased for classes added after the term census.

Late financial aid applicants who are awarded for the first time after the term census will only be awarded once they are enrolled and their award will be based on their enrollment at that time.  Please contact the Financial Aid Office immediately after you register to have your aid eligibility determined if you complete your financial aid application after the term census and are unable to make other payment arrangements before the payment deadline.

Adjustments

The Financial Aid Office begins adjusting financial aid for students enrolled in less than 12 eligible credits on the day after the term census (i.e. the 16-week census for the fall and spring terms and the 12-week census for the summer term).  The adjustment process is typically completed about 2-3 weeks after the term census.  You will be notified if your aid is adjusted and you will be able to view the updated award in your myNOVA account.

Log into your myNOVA account and select “CLICK HERE to see Pending Financial Aid Based on Actual Enrollment” to review your actual pending aid and then pay any remaining balance by the payment deadline.  Information on NOVA’s Payment Plan and other payment options is available here.

Please note that after the adjustment process, your aid may still be reduced or cancelled if you drop, audit, or do not attend registered courses past the course census date.  You may also have to repay financial aid in accordance with the Return of Title IV Financial Aid Funds Policy if you do not attend the entire period for which you were scheduled to attend or if you withdraw from all courses prior to completing at least 60% of the term.

Disbursements

Once the adjustment process is completed approximately 2-3 weeks after the term census (i.e. 2-3 weeks after the 16-week census for the fall and spring terms or 2-3 weeks after the 12-week census for the summer term) financial aid for the current term will be disbursed to your student account if you have attended at least 6 eligible credits past the session census date and assuming you do not have any holds or incomplete To Do List items on your myNOVA account that prevent disbursement.

If you have not attended at least 6 eligible credits past the session census date, your financial aid disbursement will be held until you do. Students enrolled in only 1-5 eligible credits will have any aid that they are eligible for disbursed after the census date for those courses has passed, and no earlier than the term census.

Loans accepted for the fall semester will not disburse until a few business days after October 1st.  At the time of loan disbursement, students must be currently attending at least 6 eligible credits past the session census date or they must have already successfully completed at least 6 eligible credits during the term.

Refunds

As indicated above, financial aid is typically disbursed to your student account about 2-3 weeks after the 16-week census for the fall and spring terms or 2-3 weeks after the 12-week census for the summer term.  However, it may take an additional 1-2 weeks after disbursement to receive any refund for excess financial aid depending on the refund preference selected.

NOVA’s April 2019 Financial Aid Newsletter

Check out the April 2019 Greenback, the latest issue of NOVA’s financial aid newsletter. This issue features information on:

  • Summer Pell Grants
  • NOVA’s Work-Study Program
  • Managing Student Loans
  • National Student Loan Data System
  • Scholarship Information
  • $500 Cash Contest
  • Upcoming Deadlines
  • Submitting the FAFSA
  • 24 Hour Student Support Center
  • Ace Chatbot
  • 2018-2019 Financial Aid Handbook
  • Summer 2019 Bookstore Purchase Periods

The Greenback newsletter is designed to provide students and staff members with a concise summary of current financial aid topics.

Special Fraud Alert: Tax Day is coming (and so are IRS impersonation scams)

We would like to should share the following information published by Fraud.org at https://www.fraud.org/irs_impersonators?utm_campaign=4_2019_alert&utm_medium=email&utm_source=ncl 

It’s tax season! If you are like most Americans, you might be a little confused by the new tax laws. Unfortunately, fraudsters are more than willing to take advantage of this confusion to steal taxpayers’ hard-earned money.

Imposter scams were the most commonly-reported type of fraud in 2018 according to the Federal Trade Commission (FTC), and robocalling complaints were five times higher than average in the weeks leading up to Tax Day on April 15, leaving scam fighters to conclude that IRS imposters are utilizing the technology to locate their next victims.

One consumer from Florida (we’re calling him “Tom” to protect his privacy) wrote in to tell us his story.

Tom received a call from someone claiming to be an IRS agent who let him know that he had made a mistake on his filing, which resulted in a warrant for his arrest being issued. The caller demanded that he pay $10,586 to avoid being arrested. Tom told us, “I really did believe that I might’ve made a mistake … they asked for me to go to Walmart to pay a balance totaling the last two tax returns of $800 each.” But Tom was skeptical and hung up. Shortly after he hung up, he received a “VERY convincing call from a number that said 911,” on the caller ID. The caller, who identified herself as a U.S. Marshal, said that “she had just received a call from the IRS to arrest me and was on her way. I called back the [IRS Scammer] and agreed to fully cooperate.”

Sadly, Tom lost $1,600 before he was able to contact the real IRS and determine that he had been defrauded.

Unfortunately, in 2019, the IRS impersonation scam again made the IRS’ “Dirty Dozen” tax scam list, due to its ability to swindle millions of dollars from American tax payers. Fortunately, there are red flags that consumers can watch for to avoid this scam:

  • Your first contact with the IRS is by phone or email. The IRS does not contact taxpayers about problems with their returns by phone or email. The IRS will typically first reach out via U.S. mail.
  • They specify how you should pay your bill. The real IRS will never require you to pay a certain way. If someone claiming to be with the IRS requests that you pay by gift card, money order, bank-to-bank transfer, or cash, they are scamming you.
  • They threaten to contact local law enforcement to have you arrested for not paying. As a rule, IRS employees will NEVER do this.
  • They demand that you pay your bill without providing an opportunity to appeal. The IRS will always allow taxpayers to question or appeal their bill.

If you receive a threatening phone call from a supposed IRS agent, you should refuse to provide the caller with any personal information and hang up immediately. After you hang up, if you are concerned that you may actually owe taxes, or if you would simply like some peace of mind, you should call the IRS directly to speak with one of its agents who can tell you whether you owe any taxes. You can reach the IRS by calling (800) 829-1040.

If you become a victim of an imposter scam or you suspect you have spotted one, report it! You can file a complaint at Fraud.org via our secure online complaint form. We’ll share your complaint with our network of more than 90 law enforcement and consumer protection agency partners who can and do put fraudsters behind bars.

Financial Aid Newsletter – January 2019 Greenback

Check out the January 2019 Greenback, the latest issue of NOVA’s financial aid newsletter. This issue features information on:

  • FAFSA Mobile App
  • 24 Hour Student Support Center
  • Virtual Advising
  • Satisfactory Academic Progress
  • Academic Standing
  • NOVA-Mason ADVANCE Program
  • Children of Fallen Heroes Scholarship Act
  • Scholarships for Students with Disabilities
  • Ace Chatbot
  • 2018-2019 Financial Aid Handbook
  • Spring 2019 Bookstore Purchase Periods

The Greenback newsletter is designed to provide students and staff members with a concise summary of current financial aid topics.