As you may have heard, the credit reporting agency, Equifax, experienced a major data breach that exposed personal information of 143 million Americans this summer. Hackers accessed names, social security numbers, birth dates, addresses and in some cases driver’s license numbers and credit card numbers. So what should you do to protect yourself from identity theft and your information being misused?
Check out the latest issue of Greenback, our Financial Aid newsletter. This issue: Financial Aid Verification Just Became Easier, Free Financial Coaching, Ineligible Classes, Cash Contest updates, 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.
By registering for the contest, you will be opting in to the College Avenue distribution list and you will likely receive emails periodically about paying for college and student loan products. If you are thinking about borrowing a loan for school, only borrow what you absolutely need and can afford to repay! You should also apply for federal student aid and consider federal student loans before private alternative loans. Federal student loans usually have lower interest rates and better repayment terms than private student loans. You may review NOVA’s guide to applying for financial aid at http://www.nvcc.edu/financialaid/apply/index.html. Please contact the Support Center if you have any questions.
Our friends in the Working Students Success Network have compiled a comprehensive list of community resources for the Northern Virginia area. Information is provided on child care, food, housing, clothing, transportation, employment, medical services, and legal counseling at https://blogs.nvcc.edu/wssn/resources-services/community-resources/. A quick 2-page resource guide is also provided here.
Did you miss our Money Management Workshops this spring? If so, and if you’d still like to learn some quick tips on managing your personal finances you may view the presentation here.
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.
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.
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.
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
