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Category Archives: Greenback Newsletter
The Greenback is the College Financial Aid Office’s quarterly newsletter.
Breach of Taxpayer Data at IRS Marketing
On Wednesday, May 27, 2015, the IRS announced its “Get Transcript” application had been compromised by cyber criminals. Over 100,000 taxpayers’ accounts were illegally accessed. The “Get Transcript” application has been temporarily disabled. The IRS has taken several additional measures to protect taxpayers and their confidential information.
This impacts students and families who may be requesting tax transcripts to complete their financial aid process. At this time, tax transcripts are only available when requested by mail and take up to ten days for delivery. Students and parents are strongly encouraged to utilize the IRS Data Retrieval Tool (DRT) available within fafsa.ed.gov. Links to a statement from the IRS and a Q & A list are provided below.
IRS’s Full Statement
FAS will continue to provide updates on this issue as they become available. If you have specific questions, feel free to submit them via email.
Sincerely,
NOVA Financial Aid Team
National Association of Student Financial Aid Administrators Reference Guide
Want some quick information on financial aid guidelines? Check out the National Association of Student Financial Aid Administrators Reference Guide.
The new Student Aid Reference Sheet for 2015 -16. This guide includes updated information about Stafford Loans, Pell Grant, PLUS Loans, Federal Perkins Loans and more.
To see the 2015-16 Student Aid Reference Sheet click here.
How to Create a FSA ID
The FSA ID – A username and password will replace the Federal Student Aid PIN. It is required to log in to certain U.S. Department of Education websites.
Your FSA ID confirms your identity when you access your financial aid information and electronically sign Federal Student Aid documents.
For instruction to create your FSA ID click here: FSA ID
The Commonwealth Legacy Scholarship Program
The purpose of the Commonwealth Legacy Scholarship Program is to increase access to higher education and to develop student leadership potential for graduating high school seniors who will be attending a Virginia Community College for the first time in Fall 2015. One ($3,125) scholarship will be awarded for the fall 2015 and spring 2016 semesters. The Student Financial Aid Committee will select the recipient in July. The recipient will be notified by August 2015. The following criteria will be used to award the scholarship:
- Commonwealth Legacy Scholars will be students attending Northern Virginia Community College for the first time in Fall 2015.
- Selections will be based on merit.
- Scholars will demonstrate academic excellence during high school.
- Scholars will demonstrate a willingness to promote community college education and the Commonwealth Legacy Scholarship Program.
- Scholars will demonstrate a willingness to mentor future scholars.
- Scholars will demonstrate a commitment to developing leadership potential.
- Students must be full-time, associate’s degree seeking students with plans to graduate from a Northern Virginia Community College.
- Scholars must agree to an interview with the selecting committee to be considered.
- If selected, recipients agree to participate in the annual Student Leadership program.
To apply, Click here Scholarship
Account Access
Have you received federal student loans in the past? If so, you may wish to consider setting up account access to Account_Access_flyer
Benefits include:
- Schedule future payments
- Make a payment
- Explore repayment options
- View loan interest for tax filing
- Update your contact information
- Get help with your account
If you have student loans currently serviced by FedLoan Servicing you may visit www.MyFedLoan.org to set up online account access. If you need assistance please call FedLoan Servicing at 1-800-699-2908.
Remember to contact your loan servicer if you ever have any questions about repaying student loans. Loan servicers can review the loan repayment options with you and possibly reduce or temporarily postpone loan payments.
Students can also review their loan history and look up the contact information for other loan servicers at www.studentaid.ed.gov. Simply follow the directions to log into your account via the button in the upper right corner.
Thrifty Thursday: Free Budgeting Classes
Free budgeting classes available the third Thursday of every month.
Come and join the class from 7:00pm to 9:00pm.
For additional information, Click the link below.
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.
Designated State Agency-based voter registration sites
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.
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.