Financial AidPaying for college
ACP Webinar Series
Topics we will discuss
What is financial aid?
What is financial need
Categories, types, and sources of financial aid
Free Application for Federal Student Aid (FAFSA)
The Verification Process
Satisfactory Academic Progress (SAP)
Academics: School vs. Work
College has become a necessity
What is Financial Aid ?
Financial aid consists of funds provided to students and families to help pay for
postsecondary educational expenses
Types of Financial Aid
Scholarships
Grants
Employment
Loans
Gift Aid
Self-Help Options
Sources of Financial Aid
Federal government
States
Private sources
Civic organizations and churches
Employers
Federal Government
Largest source of financial aid
Aid awarded primarily on the basis of financial need
Must apply each year using the Free Application for Federal Student Aid (FAFSA)
Common Federal Aid Programs
Federal Pell Grant
Federal Supplemental Educational Opportunity Grant
Federal Perkins Loan
Federal Work-Study
Subsidized and Unsubsidized Loans
PLUS Loans
Eligibility Criteria
In order to be considered for federal, state, and institutional financial assistance, a student must:
Be a U.S. citizen or eligible non-citizen
Have a Social Security Number
Complete the Free Application for Federal Student Aid (FAFSA)
Submit all required documentation when requested
Eligibility Criteria
Almost all students who meet the criteria listed can qualify for some type of aid—
grants, work-study, or loans.
Step in the Process for Students
Enter FAFSA data at www.fafsa.ed.gov after tax returns are completed.
Complete college application and enroll in an eligible program of study.
Respond to college financial aid’s requests for additional information.
These steps will be completed with the help of your Adult Career Pathways Access Counselor
When Student Receives Aid Report
Should review data for accuracy
Address all issues effecting eligibility
Respond to all requests for additional information
Student Responsibilities
Regularly read and respond to “NOVA” email account.
Check college “MyNOVA” information weekly- NOVAConnect account - https://nvcc.my.vccs.edu- Review items on “To Do” list and respond immediately.
Menu>Self Service>Student Center>To Do List
Keep checking “To Do” list; additional documentation might be required later. Awards will not be offered until everything is submitted.
View financial aid award on NOVAConnect -Menu>Self Service>Student Center>Finances>View Financial Aid Award>2015 (or 2014-2015)
Student Responsibilities
After accepting a Stafford loan on MyNOVA, first-time Direct Stafford Loan borrowers will need to:
1)Complete Stafford Loan Entrance Counseling
2)Complete the Stafford Loan Master Promissory Note
Satisfactory Academic Policies
Keeping your aid at NOVA
In order to continue receiving financial aid at NOVA, students must be in compliance with Satisfactory Academic Progress (SAP)
Students who fail to maintain SAP will have all forms of financial aid removed from their accounts (loans, work-study, grants, etc.)
Students must meet the following three rules to keep aid:
Rule #1: GPA Rule
Remember: A= 4pts B= 3pts C= 2pts D= 1pts F= 0 pts W, U, R, S= N/A
Total Number of Credits Attempted
GPA Requirement
1-15 1.5
16-30 1.75
31+ 2.0
Rule 2: 67% Rule
Financial aid will review the total number of credits attempted versus the credits earned each semester
To earn credit for a class a student must get a “D” or better. “F”, “U”, “R”, and “W” grades do not count .
Example: You attempt 4 credits your first semester:
– HIS 101 - 3 credits – Grade: W
– SDV 100 – 1 credit- Grade: A
You have attempted 4 credits but only passed 1 credit
Your pass ratio = 1 / 4 = 25%
Rule 2: 67% Rule (Contd)
Since a 25% pass rate is below 67% you did not meet SAP your first semester
You will be placed on warning
You are allowed 1 warning semester while attending NOVA. During that semester you must get your overall success rate above 67%.
To continue the example, let’s say the next term you attempt another class. Would you be able to keep your aid for the following semester ?
Rule 2: 67% Rule (Contd)
Semester 1:
– HIS 101- 3 credits – “W”
– SDV 100- 1 credit- “A”
– Pass rate: 1 earned, 4 attempted: 25%• WARNING
Semester 2:
HIS 101- 3 credits- “A”
Cumulative Pass Rate: 7 attempted, 4 earned: 57%
SAP FAILURE
Rule 3: 150% Rule
Financial aid will only pay for 150% of a degree
Example:
– A NOVA A.S. in General Studies is 60 credits. 150% of 60 is 90 credits
Once you reach 90 credits your financial aid will be discontinued at NOVA. This is why careful planning is vital for financial aid success!
Ask if you have any questions !
We understand the financial aid process can be overwhelming
It’s very important to contact your success advisor or counselor BEFORE you make any changes to your class schedule
At any point in the process, please contact your ACP counselor/advisor if you have any questions!