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!