Using Financial Aid for Textbooks

Ordering books from the bookstore can be a daunting prospect if you have never done it before. But really, the procedure is fairly simple. You can order the textbooks you need online and pay for them using your Financial Aid award any time between now and February 1, 2013. 

To obtain your books this way, go online to the ELI Bookstore, order your textbooks/ supplies, then check out. When you come to the screen where you can choose a payment method, first look above it for a paragraph in red (shown below). Read the paragraph and use the link labeled “Click here” to download an authorization form. You will need to complete this form and email or fax it to the fax number or email address listed on the form.

Then, in the Payment section, look for the Student Financial Aid option. Enter your student ID number and check the box next to “I Accept Student Financial Aid terms and conditions.”



To figure out how much you can purchase using Financial Aid, look at the amount you were awarded and have ACCEPTED for this semester. Subtract your tuition from this amount. The remaining amount is what you can use for purchases from the bookstore. Shipping costs can also be covered by your financial aid if you have enough.

If your textbooks and supplies cost more than your available financial aid, remove some items from your cart until the total plus shipping is less than or equal to your remaining available financial aid. Then order the rest of the supplies that you need in a different order and pay for them by whatever other method you wish to use.

Financial Wellness

This Wellness Wednesday focuses on Financial Wellness. Do you ever wonder to yourself where your money goes each month? Have you ever tried tracking your spending to find out? You might be surprised with the answer. According to a recent Wall Street publication, the number one expense that Americans spend money on is dining out (article referenced here.)

If you are considering tracking your expenses, a great free resource that helps you track your monthly spending is Mint.com. This website not only helps you track your spending but helps you create goals if you are looking to reduce spending in certain areas (food, entertainment ect..)

Money can often be a very stressful topic for many individuals and spending is different for every person/family so you need to make sure that when you’re looking to reduce spending, look at what make sense for you and your needs.

This article is also a great resource. Once you have identified where you feel your spending could be reduced, this article gives simple strategies you can follow to begin that process.   

Buying Books with Financial Aid

Ordering books from the bookstore can be a daunting prospect if you have never done it before. But really, the procedure is fairly simple. You can order the textbooks you need online and pay for them using your Financial Aid award any time between now and May 27, 2012.

To obtain your books this way, go online to the ELI Bookstore, order your textbooks/ supplies, then check out. When you come to the screen where you can choose a payment method, first look above it for a paragraph in red (shown below). Read the paragraph and use the link labeled “Click here” to download an authorization form. You will need to complete this form and email or fax it to the fax number or email address listed on the form.

Then, in the Payment section, look for the Student Financial Aid option. Enter your student ID number and check the box next to “I Accept Student Financial Aid terms and conditions.”



To figure out how much you can purchase using Financial Aid, look at the amount you were awarded and have ACCEPTED for this semester. Subtract your tuition from this amount. The remaining amount is what you can use for purchases from the bookstore. Shipping costs can also be covered by your financial aid if you have enough.

If your textbooks and supplies cost more than your available financial aid, remove some items from your cart until the total plus shipping is less than or equal to your remaining available financial aid. Then order the rest of the supplies that you need in a different order and pay for them by whatever other method you wish to use.

Great Source for Learning More about Financial Aid

If you want a quick and authoritative source for information about financial aid, including changes in laws and policies, new opportunities to receive aid, and tips and suggestions, check out the blog Paying for College. The blog is produced by SCHEV, the State Council for Higher Education of Virginia, so you can be sure you'll get accurate information.  Posts are made when there is new information to distribute, but you can read through the archives to be sure you get all the information you've missed up until this point! You can also post questions and receive a response from SCHEV. We hope you'll find this site useful!

NOVA's Financial Aid Blog

Have questions about Financial Aid? Want to stay up-to-date on what is new and changing concerning financial aid? Visit NOVA’s Financial Aid blog to read the most current FA information you may need to know!

Priority Registration Is Almost Here!

You have probably had a chance to meet with your advisor to get have your career, graduation and transfer questions answered. You also likely worked with your advisor to identify courses to take this fall.

Now it’s time to register!

Are you worried the courses you need might be full before you get a chance to register? Don’t forget if you are a returning NOVA student you are assigned a Priority Registration date. This will allow you to register prior to the open registration period that begins on 6/5. Priority registration begins on April 10 and runs through May 1. You can find your priority registration date in MyNova by following these directions.

If you don’t take advantage of priority registration prior to May 1, you will have to wait until June 5 to register when the open registration period begins.

Be mindful, if you enroll April 10 through July 26 your tuition payment is due by July 27 at 5 p.m., or your classes may be dropped. Contact ELI’s Financial Aid Specialist with any questions regarding your financial aid application or award. You can call 703-764-5015 or email your questions to elifinancialaid@nvcc.edu. NOVA also offers a payment plan through Nelnet. Click here for more information.

Do you have advising questions? Contact our ELI Counseling Team! They can help! You can call 703-323-2425 or email elicounselors@nvcc.edu for assistance!

Are you Financial Planning for Fall Tuition?

Fall Semester will begin August 22^nd, and the tuition deadline will be July 27^th.  So now is the perfect time to start planning ahead financially for next semester! 

1.  Make sure you submit your FAFSA now!  That will allow you time to submit any supporting documents you need by the May 1^st priority date.  (The priority date for Summer semester is April 1^st, so move quickly if you are attending the Summer semester!) 

2.  Create your own payment plan:

a. Estimate your expected cost of tuition based on how many credits you think you will be taking. 

b. Look up the current cost of tuition for that many credits here:

c. Divide the total by the number of months between today and July 27^th.  (At the time this post was written, that number was five)

d. Estimate the cost of textbooks by including an average of $100 per class

e. Example:  If you are planning to take 15 credits in the fall, the estimated tuition cost if you are an In-State student would be $137.75 * 15= $2066.25 + $500 for textbooks, or $2566.25.  Dividing this by 5 results in a monthly budget of $513.25  (2 classes or 6 credits would be only $205.30 a month)

f.  Create a savings account through your bank or credit union, and arrange to have your estimated amount automatically deposited into your savings. 

By planning ahead, you can greatly relieve the stress of getting ready for the Fall semester and make sure you will be able to acquire the materials you need to be successful in your classes. 

Create your own payment plan

Planning ahead financially can save you time, stress, and money, and leave you with more energy and time to focus on your coursework!

If you are like many students, you may not be able to pay tuition in one lump sum and therefore choose to enroll in NOVA's Deferred Tuition Payment Plan, Nelnet. The Nelnet payment plan allows students to pay their tuition in increments - payments can be deducted from a bank account or charged to a credit card once a month. If you have made the last payment on your Nelnet payment plan, and know you plan to take classes next semester, now is a great time to plan for next semester’s tuition expenses.

To do this, you can work with your bank or credit union to set up a separate account for next semester’s tuition and books. Many banks and credit unions offer special savings accounts for educational purposes with higher interest rates, so you may earn even more money for your tuition as you save! By automatically transferring funds from your main account into this “special” savings account, you can easily save for next semester. Because you are already used to making a payment on the 21st of each month, why not keep it simple – setup the automatic transfer on this same day moving forward.

To calculate an optimal monthly payment, estimate your tuition and book costs for next semester. If you are planning to take 12 credits, for instance, estimate your tuition cost by using the current tuition rate, and then add about $100 per class for books and supplies. Then subtract any amount you expect will be covered by Financial Aid. Divide that amount by the number of months between now and when the payment for your classes is due. The payment deadline for Spring 2012 classes is December 17th and open enrollment for Spring will begin November 14th.

Planning ahead can give you a feeling of greater control over your finances—a priceless feeling in these current times!

Financial Aid TV

Financial Aid TV is series of videos hosted online that answer questions associated with Financial Aid. The videos can be viewed right in your web browser, and cover topics ranging from financial aid basics like how to apply, through planning for paying back any loans you take out once you are finished with college.

If you are an auditory learner who prefers to hear things rather than read them, then Financial Aid TV can be very helpful in learning the basics of what you need to know when financing your college education.

The video on Dropping/Withdrawing from classes does a really good job of explaining the kinds of Financial Aid related questions you needed to think about when deciding whether to drop or withdraw from a class.

The Education Tax Benefits and Credits series also teaches some ways the tax code would allow students to offset tuition costs.

Additional information about Financial aid is also available at NOVA's main financial aid website.

Do you know how GPA factors into financial aid?

 

This is the second of several articles I will post in what I want to name FA (Financial Aid) Friday.  Please feel free to respond to these articles if you have any burning FA Questions ELI’s FA Specialist, Carletta Mackey, can answer for you. 

Students who do not meet the credit progression requirements and/or cumulative grade point average requirements will be immediately ineligible for financial aid.

What is the GPA Rule? 

In order to remain eligible for financial aid consideration, students must meet minimum cumulative grade point average requirements based on a progressive scale. Only non-remedial courses with grades of A, B, C, D, and F are included in this calculation. Transfer credits are excluded from GPA evaluation. Note: In order to graduate, a minimum cumulative grade point average of 2.0 is required.

*Removal from financial aid does not prevent students from enrolling without financial aid if they are otherwise eligible to continue their enrollment.

Appeal Process:

Unless extenuating circumstances exist and an appeal is granted, a student in financial aid suspension should expect to continue classes at his or her own expense until satisfactory academic progress requirements are again met.

Students who fail to meet these Satisfactory Academic Progress Standards and who choose to enroll without benefit of student financial aid may request a review of their academic records after any term in which they are enrolled without the receipt of financial aid to determine whether they have again met satisfactory academic progress standards. If standards are met, eligibility is regained for subsequent terms of enrollment in the academic year. Students should consult their campus financial aid advisors for assistance in appealing any element of this policy or to determine how to regain eligibility for financial aid.

Are you in the know about new financial aid policies?

This is the first of several articles I will post in what I want to name FA (Financial Aid) Friday. 

Please feel free to respond to these articles if you have any burning FA Questions ELI’s FA Specialist, Carletta Mackey, can answer for you. 

Do you know what SAP is???  SAP is Satisfactory Academic Progress.   

SAP regulations were recently revised. Here are the updates:

Federal regulations require that a student receiving federal financial aid make satisfactory academic progress in accordance with the standards set by NOVA and the federal government. These limitations include all terms of enrollment, whether or not aid was awarded or received.

Progress is measured throughout the academic program by the student’s cumulative grade point average (Qualitative) and by credits earned as a percentage of those attempted (Quantitative or Pace of Completion). In addition, students must complete their programs of study before attempting 150% of the credits required to complete the program.

NOVA’s Financial Aid Office will evaluate satisfactory academic progress before aid is awarded and again after most grades are posted for every term, starting with the first term of enrollment. Some career studies certificate programs are ineligible for student financial aid, but those credits will be counted toward all SAP requirements (GPA, Completion Rate, Maximum Timeframe, and Developmental Maximum) if the student later enrolls in an eligible program.

·    Completion Rate (67% Rule): Students must, at a minimum, receive satisfactory grades in 67% of cumulative credits attempted. This calculation is performed by dividing the cumulative total number of successfully completed credits by the cumulative total number of credits attempted. All credits attempted at NOVA (except audits, which must be entered as such by the class census date) are included. All credits accepted in transfer count as both attempted and successfully completed credits. This evaluation will be made prior to aid being awarded and after grades are posted at the end of each semester a student is enrolled at the College. Credits with satisfactory grades at the College are those for which a grade of A, B, C, D, S, or P is earned. Note: Federal student loan borrowers must meet satisfactory academic progress requirements at the point of loan certification and again prior to the disbursement of any loan proceeds.

·    Maximum Hours (150% Rule): In order to continue receiving financial aid, a student must complete his/her program of study before attempting 150% of the credits required for that program. Developmental and ESL course work are excluded in this calculation. Attempted credits from all enrollment periods at the College plus all applicable transfer credits are counted; whether or not the student received financial aid for those terms is of no consequence.

·    Transfer Students: In order to properly calculate satisfactory academic progress, transfer students who apply for financial aid must request official transcripts from all other colleges attended. Official transcripts must be submitted directly to one of the campus Student Services Centers for evaluation (student must also submit NVCC Form 125-049). Credits officially accepted in transfer will be counted in determining the maximum number of allowable semester credit hours for financial aid eligibility. The College has the option on an individual student basis to put a transfer student in Financial Aid Warning Status immediately upon evaluation for financial aid if academic history at previous colleges indicates a pattern of unsuccessful academic work.

·    Second Degree Students: Credits earned from a first degree or certificate must be counted if the student changes programs or attempts a second degree or certificate. Depending on the circumstances, an appeal might be warranted.

·    ESL and Developmental Studies: Students may receive financial aid for a maximum of 30 semester hours of Developmental Studies courses as long as the courses are required as a result of placement testing, the student is in an eligible program of study, and SAP requirements continue to be met. ESL credits are unlimited in number as long as they are taken as part of an eligible program and SAP requirements continue to be met.

It is also important to note that there are additional Considerations for Quantitative or Pace of Completion Standards.  These are in regards to Withdrawals (W Grades), Incompletes (I Grades), & Repeated Courses.  More information on additional considerations can be found at http://www.nvcc.edu/forms/pdf/125-301.pdf. 

At Northern Virginia Community College (NOVA), Satisfactory Academic Progress (SAP) standards apply also to non-federal aid, including state funds, institutional funds and foundation scholarships.

Why am I always broke?

If you have never balanced a check book, you are in for a big surprise. Keeping a budget is a lot harder than it looks, and there is no better time to begin that now. It’s easy to start! Write down everything you spend for a week, then two weeks, then see if you can’t do a whole month. When you review your spending habits it will be easier to see where your money is going. The process might seem daunting but once you have it down, it can make your financial life a little less stressful. Break down the process into these six easy steps:

1. Track your spending for a month.
2. Figure out your monthly income and deduct your fixed expenses (e.g. Rent/Mortgage, Car Payment & insurance, utilities, and monthly debts – such as loans or credit card debt you pay down each month)
3. Compare your spending to your disposable income – the amount of money you have left after your bills are paid each month.
4. Prioritize your needs and wants & make realistic adjustments to expenses you can decrease. (e.g. If you see that you are spending $100 a month on fast food, consider packing lunch vs. driving-thu)
5. Don’t forget to factor in money for fun stuff! If your budget doesn’t allow much money to set aside for recreation, get creative and make the most of the money you do set aside.
6. Keep track of your spending and save receipts. Make sure you aren’t spending more in one particular area than you have allocated for your budget.

If you do have extra money at the end of the month, put it in savings! You never know when an emergency expense might pop up.

GetEducated.com Online Scholarship Opportunity

Here's a scholarship opportunity exclusively for online students! GetEducated.com is a consumer group that provides objective reviews of online college programs based on cost, quality, and credibility. In their aim to cut the cost of attending online college, they award $1000 twice a year to students enrolled in accredited online degree programs located in the USA. Awards are based on merit and financial need. To be eligible, you must be a U.S. citizen and have a minimum 3.0 GPA. As part of the application process, you must write an essay about what distance learning means to you and submit other forms by Oct. 1. More details here.

Announcing faTV!

Understanding the world of financial aid is often a bewildering process. There are special terms, dates, and qualifications that if you haven't encountered personally, can be intimidating. Typically, fear of the unknown leads to avoidance. But in the case of financial aid, lack of understanding or clarity about the process may cause you to miss out on valuable aid, loans, scholarships and grants that you may be eligible for. If only you had known! If only the information was presented in a practical way, you might take advantage, right? We hear ya! And evidently, NOVA's Financial Aid office does too.

faTV is NOVA's latest effort to help you pay for college, learn about financial aid and avoid unnecessary student debt. Here's a couple of our favorite faTV clips that may answer questions you've always wondered too:

• How can I pay for college?
• What is a Perkins Loan?
• What's the difference between a grant and a loan?
• What is a scholarship?
• About the new GI Bill

Financial Aid Website Revision

Have you visited NOVA's Financial Aid website lately? The site has been re-designed to better serve your needs. The new visual layout clearly organizes information, tools, and instructions, including a FAFSA video tutorial and step-by-step "easy guide" to the application process. The latest Financial Aid updates are posted directly on the main page, providing the information you need, when you need it, without having to scroll through pages and pages of text. Check it out!

Filing deadline for SU '10 financial aid

The priority application date for Summer 2010 financial aid is April 1. If you plan to apply for financial aid to pay for your summer courses make sure to submit your application by this date to receive your award prior to the start of classes. Here are some helpful time-saving tips from FAFSA on the web:

• Plan ahead - Gather required information like your Social Security Number, driver´s license, income tax returns and investment records before you begin. For a complete listing of the documents you will need to complete the FAFSA, select Documents Needed.
• Sneak a peek - Print a FAFSA on the Web Worksheet to see how the FAFSA is organized; ask your parents to provide you with the information requested of them (if you are a dependent student).
• Take it one step at a time - Once you begin filling out your FAFSA, you can save it whenever you want, and then complete and submit it later at your convenience.

Also see "FAFSA Tips and Common Mistakes to Avoid When Applying for Student Aid" from NASFAA.

Scholarship Opportunity for Migrants, Immigrants, and their Families

If you or your family are migrants or immigrants to the U.S., you might be able to receive help with your educational expenses through the Western Union Foundation Family Scholarship Program. You can find more information here, and the next application deadline is February 5. Good luck!

Great Source for Learning More about Financial Aid

If you want a quick and authoritative source for information about financial aid, including changes in laws and polices, new opportunities to receive aid, and tips and suggestions, check out the blog Paying for College. The blog is produced by SCHEV, the State Council for Higher Education of Virginia, so you can be sure you'll get accurate information. They don't update the blog all that often, but you can read through the archives to be sure you get all the information you've missed up until this point! You can also post questions and receive a response from SCHEV. We hope you'll find this site useful!