NOVA’s Financial Aid Quarterly Newsletter April 2019

- Campus Tidbits -

Submit the 2019-2020 FAFSA if you have not already done so. The priority applica-tion filing date for Fall 2019 has passed; we encourage you to apply for financial aid as soon as possible to have aid in place by the fall payment due date.

Need help completing the FAFSA?

Visit a campus financial aid office.

Need help, but can’t get to campus?

Contact NOVA’s 24 Hour Student Support Center

Check your MyNOVA portal regularly for information about your financial aid and for other NOVA communications.

Know the upcoming important dates for Summer 2019 and Fall 2019 terms.

Get a Pell Grant This Summer!

The Pell Grant program provides awards of approximately $300 to $3,000 per semes-ter to eligible students. The amount awarded is based on a student’s Expected Family Contribution (EFC), which is calculated when the Free Application for Federal Student Aid (FAFSA) is submitted. Pell Grants are now available year-round (including the summer term), even if the student attended full-time in both the fall and spring terms and re-ceived full Pell. Students must take at least six required credits during the summer to potentially receive part of a second Pell Grant during the summer.

A lifetime Pell limit that equates to 12 full-time semesters applies. Before the term census (i.e. the 12-week census for the summer term), Pell Grants are offered based upon anticipated full-time enrollment. Pell awards will be reduced after the term census for less than full-time enrollment and will not be increased if courses are added later in the term. Let’s take a look at some examples:

Example #1: $0 EFC for 2018-2019 Full-time for Fall = $3,048 Pell Grant Full-time for Spring = $3,047 Pell Grant

Pell Eligibility for Summer 2019

Full-time for Summer = $3,047 9-11 credits for Summer = $2,285

6-8 credits for Summer = $1,524 5 or fewer credits for Summer = $0

Example #2: $2,000 EFC for 2018-2019

Full-time for Fall = $2,073 Pell Grant 9-11 credits for Spring = $1,555 Pell Grant

Second Pell for Summer 2019

Full-time for Summer = $2,072 9-11 credits for Summer = $1,554

6-8 credits for Summer = $1,036 5 or fewer credits for summer = $518

($518 from remaining first Pell)

Take advantage of this opportunity for additional funding and enroll in summer classes to complete your degree more quickly! If you have any questions about Pell Grants, please contact the Financial Aid Office.

Participate in the Work-Study Program!

By participating in NOVA’s work-study program you could earn $10 to $11 per hour, enhance your employment skills, and gain valuable experience related to your academic and/or career goals. Working on campus can be a fun, flexible, and convenient way to make attending college more affordable!

Students must demonstrate financial need, be enrolled in at least six required credits, and meet SAP requirements in order to potentially qualify for work-study. If you were not offered a work-study award, you may check with your Campus Work-Study Coordinator to see if you are eligible and to verify if funding is still available. Once you are offered a work-study award, you may begin applying for positions on the work-study employment website. Instructions are provided in the Work-Study Process For Students tutorial.

The financial aid office will begin accepting summer work-study employment docu-ments on April 1, 2019. Students hired for summer positions can work from May 10, 2019 through August 1, 2019. On May 31st, we will begin accepting employment docu-ments for Fall 2019. As always, students are welcome to visit their campus financial aid office or contact the 24 Hour Student Support Center for more assistance.

NOVA Financial Aid Info

NOVA Financial Literacy

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For more information check out our Financial Aid Blogs as well!

Available 24/7/365 Or Call:

1 855-323-3199

or Ask Ace!

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For complete information on financial

aid at NOVA click on the image below.

Scholarship Information

Are you interested in applying for scholar-

ships? If so, use NOVA’s updated Scholarship

Guide to help you. Regardless of the amount

offered for a particular scholarship, students

should actively apply for all scholarships for

which they may be eligible. Studies show

that many students do not apply for scholar-

ships and consequently miss out on great

opportunities. You never know how a small

scholarship could make a big difference!

$500 CASH CONTEST!

Four $500 drawings will be held to ran-

domly select NOVA students who complete

short financial literacy courses before May 1,

2019. Course take only about 45 minutes to

complete and provide students with a cus-

tomized action plan based on their financial

goals. For contest rules and to enter the

CashContest, visit NOVA’s:

Financial Literacy Blog

*MARK YOUR CALENDAR*

April 23: Tuition payment deadline for

summer registration through April 22

April 10: Priority registration begins

for continuing students for Fall 2019.

May 1: Open registration begins for

all students for Fall 2019.

Summer 2019 Impor tant Dates

Manage Your Loans

Student loan debt is a hot

topic in higher education. Na-

tionally, over 44 million borrow-

ers have collective debt exceed-

ing $1.5 trillion. At NOVA, we

are committed to ensuring that

students borrow responsibly and understand their repayment obligations. In fact, bor-

rowers at NOVA can expect to receive an email around the middle and end of each semes-

ter from our partner Inceptia that reminds them to review their student loan histories and

repayment information. This information can be accessed by logging into the Financial

Aid Dashboard and clicking on the “My Federal Student Loan History” icon shown above

or by logging into Inceptia’s website, https://www.heroknowl.org.

Borrowers are encouraged to utilize NOVA’s Loan Planning Form to help determine the

impact of additional borrowing and to start planning how they will repay their student

loans. The National Student Loan Data System (NSLDS) is another great resource that

financial aid recipients are encouraged to use. It provides a summary of the federal stu-

dent loans and Pell Grants that a student has received and an overview of remaining po-

tential eligibility. If you have received financial aid, take a few moments to check it out!

Once borrowers enter repayment, they should contact their loan servicer if they have

any questions about making loan payments, repayment plans, deferment, forbearance, or

consolidation. If a borrower ever experiences difficulty making loan payments, the stu-

dent should immediately contact the loan servicer to discuss the options for avoiding de-

fault. NOVA’s partner, Inceptia, will attempt to contact borrowers who become more

than 60 days delinquent to assist them with getting their loans back into good standing.

Summer 2019 Bookstore Purchase Period

May 6, 2019—June 4, 2019 (online and on campus)

Complete the Bookstore Authorization Form on your

MyNOVA To-Do-List

Chatbot Ace is an intuitive program

that can help answer your questions.

Simply click on the red box ‘Questions?

Ask Ace’ at the bottom of the web

page and ask away!

NOVA Financial Aid Website

Ask Chatbot Ace!

Log into NSLDS to review your federal loan and grant history.

NSLDS Student Access

Review the FSA website for more details on the federal student aid programs.

Federal Student Loan Information