NOVA’s Financial Literacy Program Paying For College Presented By: NOVA’s Financial Literacy Program

But How Do You Pay For College? College Pays, But How Do You Pay For College? The more your learn, the more you earn… “An investment in knowledge always pays the best interest.” - Benjamin Franklin

What Are Sources of College Funds? Source: How America Pays for College 2018, from Sallie Mae and Ipsos.

What Expenses Will You Have in College? Tuition Books Supplies Transportation Room and Board Other Fees Personal Expenses + Estimated Expenses

Apply for Financial Aid! You may qualify for aid for your college & living expenses! Types of Financial Aid Grants – Free money based on financial need Scholarships – Free money based on need and/or merit, competitive, requirements vary Work-Study – Earn money toward college expenses through need-based work-study employment Student Loans – Low interest rate, may defer payments while enrolled in at least six credits

How to Apply for Financial Aid Students create a FSA ID. Parents of dependent students create a FSA ID. 2) Complete the FAFSA at FAFSA.GOV Reapply each year starting October 1st (almost a year before the following academic year begins) Promptly submit any items that may be requested by the Financial Aid Office. More info is available at https://studentaid.ed.gov.

How to Apply for Financial Aid Obtain your FSA ID and Submit the FAFSA at FAFSA.GOV

Review your To Do List, View Financial Aid, Check your Account Summary Check MyNOVA Review your To Do List, View Financial Aid, Check your Account Summary

Apply for Scholarships Apply for NOVA scholarships at https://nvcc.academicworks.com/ Submit one online application to be considered for multiple NOVA scholarships. NOVA’s scholarship deadlines are typically in October and February, but check the website for updates. Apply for external scholarships through free websites like: www.fastweb.com www.scholarships.com www.finaid.org/scholarships Information on grants and scholarships for Virginia Residents: http://www.schev.edu/index/tuition-aid/financialaid/state-student-aid/undergraduate-financial-aid-programs

What makes a good scholarship essay? Tell Your Story Sales Pitch Good Grades Volunteer Experience Extracurricular Activities Success Despite Obstacles Educational and Career Goals Statement of Financial Need (if applicable) How you’ll Benefit from the Money Close with a “Thank You” Remember, scholarships are competitive, write a good essay and apply for as many as possible!

Accept Student Loans if Necessary Only borrow what you need and can afford to repay! Accept the amount you need on MyNOVA. Complete the Federal Direct Loan Master Promissory Note and Entrance Counseling at https://studentloans.gov.

Federal Direct Stafford Annual Loan Limits At NOVA, students may only receive Federal Direct Loans at the Freshman and Sophomore levels.

Responsible Borrowing Consider low-rate federal student loans with flexible repayment options before credit cards and private loans. Contact your loan servicer if you have trouble making loan payments to discuss your options to avoid default. Average debt of bachelor’s degree recipients is about $37,000. What would be the estimated monthly loan payment based on the standard repayment plan with a 5.05% interest rate? $393.35 per month for 10 years

Work-Study and External Employment Check with your Campus Work-Study Coordinator in the Financial Aid Office to see if you qualify for work-study. Apply for work-study positions at www.nvcc.edu/workstudy. Working off-campus while going to school can also help cover your educational expenses. Off-campus jobs and internships for NOVA students: www.collegecentral.com/nova If employed, consider limiting your schedule accordingly: 16 hours of work per week – Take a maximum of 12-15 credits 25 hours or work per week – Take a maximum of 8-11 credits 40 hours of work per week – Take a maximum of 7 credits

Financial Aid Reminders Funding for some financial aid programs is limited. Apply early! Aid awarded before the 16-week census is based on anticipated full-time enrollment. If students enroll in less than 12 credits required for their degree then their aid may be reduced. Pell eligibility is capped at the equivalent of 12 full-time semesters. Total Direct Loan borrowing is capped at $31,000 for dependent undergraduates with a maximum of $23,000 in subsidized loans. Meet the Satisfactory Academic Progress (SAP) Requirements to remain eligible for financial aid - www.nvcc.edu/financialaid/sap. Contact the Financial Aid Office prior to dropping or withdrawing courses to see if it will affect your aid eligibility.

Need Financial Aid Support? 24 Hour Student Support Center Call 1-855-323-3199 or visit www.nvcc.edu/finaidsupport Help is available 24/7. Visit a Campus Financial Aid Office. Other Financial Aid Resources: www.nvcc.edu/financialaid https://studentaid.ed.gov Financial Aid TV Unusual circumstances? Please contact the Financial Aid Office to discuss your options and the appeal process.

Paying Tuition 2018-2019 Tuition NOVA accepts a variety of Payment Options. Students must have enough pending financial aid or make other arrangements to cover their balance by the payment deadline, or they may be dropped from courses. Payment may be due as early as 5pm the next business day after students enroll. Students must drop any courses they do not wish to attend by the census date indicated in the Academic Calendar to receive a refund. Students may elect to receive refunds on a Visa prepaid card or by ACH direct deposit by setting up their refund preference at https://nvcc.afford.com/refunds.

Payment Plan $35 - $45 enrollment fee. Enroll in the Payment Plan: MyNOVA > Student Center > Apply for Payment Plan > Apply for TMS Payment Plan. Please check deadlines to enroll in different types of payment plans! $35 - $45 enrollment fee. Payments are processed on the 16th of the month. Use ACH or credit/debit cards. There is a nominal service fee for credit cards or debit cards. If you have any questions about setting up your payment plan account, missed payments or to request changes, call TMS at 800-337-0291 .

Other Payment Options Pay online by credit card through QuikPay in MyNOVA. Veterans Education Benefits – Contact a Veteran Advisor for assistance with applying for VA Benefits. Note: Even if students already made other payment arrangements and then apply for financial aid late, they could still be refunded the amount of aid they qualify for. Questions about payment? Contact the Business Office.

Don’t Just Pay For College, Succeed in College! Take advantage of the available resources! Free Tutoring for all NOVA students! www.nvcc.edu/tutoring Math and Writing Centers are on each campus. Career Services - www.nvcc.edu/careers

Succeeding in College Study… At least 2-3 hours per week per credit outside of class. Meet with your counselors, advisors, and professors. Get involved…Join a club, sports team, or other organization.

Tax Benefits for Education Tax Credits for Higher Education Expenses Two tax credits help offset the costs (tuition, fees, books, supplies, equipment) of college by reducing the amount of your income tax: American Opportunity Credit - Allows you to claim up to $2,500 per student per year for the first four years of school. Lifetime Learning Credit - Allows you to claim up to $2,000 per student per year for any college or career school tuition and fees, as well as for books, supplies, and required equipment that had to be purchased from the school. Even if you normally wouldn’t file a tax return because of your income level, you may wish to consider doing so to claim a tax credit that could put money in your pocket. More details at: https://studentaid.ed.gov/sa/types/tax-benefits

Tax Benefits for Education Student Loan Interest Deduction Interest paid on student loans that you borrowed for yourself, your spouse, or your dependent to pay for higher education expenses may be tax deductible. The maximum deduction is $2,500 a year. Qualified Tuition Programs (QTP)/529 Plans QTP/529 plans are established by a state so that you can either prepay or save up to pay education-related expenses. Once you’re in college you withdraw money from your account to pay your education expenses and the money you withdraw will not be taxed. Learn more about state 529 plans. Also read IRS Publication 970, Tax Benefits for Education to see which federal income tax benefits might apply to your situation.

NOVA’s Financial Literacy Blog Additional resources are available at blogs.nvcc.edu/financial-literacy

Financial Coaching Free financial coaching services are available! Financial coaching helps link behaviors to goals and values. Coaches can help you create a personalized financial action plan. Contact Diana Yacob, AFC® for details. dyacob@nvcc.edu   (571) 279-8628 Financial Coaching services are provided through NOVA’s Financial Stability Program.

Participate in NOVA’s CashContest Official CashContest Rules are available at: https://blogs.nvcc.edu/financial-literacy/ $500 awards will be given to randomly selected students. Must complete Financial Avenue courses with at least a 70% by the deadline to be entered. Courses take about 45 minutes to complete. Students learn personal finance concepts and receive a customized action plan based on their financial goals. Sign Up at https://fa.financialavenue.org/sign-up/  Enter NOVA’s access code: FinLit