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

2. 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

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

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

5. 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

6. 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

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

8. 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

9. Apply for Scholarships
Apply for NOVA scholarships at
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:
Information on grants and scholarships for Virginia Residents:

10. 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!

11. 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

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

13. 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?
$ per month for 10 years

14. 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
Working off-campus while going to school can also help cover your educational expenses.
Off-campus jobs and internships for NOVA students:
If employed, consider limiting your schedule accordingly:
16 hours of work per week – Take a maximum of 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

15. 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 -
Contact the Financial Aid Office prior to dropping or withdrawing courses to see if it will affect your aid eligibility.

16. Need Financial Aid Support?
24 Hour Student Support Center
Call or visit
Help is available 24/7.
Visit a Campus Financial Aid Office.
Other Financial Aid Resources:
Financial Aid TV
Unusual circumstances? Please contact the Financial Aid Office to discuss your options and the appeal process.

17. 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

18. 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 .

19. 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.

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

21. 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.

22. 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:

23. 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.

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

25. 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.
(571)
Financial Coaching services are provided through
NOVA’s Financial Stability Program.

26. Participate in NOVA’s CashContest
Official CashContest Rules are available at:
$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
Enter NOVA’s access code: FinLit