Paying For College Presented By: NOVAs Financial Literacy Program An investment in knowledge always pays the best interest. - Benjamin Franklin College Pays, But How Do You Pay For College? What Are Sources of College Funds? Source: How America Pays for College, Sallie Mae, 2013 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 GrantsGrants Free money based on financial need ScholarshipsScholarships Free money based on need and/or merit, competitive, requirements vary Work-StudyWork-Study Earn $10-$11 per hour working at NOVA, need- based, application & interview required Student LoansStudent Loans Low interest rate, may defer payments while enrolled in at least six credits 1)Students create a FSA ID.FSA ID Parents of dependent students create a FSA ID.dependent students 2) Complete the FAFSA atReapply each year by NOVAs priority filing date.priority filing date 3)Check your MyNOVA To Do List> MyNOVA > VCCS SIS: Student Information System > Student Center How to Apply for Financial Aid Obtain your FSA ID and submit the FAFSA at 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/https://nvcc.academicworks.com/ Submit one online application to be considered for multiple NOVA scholarships. NOVAs 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: 1.Tell Your Story 2.Sales Pitch 3.Good Grades 4.Volunteer Experience 5.Extracurricular Activities 6.Success Despite Obstacles 7.Educational and Career Goals 8.Statement of Financial Need (if applicable) 9.How youll Benefit from the Money 10.Close with a Thank You Remember, scholarships are competitive, write a good essay and apply for as many as possible!good essay Accept Student Loans if Necessary Only borrow what you need and can afford to repay! Accept the amount you need on MyNOVA. Complete the Stafford Loan Master Promissory Note and Entrance Counseling at Federal Direct Stafford Annual Loan Limits At NOVA, students may only receive Stafford 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. repayment options Use NOVAs Loan Planning Form:Contact your loan servicer if you have trouble making loan payments to discuss your options to avoid default. $26,830 is the average debt of a 4-year college student. What would be the estimated monthly loan payment based on the standard repayment plan with a 4.29% interest rate? $ 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 atWorking 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 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 then their aid may be reduced. Pell eligibility is capped at the equivalent of 12 full-time semesters. Total Stafford loan borrowing is capped at $31,000 for dependent undergraduates with a maximum $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. Need Financial Aid Support? Financial Aid and Student Accounts Support Center Call or visitHelp is available 24/7. Visit a Campus Financial Aid Office.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. Paying Tuition Fall 2015 Tuition NOVA accepts a variety of Payment Options.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 deadline 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.Academic Calendar 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/refundshttps://nvcc.afford.com/refunds. Payment Plan $35 - $45 enrollment fee. Payments are processed on the 20 th of the month. Use ACH or credit/debit cards. There is a 2.5% service fee for credit cards or debit cards. Call TMS at regarding any questions or to adjust the plan. Enroll in the Payment Plan: MyNOVA > Student Center >Payment Plan Apply for Payment Plan > Apply for TMS Payment Plan Other Payment Options Pay online by credit card through QuikPay in MyNOVA.QuikPay Veterans Education BenefitsVeterans Education Benefits Contact a Veteran Advisor for assistance with applying for VA Benefits.Veteran Advisor 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.Business Office Dont 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 - Succeeding in College Study At least 2-3 hours per week per credit outside of class. Meet with your counselors, advisors, and professors. Get involvedJoin 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 CreditAmerican Opportunity Credit - Allows you to claim up to $2,500 per student per year for the first four years of school. Lifetime Learning CreditLifetime 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 wouldnt 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-benefitshttps://studentaid.ed.gov/sa/types/tax-benefits Tax Benefits for Education Student Loan Interest Deduction Interest paid on student loansInterest 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 youre 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.state 529 plans Also read IRS Publication 970, Tax Benefits for Education to see which federal income tax benefits might apply to your situation.IRS Publication 970, Tax Benefits for Education NOVAs 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. W C Financial Coaching services are provided in partnership with: Consumer Financial Protection Bureau (CFPB) Armed Forces Services Corporation Virginia Cooperative Extension