BIG change for completing the FAFSA
Beginning May 10, 2015, this coming Sunday, the FSA ID will replace the PIN. The FSA ID will is a modernized login process that improve security and the customer experience for the student- and borrower-based websites, including FAFSA on the Web, NSLDS Student Access, StudentLoans.gov, StudentAid.gov, and the TEACH Grant website. The new FSA ID, which will be comprised of a user-selected username and password, will replace the Federal Student Aid PIN as the process by which students, parents, and borrowers authenticate their identity to access their federal student aid information.
After implementation on May 10, 2015, users who arrive at the impacted websites will be directed to a link to register for their new FSA ID. The registration process should take less than seven minutes.
FSA has provided a step-by-step guide to registering for an FSA ID. If you share this guide or any other FSA ID information with your students, parents, and borrowers, please emphasize that there is nothing a user can or should do prior to implementation. A user should simply be prepared to complete the transition when they visit one of the impacted websites on or after May 10, 2015. Only the owner of the FSA ID should create his or her account.
More information about the upcoming transition to the FSA ID is available at StudentAid.gov/fsaid
Federal School Code
Longwood's Federal School Code is 003719
Billing and PaymentsFor more information on billing and payments, please contact the Office of Student Accounts
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Completing your FAFSA is FREE!
You never have to give a credit card number or pay anything to file your FAFSA.
Please remember that you may complete your 2015-2016 FAFSA at www.fafsa.gov for FREE! The application will be available January 1, 2015 and Longwood’s priority filing date is March 1, 2015.
FAFSA Got You Down? Eight Tips to Ease the Pain
If you will be applying for financial aid soon, take a look at this CBS MoneyWatch article for some tips about avoiding common financial aid mistakes. For those of you needing financial aid at Longwood, here’s some advice for you:
The only application you need to fill out for need-based financial aid and/or federal student loans is the FAFSA (Free Application for Federal Student Aid). Check out the application at www.fafsa.gov.
This application is FREE and you should never have to pay to file a FAFSA. Avoid websites like www.fafsa.comwhich charge you to file.
File your FAFSA by March 1stin order to ensure receipt of all available funds. Most grant funds are awarded on a first-come first-serve basis until funds are exhausted. Even if you have not filed your taxes, you should estimate financial figures to complete the FAFSA and then update them once you do file taxes. The IRS Data Retrieval Tool makes updating your FAFSA as easy as a click of a button!
Review your Student Aid Report (SAR) to check for mistakes. The Department of Education makes your Student Aid Report (SAR) available for you to view shortly after you file the FAFSA. This SAR is a summary of everything you put on the FAFSA as well as any comments regarding missing or incorrect information. Reviewing the SAR as soon as it is available and making appropriate corrections can greatly reduce delays in processing and awarding of financial aid.
If you need help, ask! The Financial Aid staff at Longwood University are happy to help you navigate this process. If you feel your EFC is unreasonable or that your FAFSA results do not accurately portray your family’s financial circumstances, we may be able to help with that, too. Call us, email the office, or stop by for a visit.
***Also, the Virginia Association of Financial Aid Administrators (VASFAA) will hold a state-wide SUPER SATURDAY event February 9th where financial aid professionals will personally help you file your FAFSA. See VASFAA’s website for times and locations.**
Applying for a Parent Loan for Undergraduate Students (PLUS)
Only parents may apply for this loan to help offset the remaining balance of aid needed for an academic year, up to the cost of education. Apply at www.studentloans.gov.
There are two parts to the PLUS loan:
(1) the actual loan application and
(2) the Master Promissory Note.
Please follow these steps:
1. The student must accept the parent loan in their aid package on the Mylongwood portal
2. The parent must go to www.studentloans.gov, log in using the parent's information
3. Choose "Request a Direct PLUS loan". This is the actual loan application.
4. Sign a Master Promissory Note.
Apply excess financial aid to your student account
Students may opt to apply student loan proceeds to any charges on the student's account.
Forwarding of Emails
You can now have general emails from the Office of Financial Aid forwarded to your parents' or some other email address.
Do you know how much you have borrowed during your time here at Longwood?
To find out, log into your myLongwood, click on Financial Aid, then View/Accept Financial Aid, and then Loan Application History.
The information provided about the Stafford (student) loans and any Private/Alternative loans you have accumulated to date is current and listed by loan type, year and amounts.
You may also want to review some helpful information regarding money management such as budget creation, loan repayment, credit cards, managing debt, identity theft, and more.
New Federal Resources for Student Loan Repayment
There are major changes to the student loan interest rates and repayment terms. The Department of Education has expanded its Student Aid on the web site for students to include the following:
*A chart of FFEL and Direct Loan Interest Rates click here
*An Income Based Repayment page that includes the IBR eligibility requirements, the benefits of IBR, an IBR payment calculator, and some examples of how a borrower's monthly student loan payment amount can be reduced under IBR.
Veterans Education Benefits Programs
There have been, and continue to be, many changes to the Veterans Education Benefits Programs. The best source of information is from the U.S. Department of Veterans Affairs
Virginia's Two-Year College Transfer Grant
Transfer students may qualify for the Virginia Two-year College Transfer Grant. Click here for more details and how to apply.
434.395.2077 434.395.2829 (fax)
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The mission of the Financial Aid Office is to provide financial assistance to students, who, without such aid, would otherwise be unable to pursue a college education; and to provide quality customer service to ensure that students and families understand the complexities of the financial aid process. Financial aid programs will be administered with integrity in order to help as many students as funding will permit.