Reynolds Community College - Pay for College Guide

YOUR GUIDE TO PAYING FOR COLLEGE Affordable options to pay for your future WHAT IS FINANCIAL AID? TYPES OF FINANCIAL AID STEPS TO COMPLETE THE FAFSA OTHER WAYS TO PAY

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BY THE NUMBERS 10 TUITION CALCULATOR 11

NEED HELP?

Reynolds friendly Financial Aid staff are knowledgeable and ready to assist you with answers and guidance.

Parham Road Campus 1651 East Parham Road Georgiadis Hall, Suite 202 Richmond, VA 23228 Downtown Campus 700 East Jackson Street The 105 Richmond, Virginia 23219 Phone: 855-874-6682 Fax: 804-371-3739 Finaid@reynolds.edu

WHAT IS FINANCIAL AID? Federal financial aid comes from the U.S. Department of Education to help students pay for college. Financial aid is money provided to students to help pay college expenses. This includes direct educational expenses such as tuition, fees, books, supplies, and cost of living expenses like food, housing, and transportation. Learn more about types of aid on page 4.

WHO QUALIFIES FOR FINANCIAL AID?

Students who meet requirements are eligible to be considered for financial aid. Students must have a high school diploma or GED certificate. Students must be enrolled in a financial aid eligible program. Some certificate programs of 16 credit hours or more qualify. Make sure to register only for courses that are within your program of study.

For more information regarding financial aid eligibility requirements and to view a complete list of eligible programs visit Financial Aid Central at reynolds.edu/financialaid.

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TYPES OF FINANCIAL AID GRANTS FREE MONEY

Grants are funds that do no require repayment. They are based on financial need and come from the federal government, the state, or Reynolds. Our students received more than $16.1 million in grants last year.

SCHOLARSHIPS EARNED MONEY

Scholarships are considered “gift� aid and do not need to be repaid. Each year, Reynolds students are awarded about $500,000 in scholarships through the J. Sargeant Reynolds Community College Foundation, corporations, private donors, and the college itself.

Students are encouraged to apply for scholarships annually during the open application period from December 1 through March 1. Visit reynolds.edu/scholarships to get started.

WORK STUDY

The Federal Work Study Program provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses.

EARNED MONEY

Since Federal Work Study is a campus-based program, funding is limited and this type of assistance usually goes to the earliest applicants with the highest need. Funds may become available throughout the year, but it is recommended that students apply early.

For additional information and to see if you are eligible for work study, contact fws@reynolds.edu or visit the Office of Financial Aid at the Parham Road Campus or The 105 at the Downtown Campus.

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LOANS BORROWED MONEY

Loan money must be repaid. For that reason, we encourage you to look at all your other options first and borrow only what is needed. Our students were disbursed more then $6.9 million in loans last year.

Reynolds participates in the William D. Ford Federal Direct Loan Program, offered through the Department of Education. Federal Stafford loans are low-interest, long-term loans. In addition, parental loans and private loans may also be available. Visit reynolds.edu/financialaid and click on Types of Aid to get started.

ADVICE ABOUT LOANS Do not borrow if you don’t have to.

If you need to borrow, borrow only what you need.

Stay in contact with your student loan service provider to stay on top of what you owe. Find out who your provider is by going online to studentaid.gov.

One-time repayment will help you establish a good credit rating, so be sure to explore your repayment options.

SMART LOAN CHOICES TODAY

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LESS DEBT AND FINANCIAL FREEDOM TOMORROW 5

The Free Application for Federal Student Aid (FAFSA) is the form you need to fill out to get any financial aid from the federal government to help pay for college. Submitting the FAFSA is the most important thing you can do if you need financial aid. Reynolds uses the FAFSA to determine which students get financial aid—and how much they’ll get.

The FAFSA is free—you should not pay anyone to prepare it for you. You need to submit a new FAFSA before each academic year in which you want to get aid. If you plan to apply for aid throughout college, you will need to fill out the FAFSA each year. Be sure to use a permanent email address on the form, not your high school email, so you can use your FAFSA account throughout college.

If you are not ready to apply for financial aid but need to estimate your aid so you can plan ahead, use the FAFSA4caster tool at studentaid.gov/understand-aid/estimate. It takes less than five minutes to use the free financial aid calculator. You will need to know your adjusted gross income from you or your parent’s most recent tax return and the cost of attendance of the school you plan to attend. Check reynolds.edu/tuition for the current rate.

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APPLY ANNUALLY

APPLY EARLY

Student must file a FAFSA each year in order to determine eligibility for financial aid. Apply online at studentaid.gov.

You can apply for financial aid through FAFSA as early as Oct. 1 of the year before you plan to enroll.

STEPS TO COMPLETE YOUR FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA)

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CREATE YOUR FSA ID AT STUDENTAID.GOV

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COMPLETE THE FAFSA

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ENTER THE REYNOLDS SCHOOL CODE

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REVIEW YOUR FAFSA RESULTS

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CHECK YOUR FINANCIAL AID AWARD STATUS

This is your electronic signature for federal student aid and gives you online access to your U.S. Department of Education records. You must have a FSA ID before you can file a FAFSA. If you are a dependent student, your parents must also apply for a FSA ID.

This is your application for financial aid. Priority consideration is given to students who apply by April 15. Some federal student aid programs have limited funds, so it’s a good idea to file the FAFSA as soon as it’s available. To avoid delays, file your tax return early and use the IRS Data Retrieval Tool to transfer income information into the FAFSA.

Reynolds Community College’s federal school code is 003759.

Three to five business days after you submit the FAFSA, review your Student Aid Report (SAR) for accuracy. Read the COMMENT section carefully. Follow the directions on the SAR to submit any needed corrections.

Log on to MyREYNOLDS and click into SIS. From there check the Student Center for notifications.

CHECK YOUR DATES

SIMPLIFY

The financial aid process can take up to six weeks. Plan ahead using the dates on the back cover of this book.

Students are encouraged to transfer their tax data from the IRS using the IRS Data Retrieval Tool.

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STAYING ELIGIBLE WHAT IS MY ENROLLMENT STATUS? Less than half time 1 to 5 Credit Hours

Three-quarter time 9 to 11 Credit Hours

Half time 6 to 8 Credit Hours

Full time 12 or more Credit Hours

When planning your class schedule each semester, it is important to know how many credits you will need to take in order to remain eligible for your financial aid award. If you attend less than full-time during any term, your cost of attendance and financial aid award amounts will be adjusted. This could result in reduction or removal of loans or other financial aid.

Below are the types of aid that require a specific number of credits per semester. If you do not see your aid type, contact the Financial Aid office at (855) 874-6682 or email finaid@reynolds.edu.

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Type of Aid

Credits required per semester

Federal Supplemental Educational Opportunity Grant (SEOG)

1 credit hour minimum

Federal Work Study

6 credit hour minimum

Part-Time Tuition Assistance (PTAP)

1-8 credit hours

Pell Grant

1 credit hour minimum

Reynolds Tuition Assistance

1 credit hour minimum

Virginia Commonwealth Award (COMA)

6 credit hour minimum

Loans

6 credit hour minimum

Pell Grant (Year Round Pell)

6 credit hour minimum

Virginia Guaranteed Assistance Program (VGAP)

12 credit hour minimum

OTHER WAYS TO PAY PAYMENT PLAN

Students who register for classes at Reynolds have the option to apply for the Nelnet Payment Plan. Participation in the plan allows students to break their tuition payment up into two, three, or four payments. The plan requires that students have a bank account or credit card for all transactions.

A non-refundable enrollment fee is also required.

For detailed information about the Nelnet Payment Plan and how to enroll, visit reynolds.edu/businessoffice and click on Payment Plan.

THIRD-PARTY TUITION ASSISTANCE

Students may have an employer or other third-party sponsor, including external scholarships, be responsible for tuition expenses. For more information about third-party tuition assistance visit reynolds.edu/businessoffice and click on Methods of Payment.

TUITION ASSISTANCE

Reynolds offers financial assistance to students who may need additional financial support to pursue their education. For more information about these special grants visit reynolds.edu/financialaid and click on Types of Aid to get started.

TUITION ASSISTANCE FOR VETERANS

Financial aid is given by military branches to active duty and reserve service members for college courses. Each branch of the military has its own tuition assistance policy. For information about using your G.I. Bill or other forms of military tuition assistance, visit our Veterans Services office or find them online at reynolds.edy/veterans.

VIRGINIA 529

Students using a 529 plan to pay tuition and fees must complete the necessary Distribution Request and/or Student Verification forms with their Virginia529 plan administrator. These are the forms where the parent/student designates Reynolds as the school they will attend. To learn about saving for college with this plan visit virginia529.com.

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BY THE NUMBERS

4,964

Reynolds students were awarded

Students who earn a two-year transfer associate degree at Reynolds

SAVE $20,551

$23.4 MILLION

in financial aid in 2018-19 Average award $4,717 per year

PELL GRANT AWARD AVERAGE

$3,032 per year

when transfering to a public four-year college in Virginia

3,798

Reynolds students received Pell Grant in 2018-19

$11.5

MILLION

awarded in 2018-19

3,948

students were awarded

$4.6

MILLION

in other grants in 2018-19

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OCTOBER

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first day to apply for the FAFSA each year

Reynolds Community College Financial Aid 2018-19 Award Year, data as of 11/26/19.

TUITION CALCULATOR FOR IN-STATE TUITION

Multiply the number of credits you are taking by the cost of one credit, which is $166.60*.

Add any additional fees. The final amount is your tuition.

_______ credits x $166.60 + _______ = $ _______

FOR OUT-OF-STATE TUITION Multiply the number of credits you are taking by the cost of one credit, which is $364.20*.

Add any additional fees. The final amount is your tuition.

_______ credits x $364.20 + _______ = $ _______ * $166.60 per credit covers tuition, activity fees, and auxiliary fees for in-state students; $364.20 per credit covers tuition, activity fees, and auxiliary fees for out-of-state students. Tuition rates are subject to change upon approval of the State Board for Community Colleges of Virginia.

Changes will be posted at reynolds.edu/tuition.

ASSISTANCE WITH ADDITIONAL COSTS Paying for college is more than paying tuition, you will also need books and supplies. You may purchase books and supplies using your financial aid award at the Campus Bookstore during specific times each semester. Those dates are always listed on the official academic calendar. In addition, there may be private Reynolds scholarships available to help with books.

Visit reynolds.edu/scholarships.

In an effort to keep the cost of attending college down, Reynolds also offers courses with low- to no-cost textbooks. Find out more about these Open Educational Resources (OER) at reynolds.edu/oer.

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QUICK REFERENCE GUIDE Financial Aid Central FAFSA Low Cost/No Cost Books National Student Loan Data System Payment Options Veterans Assistance

reynolds.edu/financialaid studentaid.gov reynolds.edu/oer NSLDS.ed.gov reynolds.edu/businessoffice reynolds.edu/veterans

KEY DATES

The financial aid process can take from four to six weeks. Plan ahead!

FALL SEMESTER April 15 Reynolds FAFSA priority filing deadline June 15 Recommended date to submit Financial Aid documentation to ensure processing by the first payment due date July 1 Recommended date to submit Federal Direct Loan requests SPRING SEMESTER September 15 Reynolds FAFSA priority filing deadline October 15 Recommended date to submit Federal Direct Loan requests November 15 Recommended date to submit Financial Aid documentation to ensure processing by the first payment due date SUMMER SEMESTER If you are a continuing student in the summer, Reynolds uses the same FAFSA data you completed for the fall and/or spring semesters.

March 15 April 15 March 1

Reynolds FAFSA priority filing deadline Recommended date to submit Financial Aid documentation to ensure processing by the first payment due date Recommended date to submit Federal Direct Loan requests

reynolds.edu/financialaid