Loans are a form of self-help aid that need to be repaid once a student leaves school or drops below half-time enrollment. All undergraduate students who are at least half-time (6 credits or more per semester) are eligible for an additional $2,000 in unsubsidized Direct Loans.
Federal Perkins Loan
The Perkins Loan is a federal loan for students. Funding for the Perkins Loan is limited, and the award is offered only to full-time students with exceptional financial need and an Expected Family Contribution of $2,500 or less. Repayment begins nine months after the student ceases to be enrolled at least half time. Full disclosure of the terms of the loan are provided on the promissory note, which students are required to sign with the Financial Aid Office. Loan amounts vary, but are usually no more than $1,000 per year. Students must complete a Free Application for Federal Student Aid (FAFSA) in order to be considered for this loan. Students must maintain a 2.0 cumulative GPA in order to keep receiving this loan. First-time borrowers are required to complete Perkins Loan entrance counseling at www.signmyloan.com.
Federal Direct Loan
The Direct Loan is a federal loan for students. Repayment begins six months after the student ceases to be at least half time or completes his/her course of study. The interest rate for Direct loans is a fixed rate of 4.29% for the 15-16 academic year for undergraduate students. The rate for unsubsidized Direct loans for graduate students is 5.84%. The student is required to complete a Master Promissory Note (MPN) and Direct Loan entrance counseling at the start of their enrollment at Rivier. The MPN will serve as the promissory note for all Direct Loans borrowed throughout the student's course of study. Students must complete a Free Application for Federal Student Aid (FAFSA) annually in order to be considered for this loan. Students must maintain a 2.0 cumulative GPA in order to keep receiving this loan.
Federal Direct Plus Loan
The Parent Loan for Undergraduate Students (PLUS) program allows parents to borrow up to the cost of education less any financial aid. The interest rate for 2015-16 is 6.84%. The fixed interest rate is capped at 9% and repayment, beginning 30 days after full disbursement of the loan, may extend up to ten years. Students must maintain a 2.0 cumulative GPA in order for their parents to continue to be eligible for this loan.
Parents and students are encouraged to research alternative loans at www.elmselect.com to view alternative loan lenders. You are not required to choose one of these lenders. Be sure you borrow from federal loan programs BEFORE applying for an alternative loan program.