Financial Aid

Consumer Information for Financial Aid Applicants

Frequency of Disbursements

When financial aid is awarded it is awarded for the academic year; this usually this means the fall and spring semesters. The financial aid award is split equally between the semesters. Financial aid is paid to a student's account when the following conditions are met.

  1. The student is determined to be eligible and is awarded.
  2. Direct loan funds have been received from the Department of Education
  3. The student is enrolled in the correct number of credit hours.
  4. The student is determined to be maintaining Satisfactory Academic Progress.
  5. The disbursement date for the term has been reached.

Funds are released once the official census date has been reached for the semester if all the other conditions have been met. We continue to release funds throughout the term to student accounts as students are awarded and as funds arrive from the lenders.

Sample Loan Repayment Schedule

Below is a sample loan repayment grid showing the monthly payments and total amounts repaid. The minimum payment for Stafford loan is $50.00 per month, for Perkins Loan $40.00 per month.

Standard Repayment Plan at 8.25% Interest 
Loan Amount Number of Payments Monthly Payment Interest Charges Total Repaid
2,600.00 65 $50.00 $628.42 $3,228.42
4,000.00 120 $50.00 $1,827.30 $5,827.30
7,500.00 120 $91.99 $3,538.80 $11,038.80
10,000.00 120 $122.65 $4,718.00 $14,718.00
15,000.00 120 $183.98 $7,077.60 $22,077.60

Direct Loan and Perkins Loan Entrance and Exit Counseling

Entrance counseling is required of all first time borrowers for each loan program. Exit counseling is required of any student who has had a federal student loan and who ceases to attend or drops below half time enrollment.

Follow these links to complete counseling. 

Direct Stafford Loan Entrance Counseling
Direct Stafford Loan Exit Counseling
Perkins Loans Entrance Counseling
Perkins Loans Exit Counseling 

Student Loan Repayment/Deferment/Forbearance/Consolidation Information

Direct Stafford Loan Repayment Information 

Addressing Your Defaulted Student Loan 

Direct Loan Consolidation 

How much do I owe and where are my loans? 

Student Employment Policies and Procedures

Student Employment Awards

All new resident students are awarded student employment as part of their original award package. If students do not use their allotment during the fall semester, the funds are removed from their award package. It will not carry forward to the spring semester. Returning students are not awarded student employment as part of their package. Once they have found a job and completed a contract, the amount of the contract will be added to their award. Students cannot work more than 19.5 hours per week.

Award Increase, Cancellation or Reduction

A students’ award may be increased per supervisor request in writing and when funds are available. The Director of Financial Aid will make the final determination on a case by case basis. A students’ award may be cancelled or reduced based on the other funding needed to satisfy a students’ account in the Business Office.

Student Employment Earnings and Time sheets

Student workers are paid $7.25/hour. They are paid in quarter-hour increments. Time sheets for work study students are bi-weekly on a predetermined schedule set by the Payroll Office. Time sheets are reviewed for accuracy and signed off by the appropriate supervisor. If time sheets are not submitted on time or are not complete, the student will not be paid until the next pay period. Time sheets must be filled in on each day worked and signed by both the student and the supervisor at the end of the pay period. Supervisors must be able to verify hours worked. Anyone who falsifies a time sheet will be subject to consequences by The Office of Human Resources up to and including termination.

Students can choose either to receive a paycheck or to enroll in Direct Deposit. If they choose Direct Deposit, paperwork needs to be completed with the Payroll Office (located in Adrienne Hall). Students must provide a voided check to Payroll when completing the paperwork. Resident students who do not enroll in Direct Deposit will have their paychecks put in their campus mailbox. Commuter students' checks will get mailed to their home address.

There are a wide range of student jobs on campus open only to Rivier students. Often, students can find a job that provides valuable work experience because the job duties relate to their academic major. Many supervisors are flexible in setting up a work schedule and you may be able to work between your classes. Studies show that students who work tend to make better grades, learn to manage their time more efficiently, are more persistent in their goal to graduate, and may have to borrow less in loans to help pay for college expenses.

 

Student Employment Rules and Restrictions

  • A student must be making Satisfactory Academic Progress toward a degree in order to be eligible for financial aid.
  • Student employment awards are subject to change or cancellation. Violations of any student employment rules or changes in any aspect of a student's financial aid file may result in reduction or loss or that student's award.
  • Students must promptly submit any paper work or information as requested by Financial Aid. The status of a student's financial aid often hinges on the requested information.
  • A student could lose his/ her award if he/she fails to provide requested information. The student must reapply for student employment each year she/he would like to be considered.

Tuition and Fees for 2014-15

Please click here for tuition and fees for the 2014-15 academic year - Tuition, Fees and Other Expenses.  Please note:  If a student will be receiving tuition reimbursement, tuition remission or other tuition benefits from an outside source, the financial aid that they have been awarded is subject to change.  If a student is receiving 100% tuition reimbursement, all Rivier grant and scholarship funding will be rescinded upon notification of the receipt of same.

Cost of Attendance 2014 - 2015

The following are the estimated cost of attendance budgets for full-time day students attending for the academic year:

  Resident On-Campus  Off-campus With Parent  Off-campus 
Tuition and Fees $28,300 $28,300 $28,300
Room and Board $10,940 $846 $10,064
Books and Supplies $1,200 $1,200 $1,200
Transportation $476 $3,110 $3,110
Miscellaneous $1,684 $1,544 $5,124
Totals $42,600 $35,000 $47,798

Refund Policy

Requests for tuition refunds will be considered only when the student completes an official withdrawal. Notices of withdrawal must be made in writing to the academic advisor. If a letter is mailed, the date stamped on the envelope serves as the date of official notification for both tuition refund and withdrawal. Housing withdrawal follows the same rules as the tuition refund policy.  Please click here for the University's refund policy - Refund Policy. NOTE: COURSE & MISCELLANEOUS FEES ARE NON-REFUNDABLE AFTER COURSES BEGIN.

Overpayment/Return of Funds

Pell Grant recipients who reduce their credit hours below the minimum required by their award level, may be required to repay all or a portion of the Pell grant.

Students who have funds disbursed to them after they have ceased to attend courses may also be required to repay those funds.

All financial aid recipients who drop or withdraw from classes prior to the 60% point of the term are subject to the Federal Return of Funds policy. In addition, students who fail to complete any classes during the term are also subject to this policy. They may be required to return any funds received to the federal programs. Students considering withdrawal must meet with their academic advisor.  Ceasing to attend classes by itself is not considered a drop or withdrawal from those classes.  Financial aid recipients are required to notify the Financial Aid Office at the time they drop or withdraw. These students may be required to repay financial aid.   

Federal Student Financial Aid Penalties for Drug Law Violations 

Federal guidelines focus strongly on illicit drug use and distribution. The Higher Education Act states that a federal or state drug conviction can disqualify a student for federal financial aid and make them no longer eligible to apply for their FAFSA. Federal financial aid includes:    

         Federal Pell Grant  

                   Iraq and Afghanistan Service Grant  

  • Academic Competitiveness Grant (ACG)  
  • National Science and Mathematics Access to Retail Talent (SMART) Grant  
  • Federal Supplemental Educational Opportunity Grant (FSEOG)  
  • Federal Work Study  
  • Federal Direct Loan Program  
  • Federal Direct Parent PLUS Loan  

Without a valid FAFSA for federal financial aid, students are also ineligible for State aid and most institutional aid programs.  

Possession of Illegal Drugs 

  • First Offense: Loss of eligibility for federal financial aid for one year from the date of conviction.  
  • Second Offense: Loss of eligibility for federal financial aid for two years from the date of conviction.  
  • Third and Subsequent Offenses: Indefinite eligibility for federal financial aid from the date of conviction.  

Sale of Illegal Drugs 

  • First Offense: Loss of eligibility for federal financial aid for two years from the date of conviction.  
  • Second and Subsequent Offenses: Indefinite eligibility for federal financial aid from the date of conviction.  

Regaining Federal Student Aid Eligibility after a Drug Conviction 

In accordance with an HEOA provision, a student whose eligibility has been suspended due to a drug conviction is allowed to resume eligibility if the student successfully passes two unannounced drug tests conducted by a qualified drug rehabilitation program. A qualified drug rehabilitation program must satisfy at least one of the following:  

  • Be qualified to receive funds directly or indirectly from a federal, state, or local government program.  
  • Be qualified to receive payment directly or indirectly from a federal, state, or local government program.  
  • Be administered or recognized by a federal, state, or local government agency or court.  
  • Be administered or recognized by a federally or state licensed hospital, health clinic, or medical doctor.  

Check with your home state to determine if you qualify a state grant here -   http://www.collegescholarships.org/grants/state.htm 

 

 

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