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Financial Aid

Loan Programs

Loans are a form of self-help aid that need to be repaid once a student leaves school or drops below half time enrollment. Students are required to complete a master promissory note (MPN) as a freshman/transfer student which will encompass all federal Stafford Loan debt while in attendance at Rivier University. Students must complete a Free Application for Federal Student Aid (FAFSA) ( Apply here for the FAFSA )  in order to be eligible for these loans.  Please borrow only what you need!  Check out this web site for valuable financial literacy tools:  http://www.cashcourse.org/rivier.

Federal Perkins Loan
This is a federally subsidized low-interest (5%) loan that is offered to full-time undergraduate students. Funding for the Perkins Loan is limited and the award is offered only to students with exceptional financial need. 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. First time borrowers are required to complete Perkins Loan entrance counseling at http://mappingyourfuture.org

Federal Direct Subsidized Stafford Loan 
This is a federally subsidized low-interest loan that is awarded based on financial need. Repayment begins six months after the student ceases to be enrolled at least half-time or completes his/her course of study. The Federal government pays the interest during periods of at least half-time enrollment. Award amounts are based on cumulative credits earned towards a specific degree program. The interest will be a fixed rate of  3.86% for the 13-14 academic year for undergraduates only. Annual borrowing limits for undergraduates are: $3,500 for freshmen; $4,500 for sophomores; and $5,500 for juniors and seniors.

Federal Direct Unsubsidized Stafford Loan 
Students that do not qualify for federal subsidizing may borrow under the Federal Direct Unsubsidized Stafford Loan Program. The major difference between the subsidized and unsubsidized programs is that in the unsubsidized program, the student is responsible for the interest while in school and arrangements can be made for either capitalization or monthly payment on interest. Independent undergraduates can borrow an additional Unsubsidized Stafford Loan up to $6,000 in the freshman and sophomore years, and up to $7,000 in their junior and senior years. Graduate students can borrow a maximum amount of $20,500 per academic year. The interest rate for the 13-14 academic year will be 3.86 - 5.41%. 

Note: Amounts borrowed cannot exceed the student's cost of education nor aggregate borrowing limits.
 
Full disclosure of the terms of the Federal Direct Stafford Loan are provided on the Master Promissory Note. Rivier University processes Federal Direct Stafford Loans electronically. All students borrowing under the Federal Direct Stafford Loan Program for the first time at Rivier University are required to complete Entrance Loan Counseling at https://www.dl.ed.gov/borrower/EntrCounselingPage.do?cmd=doStart This requirement is designed to educate student loan borrowers of their rights and responsibilities.

Repayment Information 

Below is a sample loan repayment schedule for a student who accepted $27,000 in Federal Direct Stafford loans over the four years in which they were enrolled:

 

Loan Balance:  

$27,000.00  

Adjusted Loan Balance:  

$27,135.68  

Loan Interest Rate:  

6.80% 

Loan Fees:  

0.50% 

Loan Term:  

10 years 

Monthly Loan Payment: 

$312.28  

Number of Payments:  

120 

 

Cumulative Payments:  

$37,473.31  

Total Interest Paid:  

$10,473.31  

 

Note: The monthly loan payment was calculated at 119 payments of $312.28 plus a final payment of $311.99. 

The loan balance was adjusted to yield $27,000.00 after deducting the 0.50% loan fees.  

It is estimated that you will need an annual salary of at least $37,473.60 to be able to afford to repay this loan. This estimate assumes that 10% of your gross monthly income will be devoted to repaying your student loans. This corresponds to a debt-to-income ratio of 0.7. If you use 15% of your gross monthly income to repay the loan, you will need an annual salary of only $24,982.40, but you may experience some financial difficulty. This corresponds to a debt-to-income ratio of 1.1.  

Please click here to learn about your options when it comes time to repay your federal loans - Repayment Information 

If you are experiencing difficulty repaying your loans, please go here - Help with repaying your loans.  There are forbearance and deferment options as well as a number of different repayment plans.  Please contact your loan services as soon as you experience difficulty repaying your loans.  They can help you!  If your loans go into default, there are serious consequences including a damaged credit history, possible wage garnishment, and more. 

Federal Direct Plus LoanThis loan program allows parents of undergraduate students to borrow up to the cost of education less any financial aid. The variable interest rate is capped at 9% and repayment, beginning 30 days after full disbursement of the loan and may extend up to 10 years. The interest rate on the Plus loan is 6.41% effective July 1, 2013.

Alternative Loans 

Again, students are encouraged to research different lenders at www.elmselect.comYou are not required to choose one of these lenders; you can choose any lender you wish.  Please borrow only what you need!

Check out this web site to calculate the cost of your loans: http://www.finaid.org/calculators/.

Monthly Payment Plan Amounts owed to Rivier University after financial aid has been deducted from the bill may be spread out over either 8 or 10 months for the yearly amount due. Arrangements are made through TuitionPay, which will send an application by mail or will be included with the bill.  You may also sign up directly at Tuition Pay.

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