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What You Need to Know About Financial Aid. March 31, 2012. Cost of Attendance (COA). COA is made up of direct costs (paid directly to Rivier ) and indirect costs (costs associated with attending college) Direct Costs: Indirect Costs: Tuition and Fees Room & board
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What You Need to KnowAbout Financial Aid March 31, 2012
Cost of Attendance (COA) • COA is made up of direct costs (paid directly to Rivier) and indirect costs (costs associated with attending college) Direct Costs: Indirect Costs: Tuition and Fees Room & board Room & board(residents) Books and Supplies Transportation Miscellaneous
Estimated Family Contribution (EFC) • EFC is determined by filing the Free Application for Federal Student Aid (FAFSA) • Rivier College uses the EFC for awarding all need-based and federal funds • The EFC is NOT what you will be expected to pay; just a guide
The Award Letter 3 types of aid Scholarships/Grants (merit and need-based) Loans (Stafford, parent PLUS and alternative) Work study from…. 4 sources College State Federal Private
The Bill Standard Resident Fees Standard Commuter Fees Tuition Student Activity Fee New Student Fee Health Insurance Parking Fee • Tuition • Student Activity Fee • New Student Fee • Health Insurance • Parking Fee • Room • Meal Plan • Telecommunication Fee • Resident Health Fee • Damage Deposit
Award Letter Comparison Calculator • Compares apples to apples • Input each school’s cost of attendance figures (found in your award letter or on their website) • Input your award letter information (exclude work study) • Gives you the bottom line (what is actually owed) • http://www.finaid.org/calculators/awardletter.phtml
Options to Pay • One payment per semester • Semester Payment Plan • Annual Payment Plan • Federal Direct Parent PLUS Loan • Student Alternative Loan
One Payment per Semester • Made to the Business Office upon receiving semester bill in July • Can be made in person by credit card, debit card, check, money order or cash • Can be made online from a checking account or savings account • Can be made over the phone by credit card or debit card • Can be made by mailing in a check
Semester Payment Plan • $25 deferral fee per semester • Made to the Business Office upon receiving semester bill • Fall payments are due: • August 1st • October 10th • November 10th • Spring payments are due: • December 1st • February 10th • March 10th • Payment options are the same as one payment per semester
Annual Payment Plan • Low enrollment fee (once per year - ~$55) • Made through SallieMae’s Tuition Pay • www.tuitionpayenroll.com • When you sign up determines the number of payments made: • April 1st: 12 payments • June 1st: 10 payments • August 1st: 8 payments
Federal Direct Parent PLUS Loan • Through the Department of Education at www.studentloans.gov • Fixed interest rate of 7.9% • Based on parents’ credit only • If denied, student is eligible for additional unsubsidized Direct Stafford loan monies • Deferment options available
Student Alternative Loan • Through private lenders at www.elmselect.com • Fixed and variable interest rates available • Loan is in student’s name • Will need credit-worthy cosigner • Decision based on applicant and cosigner’s credit • Deferment options are dependent on individual lenders
Work Study • Job postings available by August 3rd • Student’s responsibility to find and secure a job • Work Study Orientation will be held on Labor Day weekend - mandatory • Students get paid bi-weekly for the hours they work • Work study funds do not get applied to bill • Hours worked = hours paid • Students choice on how much they earn; not guaranteed total award amount
Scholarships • High School • Local businesses • Library • FAST Facebook Page • Email FAST for a list at finaid@rivier.edu
Appeals • Counselors can look at additional information for certain circumstances • Job loss or reduction in hours • Death or serious illness in the family • Divorce or other change in family dynamics • Appeal form on Net Partner account • Turn in supporting documentation • We can help!
General questions? Call (603) 897-8510 or email finaid@rivier.edu Students with last names beginning with A – L; Kathy Philibotte – (603)897-8511 or email kphilibotte@rivier.edu Students with last names beginning with M – Z; Karla Regis – (603) 897-8520 or email kregis@rivier.edu