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What You Need to Know About Financial Aid

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 Know About Financial Aid

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  1. What You Need to KnowAbout Financial Aid March 31, 2012

  2. 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

  3. 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

  4. 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

  5. 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

  6. Example of Bill

  7. 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

  8. Options to Pay • One payment per semester • Semester Payment Plan • Annual Payment Plan • Federal Direct Parent PLUS Loan • Student Alternative Loan

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. Scholarships • High School • Local businesses • Library • FAST Facebook Page • Email FAST for a list at finaid@rivier.edu

  16. 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!

  17. 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

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