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    Rivier University
   
 
  Sep 22, 2017
 
 
    
2017-2018 Graduate Catalog

Financial Management


Graduate Financial Aid

Financial aid for graduate school consists almost entirely of long-term unsubsidized Stafford loans which are payable over ten or more years. Unlike undergraduate financial aid, no institutional need-based grants are available for graduate study. Graduate students are automatically considered “independent” by federal guidelines which means that parental information is not required when the student applies for financial aid (although parents can certainly assist graduate students if they desire). Because need-based grants are not available and because parents are not expected to contribute, the calculated “need” of graduate students is often quite high. As a result, the Direct Loan borrowing limits are higher than for undergraduates: up to $20,500 per academic year. If additional money is needed, the Direct PLUS Loan is an option for students who have additional room in their budget for borrowing. When borrowing, please keep in mind that these are loans that will need to be repaid upon cessation of attendance. You can estimate what your monthly payments will be by going to www.finaid.org/calculators and clicking on the Loan Calculator.

If you are working while attending graduate school, employers will often help offset educational costs if the courses or program is relevant to the work. You should consult your employer to see if tuition benefits are available. (However, be aware that such benefits are taxable.)

Filling out the FAFSA Form

The primary responsibility for financing a university education lies with the student. All students must annually file the Free Application for Federal Student Aid (FAFSA) to receive consideration for financial aid. The purpose of the FAFSA is to determine the financial need of a student and to confirm their eligibility to participate in student aid programs. The information provided in the FAFSA is calculated using uniformed federal needs analysis formula approved by the U.S. Congress. The results, including a student’s expected family contribution (EFC), are released to Rivier University and used by the Financial Aid Office to determine the award. Financial aid is awarded for one academic year at a time; students must reapply annually to receive consideration in subsequent years.

The FAFSA can be completed and submitted to the federal processor electronically via the Internet at www.fafsa.gov. Financial aid filers are urged to complete the FAFSA as soon after January 1 as possible. The FAFSA may be filed at the same time that a student applies for admission; however, financial aid is not offered until the student has matriculated into a degree or CAGS program.

Eligibility

Federal regulations specify that federal financial aid recipients must be U.S. citizens, U.S. nationals, or eligible non-citizens (U.S. permanent residents who have an alien registration card).

Financial aid recipients must:

  • Be deemed eligible to participate in financial aid programs, which also means the student must not be in default on any prior Federal Direct or Stafford Loans.
  • Be accepted and matriculated into a degree or CAGS program.
  • Be enrolled at least half-time. At the graduate level 9 or more credits is considered full-time, and 5-8 credits is considered half-time. If a student is enrolled for less than 5 credits he/she is not eligible to receive financial aid at the graduate level. Students who maintain a minimum of a half-time enrollment status may only receive financial aid for classes which are required for the degree/CAGS the student is working toward. Students enrolled in a graduate program of study are not eligible to receive financial aid for classes outside of their program; one example would be an undergraduate course.
  • Be making satisfactory academic progress, as outlined in the University catalog.

Financial Need

A student’s financial need is the cost of attendance minus the expected family contribution (EFC). Students may not receive financial aid in excess of their cost of attendance. The Student Financial Services Office fully acknowledges that due to limited resources, it may not be able to meet a student’s need, but will provide assistance with alternative financing programs.

Verification

A student’s financial aid application may be selected for review in a process called verification. Students chosen for verification will be asked to submit additional documentation to the Student Finacial Services Office. These documents will be used to either confirm or correct information submitted by the student on the FAFSA. Since a student’s financial aid eligibility is based on information provided on the FAFSA, any changes in that data may affect a student’s financial aid award. For this reason, awards will not be finalized until verification has been completed.

Financial Aid Award Revisions

Revisions to a student’s financial aid award are sometimes required. If a student’s financial aid award is adjusted, he or she will receive a revised award letter. The most common reasons for an award change are listed below:

  • Enrollment change (student has modified originally planned enrollment pattern; for instance, a student drops a class or classes).
  • Updated information provided by the student that results in an EFC change.
  • Student is receiving assistance from a source other than Rivier University.

Satisfactory Academic Progress

Satisfactory academic progress is required of all students receiving financial aid. Each student is required to make reasonable progress towards completing degree or CAGS requirements while maintaining the minimum grade point average required for graduation by the School of Graduate Studies.

Payment of Awards

The Student Financial Services bills all students. Financial aid will appear on the student’s bill. Surplus balances will be refunded per student’s request or the Student Financial Services Office can hold the money on the student’s account once funds have been received, all financial aid paperwork is complete, and enrollment has been confirmed. (Enrollment verification is performed after the add/drop period for each semester.)

Financing Options

Tuition Payment Plan
Information on payment plans may be obtained from the Student Financial Services Office at 897-8488.

Withdrawal
Students who withdraw from Rivier will have their financial aid adjusted according to the refund policy of the University published in the Rivier University Student Handbook and University Catalog and according to federal regulatory guidelines.

Summer Aid
Students wishing to receive financial aid for the summer sessions should contact the Student Financial Services Office for instructions and eligibility conditions in April. Please note that if a student has accepted the full $20,500 for the fall and spring semesters, the other loan options available are to take out a Federal PLUS Loan or apply for a private student loan.

Types of Financial Aid

Students are expected to keep track of their load debt with SALT at www.saltmoney.org. Students can create their own account to keep track of their student load information. Students can find federal loan information at www.nslds.ed.gov.

Direct Federal Unsubsidized Direct Loan

Unsubsidized Direct Loans have interest accruing immediately. Students are not required to make interest or principal payments until they cease half-time enrollment or graduate; the interest on an unsubsidized Direct Loan is a fixed rate capped at 8.25 percent. Graduate students may borrow up to $20,500 per year, if they qualify.

Student Loan and Debt Consolidation

The Student Financial Services Office advises caution to students relying on loans for financing graduate education-students should not borrow more than they absolutely need during their studies. If a student currently owes Perkins or Direct Loans for undergraduate studies, repayment can be deferred while the student is in graduate school. (The student must be studying at least half-time). The following are some examples of the monthly amount that must be paid over ten years for certain amounts borrowed (at 8.5%).

Amount borrowed

 

Monthly payment

$10,000
$20,000
$25,000
$30,000
$35,000

 

$124
$248
$310
$372
$434

Student loans made while a graduate student added to loans made while an undergraduate add up to the student’s total loan debt. To assist in repayment, consolidation is available which will combine all federal loans-graduate and undergraduate Direct and Perkins loans-into one consolidated loan payment at one combined interest rate. Students can inquire about federal loan consolidation with a member services representative at SALT 1-855-469-2724. Also, the student should check loan provisions at the time of graduation since certain types of professional activity, for example nursing or teaching, may allow for a reduction in the amount of the loan that must be paid back. This program is known as the Public Service Loan Forgiveness Program. Information about the program can be found at https://studentaid.ed.gov

Graduate PLUS Loans

The Student Financial Services office advises against excessive student borrowing. However, if necessary, graduate PLUS loans are available. Inquire at www.studentloans.gov for details and application procedures.

TEACH Grant

The U.S. Department of Education’s Teacher Education Assistance for College and Higher Education Grant (TEACH Grant) Program provides funds to students who are completing or who plan to complete coursework that is required to begin a career in teaching, and who agree to teach full-time for at least four years:

  • As a highly qualified teacher;
  • At a school or educational service agency (ESA) servicing low-income students;
    and
  • In a high-need field.

Four years of teaching must be completed within eight years after you complete or otherwise cease to be enrolled in the program for which you received a TEACH Grant. This teaching requirement is known as your TEACH Grant service obligation.

To qualify for the TEACH Grant your must have and maintain a 3.25 GPA. The aggregate amount that you can receive as a graduate student is $8,000.

Tuition, Fees, Refunds and Payment

Tuition and fees for the current academic year are published annually and are refundable according to the stated withdrawal policy.

Required Deposit

A tuition deposit of $100 is required upon acceptance of the first time international students.

Tuition and Fees Academic Year 2017-2018      
Graduate Nursing Clinical Courses     $995 per credit
Other Graduate Programs     $567 per credit
Graduate Nursing Courses     $570 per credit
Doctorate in Education (Ed.D)     $605 per credit
Doctorate in Counseling and School Psychology (Psy.D)     $875 per credit
Doctorate of Nursing Practice (DNP)     $750 per credit
       
Non-Refundable Fees      
Application Fee - Doctorate     $100
Graduation Fee     $125
International - New Student Fee     $250
International - Comprehensive Semester Fee     $350
Parking Sticker Fee (once per academic year)     $50
(If students will not be parking a car on campus at any
time during the academic year they must contact the
Business Office to have the fee waived.)
     
Parking Fine     varies
ID Card Replacement Fee     $15
Transcript Fee     $5
Parking Fine
    varies
Deferred Payment Plan Fee (per semester)     varies
Service Charge for Returned Checks and eChecks     $30
Late Payment Penalty     $50
Technology Fee (per course)     $25

Note: The University reserves the right to change any of the charges, when, in the judgment of the administration, it becomes necessary to do so. A finance charge of 1.5% per month will be assessed on all unpaid balances.

Course All/Drop Refund and Withdrawal Policy

If after registering for courses students are unable to, or choose not to attend Rivier University, they must officially withdraw from their course(s). Students need to contact the Registrar’s Office to officially drop/ withdraw from their course(s) by the refund/ withdraw date and are encouraged to meet with their academic advisor, success coach and/ or financial aid counselor to discuss the consequence before doing so. Students are responsible for the entire charge up to the date they officially withdraw from the course. Official drop dates can be found on the Student Financial ServicesOffice Refund & Withdrawal Policy page. Withdrawals after the Add/Drop date (last day for 100% refund) will result in the student being liable for all of their charges.

Payment Policy

It is the student’s responsibility to verify the amount of their semester charges on their MY LEDGER in their MyRiv account upon being registered for courses and to be aware of the payment due date and course Add/Drop Refund and Withdrawal dates. Students are able to print their statement on their MY LEDGER.

Payment Due Date

The payment due date (or acceptable payment plan in place) is July 15 for fall, December 15 for spring and April 15 for summer classes. Term 2 only students must pay their charges one month before the start of term 2.  If a student registers after the payment due date, payment is due on the date of registration. If the student is partially registered or is planning a registration change, payment for the existing registration must still be made by the posted deadlines.

An acceptable payment plan may include financial aid, third party and deferred payment plans. Students must complete all requirements and submit required paperwork and electronic signatures to the Student Financial Services Office for their financial aid to show as an estimated credit on their bill.

Payment Options

Students can view their charges/ credits, print a statement and make online payments on their MY LEDGER in MyRiv; Parents/Guardians can make payments at rivier.edu/payment.

Payment options include direct payments, financial aid and deferred payment plans. All payment information can be found at rivier.edu/bo. Payment types include cash, check, echeck and credit card. Credit/ debit card payments will be charged a convenience fee by our credit card processor at the time of payment; students can avoid paying this fee by paying online via e-check instead. Checks can be mailed to Attn: Business Office, Rivier University, 420 South Main St., Nashua, NH 03060.

Returned/Insufficient Funds Check Policy (Protested Check)

Whenever any check, draft, or e-check issued in payment of any fee or for any purpose is returned to Rivier University, a $30 fee for the insufficient payment will be posted to the student account.

Non-Payment Policy

Students whose accounts are not paid in full by the payment due date will be placed on hold and will not be eligible to register for future courses or receive official transcripts or diplomas. Students owing for the current or previous semesters may be subject to any or all of the following actions:

  • Deregistration from courses (roster spots in the original registration cannot be guaranteed upon reregistration)
  • $50 Late payment penalty
  • Deactivation of campus identification card which suspends access to campus facilities and library, city bus services, etc.
  • Residence hall dismissal
  • Suspension of meal plan
  • Suspension of participation with athletic teams
  • Unpaid account balance sent to collection agency

Outstanding account balances may be sent to an outside collection agency. Should this occur, credit bureaus will be notified and the student will be responsible for the outstanding balance plus all collection fees and legal fees. At this point the student will no longer be able to make payment directly to Rivier University; they will be required to interact directly with the collection agency. All grades, transcripts, and diplomas will be withheld until the student has satisfied their student account balance in-full and all funds have cleared.