Parent PLUS Loan
Parent PLUS and Graduate PLUS loans are optional, credit-based federal loans used to help cover any remaining unmet educational cost.  Qualified borrowers include the parent of a dependent student or a graduate student.  The loans carry a fixed interest rate of 8.5% and a standard 3% origination fee (This fee is deducted from the loan amount before funds are sent to the school.  For example, if your requested borrowed amount is $10,000 with a 3% origination fee, the amount that Rider will receive is $9,700. Please consider this fee when determining the requested borrowing amount). 

In-school deferment options are available upon request to the lender. Repayment normally begins within 60 days after the full disbursement of a Parent PLUS Loan.  Parents may also choose an option to pay the interest on the loan for a period of 24 or 48 months. 

How to begin the PLUS Loan or pre-screen process:  Parents may complete a very brief pre-screening, which allows a lender to determine the parent's eligibility for the PLUS loan.  Notice of approval or denial is generally received within 3 minutes if applying online or by phone.  Parents can go online to complete a Parent PLUS Pre-screen with one of our suggested lenders or you may use any lender you desire that provides PLUS loans.  If a parent is approved, an application, or promissory note, must be completed to initiate the loan process.

Non-Federal Supplemental Loans
These are optional, credit-based loans used to help with the remaining unmet costs. They are generally borrowed by the student with a credit-worthy cosigner. They may have variable interest rates, origination fees and are certified by the school. Please refer to the Supplemental Borrowing Chart for a comparison of some loan options listed below.  If you are planning to utilize a supplemental loan, borrowers must complete an application with their chosen lender.  If requested, be sure to provide supporting documents to your lender.

This is summary information intended only as a guide.  We work closely with all recognized lenders to ensure the best possible service for Rider families.  You have the right to choose any lender approved by the United States Department of Education.  You are NOT required to use one of the lenders on this list, and will suffer no penalty or unnecessary delay for choosing another lender.  Information on how this list was developed appears below.   Rates, terms and conditions are subject to change without notice.  Students and parents are well advised to obtain updated information directly from the lender before making borrowing decisions.

Important information About This List: 

As a starting point to assist those requesting guidance, we are providing this list of selected lenders.  The list reflects the work of a representative lender review team, comprising Rider students, parents, Financial Aid counselors, and university employees not involved with financial aid.  The team reviewed information obtained (via Request for Information, RFI) from 12 of our most frequently requested lenders.  The RFI focused on such areas as origination fees, interest rates, borrower benefits and payment incentives, borrowing cost, range of borrowing options, customer satisfaction, experience and reputation of lender, policies on sale of loans and "life of loan" servicing, and marketing practices. 

All lender information was rated using a scoring methodology similar to that described in the "Guide to Developing a Preferred Lender List" (National Association of Student Financial Aid Administrators, May 2005).  Lenders with the top combined scores were placed on our list.   To the best of our knowledge, these lenders are unaffiliated with each other.  While Rider's lender list is revised annually, we continually evaluate lenders for their borrower cost and benefits, efficiency in processing, and customer service.  We invite and encourage feedback from student and parent borrowers regarding their experience with lenders. 

Outside entities do not influence our dedication to providing objective information on educational borrowing.  Neither Rider University nor any of its employees receive payments or benefits of any kind from entities in exchange for inclusion on the list, nor do we have undisclosed contracts, agreements or financial interests with (or in) any lenders.  If you have questions or would like additional information, please contact Rider's Office of Financial Aid.