Loans
From federal loans to alternative student loans, you can find the right solution for your personal needs.
Federal Stafford Loans
First-time Stafford loan borrowers must complete and submit the following: 1) "Federal Stafford Loan Master Promissory Note" and 2) "Entrance Interview". You will receive both the Master Promissory Note for the Federal Stafford loan and the Entrance Interview form if you have been accepted to Rider University and applied for financial aid. Please follow the instructions provided in the packet mailed to you. You will also have to choose a lender for your Stafford Loan, you may choose one of our suggested lenders but you are not required to. You may also complete the forms online by using Quick Application Links provided on Rider University's website.
The Federal Stafford Master Promissory Note (MPN) loan is obtained from a lending institution and is insured by the federal government. You are eligible for the Federal Stafford Loan if your financial aid award letter includes the Federal Stafford Loan and/or the Federal Unsubsidized Loan. You are required to begin repayment 6 months after you leave school or reduce your class load to part-time enrollment. The interest rate is fixed at 6.80%.
The Subsidized Stafford Loan is for students who demonstrate financial need. The federal government pays the interest while you are in school.
The Unsubsidized Stafford Loan is for students who are not eligible to borrow some or all of the Subsidized Stafford Loan as determined by their financial need. The difference is that you, rather than the federal government, are responsible for the interest payments while you are in school. You have the option to capitalize the interest and to defer payments until after graduation.
Stafford Loan Entrance Interview: Complete your Entrance Interview via Mapping Your Future. Federal regulations require all first-time Federal Stafford Loan borrowers to participate in Entrance Loan Counseling before receiving the first disbursement of your loan proceeds. The confirmation is sent to the Office of Student Financial Services automatically when you complete the interview.
STAFFORD LOAN LENDER LIST
Please note you are not required to use one of these lenders. If you choose a lender outside of Rider’s selected lender list, the Office of Student Financial Services will gladly process your loan with your requested lender. We work closely with all recognized lenders to ensure the best possible
service for Rider families. Click here for more information on choosing a lender.
Chase
http://www.chasestudentloans.com/
Citibank
http://www.studentloan.com/schools/rider/
Key Bank
https://www.key.com/html/H-1.3.html
Wachovia
http://www.wachovia.com/personal/page/0,,325_496,00.html
Wells Fargo
https://www.wellsfargo.com/student/
Federal Perkins Loan
If your financial aid package includes a Federal Perkins Loan, expect to complete the appropriate paperwork and Promissory Note for the loan. These forms will be mailed to you, or you may complete them at our office.
Parent PLUS Loan
Parents may complete a very brief pre-screening for which a bank will 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. This eliminates the time and effort involved in completing the loan application, if the loan will eventually be denied. Parents can go online to complete a Parent PLUS Pre-screen or a paper pre-screen can be found in the Office Student Financial Services.
If a parent is approved, an application, or promissory not, must be completed to initiate the loan process.
Repayment normally begins within 60 days after the full disbursement of a Parent PLUS Loan. Parents may choose to defer principal interest payments on their Parent PLUS Loan for up to 48 months if experiencing financial difficulty while their student is in school. Parents may also choose an option to pay the interest on the loan for a period of 24 or 48 months.
Additional Unsubsidized Stafford
Additional Unsubsidized Stafford is awarded based on a PLUS Pre-screen denial. Many lenders offer an online PLUS Pre-screen. If a parent is denied, the student may be awarded additional Unsubsidized Stafford loans.
CitiAssist
Any student can apply for a CitiAssist loan by obtaining an application from the Office of Student Financial Services at Rider University, or by visiting www.studentloan.com/schools/rider and completing an application online. The interest rate for this loan is as low as Prime minus 0.50% and there are no fees associated with a CitiAssist loan.
NJCLASS
Any student or parent can apply online for an NJCLASS loan, or by obtaining an application from the Office of Student Financial Services. This loan has a fixed interest rate and 2.00% origination fee.
SallieMae Signature Loan
SallieMae Signature Loan is another alternative loan that a student can use in financing the cost of attending college. An application can be found in the Office of Student Financial Services or online. Applications and a prescreen can also be completed over the phone at 1-800-695-3317. Fees and interest rates for this loan vary depending on the credit of the applicant and co-signer.
