Loans
Federal Stafford Loans
The Federal Stafford loan is obtained directly from the federal government through the William D. Ford Federal Direct Loan Program. You are eligible for the Federal Stafford Loan if your financial aid award letter includes the Federal Subsidized Stafford Loan and/or the Federal Unsubsidized Stafford Loan. This is determined by your information provided on the Free Application for Federal Student Aid (FAFSA). Federal Stafford loans are loans in the student’s name and must be repaid. The maximum eligibility amount is determined by your grade level. In addition, the Stafford loan has a fixed interest rate, an origination fee and the payments are deferred while the student is enrolled in at least 6 credits. You are required to begin repayment 6 months after you leave school or reduce your class load to less than 6 credits.

First Time Stafford Loan borrowers must complete:
Stafford Loan Entrance Counseling and Master Promissory Note to ensure your Stafford Loans pay into your account. 
Visit: http://www.studentloans.gov/

Subsidized Stafford loans are awarded to undergraduate students who demonstrate financial need based on information provided on the FAFSA. The government pays the interest on this loan while the student is enrolled. For the 2013-2014 school year, the loan has a fixed interest rate of 3.86% and a standard origination fee of 1.051% (this fee is deducted from the loan before the funds are sent to the school). Subsidized Stafford loans with a first disbursement on or after December 1, 2013, have an increased origination fee of 1.072%. 

Unsubsidized Stafford loans are for students who are not eligible to borrow the Subsidized Stafford Loan as determined by their financial need. The difference is that the interest will accrue while you are in school, rather than being subsidized by the federal government. The interest will begin to accrue on the loan once the funds are released to Rider University. You have the option of making interest payments while you are in school. Beginning with the 2013-2014 school year, the loan has fixed interest rates of 3.86% for undergraduate students or 5.41% for graduate students, with a standard origination fee of 1.051% (this fee is deducted from the loan before the funds are sent to the school). Unsubsidized Stafford Loans with a first disbursement on or after December 1, 2013, have an increased origination fee of 1.072%.   

Additional Unsubsidized Stafford
If a parent is denied the ability to borrow through a Parent Loan for Undergraduate Students (PLUS) on behalf of the student, additional Unsubsidized Stafford can be awarded.

Parents will need to complete a credit application through the Direct PLUS Program by visiting: www.studentloans.gov.
Federal Perkins Loan
This loan has a fixed interest rate of 5%. Interest does not accrue while you are in school. Repayment begins 9 months after you complete your education or become enrolled less than 6 credits.

If your financial aid package includes a Federal Perkins Loan, Rider will mail to you the Promissory Note after Quality Assurance Verification is complete. You may also visit the Office of Financial Aid in the One Stop Services Suite to complete your Promissory Note.
PLUS Loans
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 6.41% and a standard origination fee of 4.204% (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 4.204% origination fee, the amount that Rider will receive is $9,579.60. Please consider this fee when determining the requested borrowing amount). Parent PLUS and Graduate PLUS loans with a first disbursement on or after December 1, 2013 have an increased origination fee of 4.288%.  In school deferment and payment options are available upon borrower request to the lender; otherwise repayment will begin generally 60 days after the full disbursement.

For more information about deferment and repayment options you may contact the Direct Loan Program at 1-800-848-0979 or visit their Web site at http://www.studentloans.gov.

How to begin the PLUS Loan Process:

Families should determine the remaining unmet educational cost, complete a PLUS Request Form (see below), complete a PLUS application and Master Promissory Note.

For Parent borrowers
Complete a Parent PLUS Loan Request Form and return it to our office.

For Graduate students
Must complete a Graduate PLUS Loan Request Form and return it to our office.


Questions? 
You may contact the Direct Loan Program at 1-800-557-7394.

Private Supplemental Loans

Private (non-federal) supplemental loans are optional, credit-based loans used to help with remaining unmet educational cost. The loans generally are borrowed by the student with a credit-worthy cosigner and financed through a private lender. Origination fees, interest rates, terms and borrower benefits vary by lender. The loans must be certified by the school to ensure disbursement of funds.

We urge all students to exhaust their federal student loan options before considering private sources of educational borrowing.  Federal loans have low, fixed interest rates and favorable repayment, deferment, and consolidation options compared to private loans.  Students who require additional financing beyond their federal student loans should choose the lender and loan product that best meets their needs at the lowest possible cost.

Important Information About Rider’s Supplemental Borrowing Reference SheetAt Rider University, we believe students and their families should have as much information as possible to make informed financing decisions in their best interest.  Accordingly, we collect and maintain information on private sources of educational borrowing.  The Supplemental Borrowing Reference Sheet is intended to be used only as a guide.  It illustrates a range of borrowing options, with side-by-side comparison of key loan features offered by some lenders.

Many lenders and loan products exist, and borrowers are not limited to the options displayed here.  You have the right to choose any lender or educational loan, and will suffer no penalty for selecting a lender that does not appear on Rider’s reference sheet.  If you select a lender outside of our list, Rider will still process your loan with your requested lender.  We work closely with all recognized lenders to ensure the best possible service for Rider borrowers.

In selecting a lender or loan product, please keep in mind the applicable 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.  In particular, we urge you to read and understand the truth-in-lending disclosures provided by the lender.  These important documents reveal your true cost of borrowing and explain your rights as a consumer.  Be informed, ask questions as needed, and be sure to follow all necessary steps to secure your loan.  And remember, we are here to help, so please do not hesitate to ask for guidance or assistance from Rider’s Office of Financial Aid.  

Additional information about the reference sheet and how it was prepared appears below.  Outside entities do not influence our dedication to providing objective information on educational borrowing.  Rider University does not endorse particular lenders, nor do we have undisclosed contracts, agreements or financial interests with (or in) any external entities.  We invite you to review Rider’s Code of Conduct and Ethics regarding lender relationships and business practices, available online at www.rider.edu/finaid.

Many students find it challenging to gather accurate loan information to make an informed decision.  As a starting point to assist those requesting guidance, we gather and disseminate information on a variety of potential borrowing options, in the form of a Supplemental Borrowing Reference Sheet.  The reference sheet was prepared as a guide for members of the Rider University community, using a Request For Information (RFI) process.  Responses received by the deadline were evaluated, based on the following factors in order of importance:  competitive interest rates and fees, total life of loan cost for borrower, flexibility of the loan program to meet student needs, borrower benefits, experience and reputation of lender, customer satisfaction and quality of service, policies on sale of loans and “life of loan” servicing.  To the best of our knowledge, all displayed lenders are unaffiliated with each other. The loan products are listed alphabetically; and no other significance should be inferred from the order. While Rider's Reference Sheet is revised annually, we continually evaluate lenders on total borrower cost and benefits, efficiency in processing, and customer service.  We encourage feedback from student and parent borrowers regarding their experience with lenders.

If you have questions or would like additional information, contact Rider's Office of Financial Aid.

Please refer to the Supplemental Borrowing Chart (.pdf) for a comparison of some loan options.


*Financial aid proceeds will not be credited to your student account until after classes begin and required documentation is complete.