Glossary of Terms
Rider University Aid
Financial aid from Rider University’s resources and the resources of others may be used by full-time students to offset charges for tuition, fees, and on-campus room and board. The total amount of federal, state, institutional, and outside grants and scholarships will not exceed the cost of tuition.
Student athletes may be awarded scholarships based on athletic ability. Awarded athletic scholarships must comply with NCAA regulations. Students are required to complete the FAFSA annually. In addition to the award letter, continuing student athletes will receive an athletic renewal which must be signed and returned prior to the aid becoming official and the student’s account credited.
Federal and State Aid Administered by Rider University
Eligibility for these awards is estimated using the information reported on the FAFSA form. You must comply with all program requirements to receive these funds. Please follow up on all requests for information from government agencies.
Federal Pell Grant
Funded by the federal government, eligibility is determined by filing the FAFSA. You will receive a Student Aid Report (SAR) indicating eligibility. You will be directed to check and correct all data. Please follow the instructions in the text of Part I of your SAR. An estimate of eligibility is provided in the award letter. If you do not receive your SAR within four weeks of filing the FAFSA, call (800) 4-FED-AID for the status of your application.
Federal Work-Study Program
This aid is not credited to your student account. Wages are paid bi-monthly, directly to you, for the hours actually worked. The maximum annual earnings are limited to the amount listed in your award letter. If you have been offered work-study in your award and you accept the offer, look forward to attending a Job Fair in September. Employment on campus is another opportunity to be a part of the Rider community while earning income to meet your day-to-day educational expenses. Rider University has ample job opportunities for students with campus departments and with selected off campus, non-profit organizations. It is ultimately the responsibility of each student to find his/her own job. See Student Employment for more information.
New Jersey Tuition Aid Grant (TAG)
The New Jersey TAG is a need-based grant to assist with the expenses of students who attend New Jersey institutions. It will not follow students who attend out-of-state institutions. New Jersey residency for one year is required to be eligible for this grant. By completing the FAFSA and indicating New Jersey as your legal state of residence, the New Jersey Higher Education Student Assistance Authority will receive your financial information and determine eligibility for the grant. Rider University will include an estimated Tuition Aid Grant on your award letter; however, Rider University does not award the grant money nor administer the NJ TAG program. By filing the FAFSA by Rider’s priority deadline date of March 1, you ensure that the first FAFSA transaction will be received by the State of New Jersey by its deadline date of June 1, 2012 for those students who received a TAG previously; October 1, 2012 for all other applicants enrolled for the Fall semester; and March 1, 2012 for all other applicants enrolled for the Spring semester. If a New Jersey school is not listed first on the FAFSA in section six, the State of New Jersey will not receive your information. Once you have finalized your college choice, it is your responsibility to notify the State of New Jersey.
Other State Grants
There are some states which allow students to carry state aid with them to colleges outside of their home state. These include: Vermont, Rhode Island, Maryland, and the District of Columbia. If applicable, check with your guidance counselor to determine how to file.
Funds from this loan program come primarily from repayments by previous Rider University borrowers, and contributions from Rider and the Federal Government. This loan currently has an annual interest rate of 5%. Interest does not accrue while you are in school. Repayment does not begin until nine months after you complete your education, or become enrolled less than half-time. Your student account will be credited after you sign the promissory note.
The Rider Grant is awarded to students who demonstrate financial need. A student should not expect the same Rider Grant amount each year because demonstrated financial need is reassessed each year. In addition, annual university budgets may make the amount of funding variable from year to year. Eligibility for this award is estimated using the information reported on the FAFSA Form.
Although the Rider Grant is a need-based assistance vehicle, students should be aware that more Rider Grant dollars may be awarded to students with good grade point averages. The annual university budgets are a key factor in determining grant allotments; therefore, it is imperative that a student file the FAFSA by the priority deadline date of March 1st to ensure full consideration for grant resources.
Merit based scholarships are awarded to students upon admission to Rider. These scholarships are renewable for four years, provided that the academic requirements that are specified in the student’s acceptance letter are maintained. If a student has received a financial aid award letter prior to the receipt of a scholarship or any other financial assistance, these resources will be incorporated into the pre-existing financial aid award letter. Scholarships will not be added to an existing financial aid award letter without a complete re-evaluation.
Merit-based scholarships have a requisite cumulative GPA that a student must maintain in order to continue receipt of the scholarship each year. If at the conclusion of an academic year, a student does not meet the cumulative GPA requirement, s/he will not continue to receive the scholarship until the cumulative GPA requirement is satisfied. If a student who lost a scholarship achieves the required cumulative GPA at the conclusion of the Fall semester, one half of the scholarship will be awarded for the Spring semester. If lost, a scholarship can be reinstated one time.
Freshman* Scholarships - Rider University offers a considerable amount of merit-based scholarships. If you meet our academic scholarship criteria and qualifications, you will automatically receive the award; no additional scholarship application is required.
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.
Subsidized Stafford loans are awarded to undergraudate 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 2012-2013 school year, the loan has a fixed interest rate of 3.4% and an origination fee of 1% (this fee is deducted from the loan before the funds are sent to the school).
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 acrue 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 2012-2013 school year, the loan has a fixed interest rate of 6.8% and an origination fee of 1% (this fee is deducted from the loan before the funds are sent to the school).