|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 six credits. You are required to begin repayment six months after you leave school or reduce your class load to less than six credits. If you want to use your Stafford loans, you must accept the terms and conditions of your financial aid award and you must accept your Stafford loans online through the myRider portal at myrider.rider.edu.
First Time Stafford Loan borrowers must complete:
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 2019-2020 school year, the loan has a fixed interest rate of 4.529% and a standard origination fee of 1.062% (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 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 2019-2020 school year, the loan has a fixed interest rate of 4.529% for undergraduate students or 6.079% for graduate students, with a standard origination fee of 1.062% (this fee is deducted from the loan before the funds are sent to the school).
|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.
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 7.079% and a standard origination fee of 4.248% (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 4.248% origination fee, the amount that Rider will receive is $9,575.20. Please consider this fee when determining the requested borrowing amount). In school deferment and payment options are available upon borrower request to the lender; otherwise repayment generally begins 60 days after full disbursement of the loan.
For more information about deferment and repayment options you may contact your loan servicer or visit studentloans.gov.
How to begin the PLUS Loan Process:
|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 or a credit-worthy parent/sponsor and financed through a private lender. Origination fees, interest rates (fixed and variable), 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.
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 comparison 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.
ELMSelect is an online student loan comparison tool that provides our students and their families with a user-friendly site to compare and contrast several different private student loan options. Click here on ELMSelect/Rider to begin the process.
*Financial aid proceeds will not be credited to your student account until after classes begin and required documentation is complete.