Financial Aid Information
Philosophy, Principles, And Practice Of Financial Aid
Riverside School of Health Careers believes that the talents, hopes, and ambitions of our students are among the most valuable resources this nation possesses. The fundamental purpose of the financial aid program at Riverside School of Health Careers is to make it possible for students to attend who would normally be deprived of a postsecondary education due to inadequate funds. Though we have made every effort to provide accurate and up-to-date information, the programs and filing requirements may change as laws, regulations, policies, or amounts of funding change.
What Is Financial Aid?
To assist students with school expenses, financial aid is available in the form of grants, loans, and scholarships. Grants and scholarships generally do not have to be repaid as long as the student completes the program. Federal loans are usually need-based with low interest rates. Scholarships are also based on need. Federal loans must be repaid after the student leaves the program; the current grace period is 6 months. To receive most federal aid, a student must demonstrate a need for financial assistance. Demonstrated need is the difference between the cost of attendance and the amount the family is expected to contribute. This amount is determined based on information provided to the Department of Education on the Free Application for Federal Student Aid (FAFSA).
Who Is Eligible To Apply For Financial Aid?
To be eligible for financial assistance a student must:
1) be accepted for admission to Riverside School of Health Careers;
2) be enrolled in good standing and maintain satisfactory academic progress;
3) be enrolled at least half time;
4) be a United States citizen or permanent resident of the United States or its trust territories;
5) not be in default on any National Student Loan, Virginia State Student Loan, or Guaranteed Student Loan;
6) not owe a refund on financial aid received at Riverside School of Health Careers;
7) be registered with Selective Services, if male and at least 18 years of age (born after January 1, 1960);
8) meet all criteria specified by the program.
How Do I Apply For Financial Aid?
Anyone with specific questions may contact Student Financial Services at (757) 240-2231 or (757) 240-2232.
To apply for financial aid at Riverside School of Health Careers:
Complete the FASFA, which can be completed online: FAFSA online (Federal School Code 014108)
- When a student's Student Aid Report (SAR) is selected for verification, the student must provide the Financial Aid Administrator with a signed Federal tax return and/or parents' tax return and complete a Verification Worksheet, so that the data on the SAR can be verified.
- Review your SAR and make any necessary corrections prior to contacting the Financial Aid Office for an appointment.
Complete an Application for Scholarship Consideration "RSHC Green Form" by the announced deadline date.
- Need-based scholarships require the student to demonstrate a financial need. Aid Administrators determine student's financial need after evaluating the processed SAR. The Expected Family Contribution (EFC) is used in the determination of financial need.
- The Application for Scholarship Consideration is requested twice each year. Application deadlines are June and December. Scholarships are awarded in the fall (October) and spring (March) of each award year. Students must have a valid SAR and "Green Form" on file to be considered for the various donor scholarships. Donor scholarships are funded at various times during the year.
Financial Aid And Scholarships
Federal Pell Grant Program
Pell Grants are funded by the Federal government and are based on financial need. It is one of the first sources of aid to help defray the cost of an undergraduate education. A Pell award is an entitlement, which means an eligible student must receive the funds and does not need to repay the grant. The Expected Family Contribution (EFC) helps determine the student's financial aid eligibility and the type of aid. The amount of a Pell Grant award is determined by the Federal Pell Grant Program payment schedules.
Veterans, active service members, spouses and dependents may use Montgomery GI Bill benefits and/or Tuition Assistance. The veteran initiates the application and the school completes the enrollment certification and forwards documents to the Department of Veterans Affairs.
Federal Direct Loan Program
Direct Loans are low interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution. Student Loans are offered under the William D. Ford Direct Loan (DL) Program. The two types of loans are Subsidized and Unsubsidized. A Subsidized Loan is based on need. The government pays the interest on the loan while the student is in school at least half-time. An Unsubsidized Loan is not based on need, which means the student is responsible for the interest that accrues on the loan. The school certifies loans and sets the disbursement dates. The annual combined loan limits for RSHC RN Dependent students: Freshman, $3,500; Sophomore, $4,500; and Senior, $5,500 with an additional $2,000 Unsubsidized loan limit. The Annual Loan Limits for RSHC RN Independent students: Freshman, $3,500; Sophomore, $4,500, and Senior, $5,500 Subsidized Loan with an additional $6,000 for Freshman and Sophomore, and $7,000 for Seniors in unsubsidized loans. Loan interest rates vary and are specified on a disclosure statement when a loan is disbursed. Students have a 6-month grace period before entering into repayment. During periods of deferment, interest continues to accrue.
Federal Direct Plus Loan Program
Parent Loans for Undergraduate Students (PLUS) are Unsubsidized Loans for parents of dependent students to help pay for education expenses up to the cost of attendance minus all other financial assistance. It is a non-need based source of federal aid. PLUS may be used in conjunction with the student's Direct Loans. Direct PLUS Loans (DPL) interest rates vary from year to year. In addition to the interest rate charge, there is an origination fee that is a percentage of the principal amount of each DPL. There is no grace period for DPL. The repayment period for each DPL begins 60 days after the school makes the last disbursement of the loan. However, a parent PLUS borrower who is also a student can defer repayment while enrolled in school at least half time. The school will disburse the loan money by crediting it to the student's account to pay tuition, fees, and other authorized charges. If the loan disbursement amount exceeds the student's school charges, the school will pay the remaining balance of the disbursement directly by check to the parent.
To apply for a PLUS Loan: First time borrowers must submit a DPL Master Promissory Note (MPN), go to the Student Loan Website. Use the Federal Student Aid PIN to complete the DPL MPN. If you do not have a PIN, you must request one.
Lettie Pate Whitehead Foundation Grant – (Professional Nursing Only)
The Lettie Pate Whitehead Foundation is a charitable private foundation dedicated to the support of needy women in nine southeastern states. The grant provides numerous scholarships for the Professional Nursing Program. Award determination is based on religious affiliation, gender, need, and GPA.
Application Process: Upon acceptance into the school, students with a valid Student Aid Report who also demonstrate a financial need can complete an Application for Scholarship Consideration. Scholarships are awarded twice during an award year. Students are notified of the filing dates.
Nurse in the Hat Endowment Scholarship Fund – (Professional Nursing Only)
Scholarships are awarded to nursing students in the first year of the program. Recipients from the previous year are considered for renewal their final year. Donations are accepted to continue this perpetual fund. Donation Opportunity: Mail donations to: RSHC, 316 Main Street, Newport News, VA 23601.
Application Process: Open to level four students only. Student must write a 100-word essay and submit application by announced deadline. Scholarship is announced each March. The recipient must have a financial need and a GPA of 2.5 or better.
Ruby Pope Drumm Endowment Scholarship Fund - (Professional Nursing Only)
Scholarships are awarded to students accepted into the Professional Nursing Program or currently enrolled in the Professional Nursing Program. Donation Opportunity: Mail donations to: RSHC, 316 Main Street, Newport News, VA 23601.
Application Process: Upon acceptance into the program, complete an application along with a typed essay of no more than one page describing: “What the Ruby Pope Drumm Scholarship will mean to my life.” Recipient must have a cumulative GPA of 3.0 in prerequisite courses or have a cumulative GPA of 3.0 in completed coursework. The recipient must have a financial need verified by the Student Financial Services.
Mary Marshall Nursing Scholarship – (Professional Nursing and Practical Nursing Only)
The State of Virginia funds the scholarship with the awards being made by an advisory committee appointed by the State Board of Health. Recipients must agree to engage in one-month full-time nursing practice in Virginia for every $100 of scholarship received. If the recipient fails to complete the program or engage in full-time nursing practice in Virginia, the full amount of money represented in the scholarship received, plus an annual interest charge, must be repaid in full to the program.
Application Process: Application must be postmarked no later than June 30 for the academic year beginning in the fall of that calendar year. Applications and/or transcripts postmarked after June 30 will not be considered for scholarship awards. Applications will not be accepted in The Office of Health Policy and Planning before April 30.
Donor Scholarships – (Professional Nursing Only)
Scholarships are awarded on behalf of organizations that make donations. Donors or family members may present scholarships to students at scheduled scholarship events. The recipient must have a financial need and a cumulative GPA of 2.5 better. Private donors include: American Legion #25, Forty & Eight Voiture Locale #976, Mary Ann Martin (Rehab), Newport News Medical Society Alliance, Spirit of Nursing, Warwick Lions Club, Crystal Hudgins Waller, Clarise and Marvin Zukerman, Riverside Alumni Association, York County Volunteer Association.
Applicants who are in need of financial assistance are encouraged to investigate other sources of information:
- Association of Surgical Technologists
- American Society of Radiologic Technologists
- Johnson & Johnson
- Fast Web
Riverside Health System Sources:
- Riverside Health System - Willie P. Francis Education Scholarship
- Riverside Health System - Jean Raines Family Scholarship
- Riverside Health System - The Healthcare Heroes Scholarship and Student Assistance Fund
- Net Price Calculator
- RSHC Financial Aid Code of Conduct
- Virginia Career VIEW
- Federal Student Aid
- College Board
- FAFSA Online
Note: Legislative changes affect the interest rate and/or other loan terms. Check with the Student Financial Services for more information regarding Federal student loans.