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Guide to Financial Aid and College Costs at Riverland
- Riverland Community College is even more affordable when you consider the financial aid, scholarships and Federal "tuition tax credits" available to you and your family.
- Riverland's tuition and fees are approximately $3,395 per year.
- Books and supplies are estimated at $650 per year. Some programs require tools and/or leasing a laptop computer.
Consider these facts:
- 51% of Riverland students (full-time and part-time) receive financial aid.
- Average Federal Grant award to students is $2,026.
- Average State Grant award to students is $945.
- Riverland student-employment programs provide jobs for more than 181 students.
- Our student workers can earn up to $300 during the school year.
- Financial aid can substantially reduce students' college expenses. The Process - Easy as 1-2-3
1. Forms Are The Norm!
Forms are a way of life in financial aid. There are two ways to use them...
- The fastest way to apply is to use the Department of Education Web site and apply on the Internet. You'll save up to three weeks of processing time.
The Web site address is: www.fafsa.ed.gov.
- One way to apply for financial aid is to pick up a "Free Application for Federal Student Aid" (FAFSA).
2. We Have Secret Codes!
- The FAFSA requires Riverland's Federal Institutional ID Number. The number you need is....002335. Pass it on.
3. Who's On First?
- Here is where you really see the difference between mailing your FAFSA and applying via the Internet....
- The first correspondence you'll receive after you apply for financial aid is the Student Aid Report (SAR). You'll receive a SAR in 14 days if you apply on the Web. Mail your FAFSA, and it will take four weeks.
- The Process - Easy as 1-2-3 continued
- The SAR is a summary of the information you put on your FAFSA. Check it over; if there are no errors, keep it for your records. If you find a problem, visit a Riverland Campus and we'll make corrections for you.
Then It's Up To Us
- Once you receive the SAR and any necessary corrections have been made, Riverland takes over and prepares your Award Letter. The letter outlines the types and amounts of financial aid you are eligible to receive as a Riverland student. You may expect an Award Letter Notification about three weeks after you receive your SAR.
- We may need copies of tax records or other documents from you before we can produce an Award Letter. If you get a letter asking for information, answer it promptly. Until we hear from you, processing your financial aid stops.
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Award Letter
- The initial Award Letter will outline eligibility for grants, (Pell, SEOG, and State), college work study and student loans.
- The awards are divided by semesters, and include information for full-time, three-quarter time, half-time and less than half-time enrollments.
- Grants are pro-rated when enrollment falls below full-time. Federal Programs (Pell, SEOG, College Work Study, and Stafford Loans) consider twelve (12) credits as full time status. Minnesota Higher Education Services Organization considers fifteen (15) credits as full-time enrollment (State Grant, College Work Study and Child Care Grants).
Grants
- Grants are gift dollars that do not have to be repaid.
- Federal Pell Grants range from $400 to $4050, depending on a student's financial need and enrollment status.
- State Grants are available for Minnesota residents who demonstrate financial need. Awards range from $300 to $5495.
- Federal Supplemental Educational Opportunity Grants are available for students with a high financial need. Awards generally range from $150 to $600.
College Work Study
- State and federal work-study programs provide employment opportunities for students while they attend college. The wage is $8.00 per hour. There will be a job evaluation completed from their supervisor at the end of their employment with them. Students can earn up to $3000 per year.
To secure a work-study position:
- Check job postings on the Riverland Web Site.
- Contact the work-site supervisor to set up interview.
- When hired, pick up the Work Study Employment Agreement from financial aid staff. Complete and return before beginning work. Wages will not be paid until the Work Study Employment Agreement is on file.
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Loans
- Federal Stafford Loans are processed on our Riverland Web site. This will be the quickest and most efficient way to apply for a loan.
- Simply go to our Web site: www.riverland.edu Look for the Federal Stafford Loan Online Application link under "Student Services" then "Financial Aid". You will be guided through the online loan application. When finished, print the promissory note and mailing instructions if you do not sign with a PIN.
- If you are a first-time borrower, you will be directed to loan counseling. Depending on your computer skills, you should be able to complete the loan application process in 20 minutes and the counseling requirements in 20 minutes.
- Loan dollars must be repaid, with interest, by the student or borrower. Borrowing should be viewed as a last resort. Financial aid staff will work with you to minimize your student debt.
- Stafford Loans are available to help meet your costs. Students may borrow up to $2625 freshman year or $3500 sophomore year. Perkins loans provide up to $3000 to students with high need. Other loan programs are available for students who are not eligible for other types of financial aid.
- What is a Pin?
The Pin number is your identifier to let you access information in various U.S Department of Education systems. It's like the Personal Identification Number you get from your bank that enables you to access your account. Because your PIN serves as your electronic signature, you should not give it to anyone.
- Who is eligible to receive a PIN?
Financial Aid applicants and parents may apply for a PIN online at www.pin.ed.gov.
Bookstore Charges
- Financial Aid Charge Authorization Forms are available to students who have received an Award Letter. A financial aid representative will verify a student's eligibility for bookstore deferments. Forms are available prior to the beginning of fall and spring semesters and through the first three (3) days of the semester. Contact any Financial Aid Representative for a form.
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- Hundreds of Riverland students receive scholarships. Here are valuable sources we know about for information on scholarship opportunities:
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- On the 11th class day of each semester, grants, loans, scholarships and agency funding will be credited to students' accounts.
- Outstanding tuition, laptop lease, housing, fees, bookstore or other school-related charges will be paid with financial aid. If there are any excess funds remaining, funds will be directly deposited into the students account. ANY CHANGES IN ENROLLMENT, AFTER THE DROP AND ADD PERIOD, WILL RESULT IN POSSIBLE PRORATION OF GRANTS.
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- The Taxpayer Relief Act provides helpful options for people who have college expenses. Some may apply to you!
- The Hope Scholarship allows taxpayers to deduct up to $1000 of out-of-pocket tuition and fees directly off their income tax bill without itemizing deductions. A tax preparer can give you more information.
- Lifetime Learning Credit allows taxpayers to deduct up to $1000, as of January 1, 2003 of out-of-pocket tuition and fees for the third year of college and beyond. A tax preparer can give you more information.
- The Student Loan Interest Deduction allows taxpayers to deduct interest paid on student loans.
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- Financial Aid disbursement will be on the 11th class day of each semester.
- Fall - September 6, 2006
- Spring - January 22, 2007
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