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, and scholarships are either need or merit based. 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 with school and maintain satisfactory academic progress;
3) meet the minimum enrollment standards for full-time, three-quarter time, or part-time or clock;
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.
9) RSHC program must have been approved to participate in Title IV funding (excludes students in the ST program).
How Do I Apply For Financial Aid?
Anyone with specific questions may contact Student Financial Services:
- Professional Nursing (RN): (757) 240-2232
- Practical Nursing (PN) - Radiologic Technology - Surgical Technology: (757) 240-2231
To apply for financial aid at Riverside School of Health Careers, you will be required to:
Complete and submit the FASFA, which can be completed at FAFSA online: and type in the Federal School Code 014108.
If your application is selected for review in a process called verification, you will be asked to provide a signed copy of your and/or parents' federal tax return and to complete a Verification Worksheet, so that the school's aid administrator can verify the information on your Student Aid Report (SAR).
Print a copy of the processed SAR and make any necessary corrections prior to contacting the Financial Aid Office. The school will determine aid eligibility based on students' Expected Family Contribution (EFC). A Financial Aide Award Notification is sent after eligibility has been determined.
For scholarship consideration:
Complete an Application for Scholarship Consideration by the announced due date.
Need-based scholarships require students to demonstrate a financial need. The Financial Aid Coordinator determines students' financial need after evaluating processed SAR.
Application for Scholarship Consideration is requested twice each year by Financial Services. Application deadlines are in June and December. Students with a current scholarship application and SAR on file will automatically be considered for the various scholarships as they become available throughout the award year.
Financial Aid Programs And Scholarships
I. Federal Pell Grant Program – (Registered Nursing, Practical Nursing, Radiologic Technology)
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 school’s financial administrator uses the student’s EFC from the SAR to determine students 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.
II. Veterans Benefits - (Registered Nursing, Practical Nursing, Radiologic Technology, Surgical Technology)
Veterans, active service members, and dependents may use The Montgomery GI Bill 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.
III. Federal Stafford Loan Program – (Registered Nursing, Practical Nursing, Radiologic Technology)
Commercial lenders such as banks, credit unions, and other financial institutions provide Federal Stafford Loans. The two types of Stafford Loans are Subsidized and Unsubsidized. A Subsidized Stafford Loan means the government pays the interest while the student is in school at least half-time and during the grace period. An Unsubsidized Stafford Loan means the student is responsible for the interest or pays the interest expenses as they accrue. The school certifies all loan applications. Dependent students may borrow up to $3,500 the first year; $4,500 the second year; and $5,500 for the remaining years of undergraduate studies. Independent students may borrow up to $7,500 the first year; $8,500 the second year; and $10,500 for the remaining years of undergraduate studies. The Stafford interest rate is fixed at 6.8%. The interest rate is specified in a disclosure statement when the loan is disbursed. There is a 6-month grace period before students enter into repayment. During periods of deferment interest continues to accrue.The variable interest rate is recalculated annually and effective July 1 of each year. During periods of deferment, interest continues to accrue.
Loan application process: Contact Student Financial Services at 757-240-2302 (Registered Nursing) or 757-240-2231 (Practical Nursing and Radiologic Technology) for further instructions.
IV. Federal Plus Loan Program – (Registered Nursing, Practical Nursing, Radiologic Technology)
The PLUS Loan Program is a non-need based source of federal aid available to the parent(s) of dependent undergraduate students. PLUS loans may be used in conjunction with student Stafford Loans. Parents may borrow up to the total cost of attendance minus other aid on behalf of the student. Parent borrowers must begin repayment within 60 days after final disbursement. Minimum payment is $50 per month. PLUS loan interest rates are fixed at 8.5%. Lenders are participating banks, savings and loan associations, and credit unions.
Loan application process: Contact Student Financial Services at 757-240-2302 (Registered Nursing) or 757-240-2231 (Practical Nursing and Radiologic Technology) for further instructions.
V. Lettie Pate Whitehead Foundation Grant – (Registered Nursing)
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 School of Professional Nursing. Award determination is based on religious affiliation, gender, and need.
VI. The Power Of One Scholarship – (Registered Nursing, Practical Nursing, Radiologic Technology, Surgical Technology)
The Riverside Health System Foundation awards scholarships each year to students enrolled in their programs. Scholarships are awarded on a competitive basis. In accepting the scholarship, the recipient agrees that Riverside Health System will be the first employer upon graduation.
Application Process: For more information, contact Student Financial Services at 757-240-2231 or email Gail Baker. Student Financial Services is notified of scholarship awards, which become part of the student’s financial aid package.
VII. Nurse in the Hat Fund – (Registered Nursing)
Two scholarships are awarded each year to nursing students in the first level of the program. Recipients from the previous year are considered for renewal their senior year. Donations are accepted to continue this perpetual fund. Mail donations to: RSHC, 316 Main St., Newport News, VA 23601.
Application Process: Open to junior students only. Student must write a brief essay and submit application by announced deadline. Scholarship is announced each April. The recipient must have a financial need and a GPA of 2.5 or better.
VIII. Ruby Pope Drumm Scholarship Fund - (Registered Nursing)
Scholarships are awarded each year to nursing students. Previous scholarship recipients will be considered for continuing awards based on: a) fund availability; b) satisfactory and clinical progress; and c) approval by the Director, RSPN. Donations are accepted to continue this perpetual fund. Mail donations to: RSHC, 316 Main Street, Newport News, Va. 23601.
Application Process: Open to applicants accepted for the upcoming term, or be a student already enrolled at RSPN. Students must write a 100 word essay and submit application by announced deadline. Scholarship is announced in the fall.
IX. Mary Marshall Nursing Scholarship – (Registered Nursing and Practical Nursing)
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: Applications 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.
X. The Virginia League For Nursing Scholarship – (Registered Nursing and Practical Nursing)
The Virginia League for Nursing funds the scholarship. The Scholarship Committee selects scholarship recipients. Funds are sent directly to Riverside School of Health Careers and are intended to provide financial assistance to worthy students preparing for a career as a licensed registered nurse. Scholarships are announced in January.
Application Process: Applications must be submitted directly to Virginia League for Nursing and postmarked by a designated date each December.
XI. The Mildred A. Mason Memorial Scholarship Foundation – (Registered Nursing and Practical Nursing)
The Foundation will award one or more scholarships annually to an individual who enters a non-degree vocational program to become a healthcare worker and has been admitted to an approved program in Virginia. If the recipient fails to complete the program, the scholarship must be repaid in full within 2 years after enrollment ceases. Application address: P.O. Box 1975, Hampton, VA 23661.
Application Process: Application must be submitted directly to the Scholarship Foundation and postmarked by April 1.
XII. Private Scholarships – (Registered Nursing)
Scholarships are awarded on behalf of organizations that make donations. Donors or family members may present scholarships to students at assembly meetings. The recipient must have a financial need and at least a GPA of 2.0 better. List of private scholarships include: Elizabeth Buxton Nurses Alumni Association, Mary Ann Martin (Rehab Auxiliary), Newport News Medical Society Alliance, The Spirit of Nursing, Warwick Lions Club, Crystal Hudgins Waller, Clarise Clark Zukerman, The Thelma Walter Hughes Memorial Scholarship, and other miscellaneous scholarships.
Applicants who are in need of financial assistance are encouraged to investigate other sources of information:
Local Sources:
- Greater Peninsula Workforces Development Consortium
- Riverside Health System - Willie P. Francis Education Scholarship
- Riverside Health System - Jean Raines Family Scholarship
- Riverside Health System - The Anna Weston Fund
Student Guides:
Please note: Legislative changes may affect the interest rate and/or other loan terms. Check with the Student Financial Services or Lender for more information.
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