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 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.
9) be enrolled in a RSHC program that participates for Title IV funding (excludes students in the Surgical Technology 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.
- Students whose Student Aid Report (SAR) is selected for verification purposes, must provide a signed copy of your federal tax return and/or your parents' tax return and complete a Verification Worksheet, so that the financial aid administrator can verify the information on the SAR.
- Review your processed SAR and make any necessary corrections prior to contacting the Financial Aid Office. The school will determine aid eligibility based on the Expected Family Contribution (EFC). A Financial Aid 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. 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 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 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.
II. Veterans Benefits - (Registered Nursing, Practical Nursing, Radiologic Technology, Surgical Technology)
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.
III. Federal Stafford Loan Program – (Registered Nursing, Practical Nursing, Radiologic Technology)
Commercial lenders such as banks and other financial institutions provide Federal Stafford Loans. Student borrowers/families can choose to use any Family Federal Education Loan (FFEL) Program lender. The two types of Stafford Loans are Subsidized and Unsubsidized. A Subsidized Stafford Loan is based on need. The government pays the interest on the loan while the student is in school at least half-time and during the grace period. An Unsubsidized Stafford Loan is not need-based, which means the student is responsible for the interest that accrues on the loan. The school certifies loan applications and sets the disbursement dates. The annual combined loan limits for RSHC Dependent students: Freshman, $3,500, Junior, $4,500, and Senior, $5,500 with an additional $2,000 Unsubsidized loan limit. The Annual Loan Limits for RSHC Independent students: Freshman, $4,000, Junior, $4,000, and Senior, $5,000 Subsidized Loan with an additional $2,000 Unsubsidized loan limit. Stafford interest rates vary. Borrower's interest rate is specified on a disclosure statement when the loan is disbursed. Students have a 6-month grace period before entering into repayment. During periods of deferment interest continues to accrue.
Loan application process: First-time borrowers call Student Financial Services at (757) 240-2302 (RN) or 2301 (PN and RT), for an appointment.
IV. Federal Plus Loan Program – (Registered Nursing, Practical Nursing, Radiologic Technology)
The Parent Loan for Undergraduate Students (PLUS) 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 on behalf of the student up to the total cost of attendance minus any other aid. Parent borrowers begin making principal and interest payments within 25-60 days of the final PLUS disbursement. Minimum payment is $50 per month. The PLUS loan interest rate is fixed at 8.50%. Commercial lenders such as banks and other financial institutions provide PLUS Loans.
Loan application process: To obtain a loan pre-approval, go to Educational Credit Management Corporation. Select the appropriate RSHC program, select a PLUS lender, and complete the eMaster Promissory Note. Once your loan has been approved, the school will be notified.
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, 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.
VI. Nurse in the Hat Fund – (Registered Nursing)
Two scholarships are awarded each year 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 St., Newport News, VA 23601.
Application Process: Open to junior students only. Student must write a 100-word 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.
VII. Ruby Pope Drumm Scholarship Fund - (Registered Nursing)
Scholarships are awarded each year to nursing students accepted into Riverside School of Professional Nursing for the upcoming term or currently enrolled in RSPN. Donation Opportunity: Mail donations to: RSHC, 316 Main Street, Newport News, VA 23601.
Application Process: Upon acceptance into the school, complete an application along with a typed essay of no more than 1 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 for RSPN students, have a cumulative GPA of 3.0 in completed coursework. The recipient must have a financial need verified by the Student Financial Services.
VIII. 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: 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.
IX. 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 or practical 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.
X. 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.
XI. Donor Scholarships – (Registered Nursing)
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 scholarships include: Elizabeth Buxton Nurses Alumni Association, Mary Ann Martin (Rehab), Newport News Medical Society Alliance, Spirit of Nursing, Warwick Lions Club, Crystal Hudgins Waller, Clarise Clark Zukerman, Riverside Alumni Association, and other miscellaneous scholarships.
Applicants who are in need of financial assistance are encouraged to investigate other sources of information:
Riverside Health System Sources:
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.
