When you apply for and receive financial aid from LIU Riverhead, you assume certain rights and responsibilities. To ensure you receive and maintain the maximum amount of aid for which you are eligible, please follow these important guidelines:
To apply for Federal Student aid, New York State aid, or Long Island University scholarships or grants, the University requires that students complete the Free Application for Federal Student Aid (FAFSA), which calculates your expected family contribution (EFC).
If you are a current Long Island University student, you must file the Renewal FAFSA each year by March 1.
To maintain any Long Island University scholarship or grant assistance, students must comply with their specific award stipulations. Stipulations usually include, but are not limited to, maintaining a minimum enrollment status each semester, satisfactory credit completion requirements each semester and grade point average requirements.
FINANCIAL AID AWARD LETTER
Newly Admitted Students
During the months of March and April, Long Island University mails financial aid packages to the homes of all new transfer and graduate aid applicants accepted for fall enrollment at LIU Riverhead. New students accepted for Spring enrollment will receive their financial aid packages beginning in November. The financial aid “Award Letter” outlines the scholarships, loans and grants for which are you eligible. It is your responsibility to review your award letter. If you need to make changes to any of your awards, they must be made in writing and directed to the Riverhead Financial Aid Office, LIU Riverhead, 121 Speonk-Riverhead Road, Riverhead, N.Y. 11901. All students must notify the Office of Financial Aid of their acceptance or rejection of their financial aid package, in writing. Along with your Award Letter, you will receive a pre-addressed envelope to use to return your award notice back to the Riverhead Office of Financial Aid at the address above. Please accept or reject your financial aid award package within the required response time noted in the financial aid award letter you receive.
Once you have completed the Renewal FAFSA between January 1 and March 1 each year, your financial aid package will be mailed to your home during the months of May through August. All students must notify the Office of Financial Aid of their acceptance or rejection of their financial aid package, in writing (see above), within the required response time noted in the financial aid package you receive.
LIU Riverhead participates in the Federal William D. Ford Direct Loan Program and the Perkins Loan Program. These federal programs include both student subsidized and unsubsidized loans, as well as PLUS loans for parents and graduate students. The University receives funds directly from the U.S. Department of Education and disburses them to eligible students. If you accept a federal loan, you will be required to complete a Master Promissory Note. When you sign a promissory note, you are agreeing to repay the loan even if you do not complete your education or you are unable to get a job after you complete the program.
Student Responsibilities for Loans
Repayment of Direct Loans and Perkins Loans is important to you. Repaying a loan establishes a credit reference which may be built upon in obtaining credit from other sources. Failure to repay loans may seriously impair your future borrowing ability. Defaulting on a loan has severe and long-lasting consequences, including the following:
- The Department of Education can immediately demand repayment of the total amount due on the loan.
- The Department will attempt to collect the debt and may charge you for the costs of collecting.
- The default will be reported to national credit bureaus. Your credit rating will be damaged, which will make it difficult for you to make purchases such as a car or house.
- You are ineligible for Title IV student aid.
- You are ineligible for deferments.
- The Internal Revenue Service can withhold your federal income tax refund.
- Your wages may be garnished.
For more information on loans, visit the U.S. Department of Education Web site at: