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Frequently Asked Questions

How is my financial need determined?

Most of the financial aid available at Rhode Island College is based on financial need. Financial need is simply the difference between your cost of attending Rhode Island College and the amount that your family is expected to contribute towards that cost. Your cost of attendance depends on such factors as whether you plan to live on campus or commute and whether you are a resident of Rhode Island or another state. Enrollment plans for full- or part-time study will also influence your cost of attendance and your eligibility for assistance.

Your family contribution is based on an analysis of the information that you provide on the Free Application for Federal Student Aid (FAFSA). This analysis uses a Federal Methodology (FM) that has been mandated by the federal government for use in awarding federal student aid. The analysis considers a number of factors, such as taxable and nontaxable income, family size, the number of family members in college, and certain assets like savings and investments. The analysis is designed to estimate a family's capacity for absorbing educational expenses over time. It is also designed to treat families with similar financial circumstances in similar ways, and families with different circumstances in proportional ways. As such, it is more complicated than a cash flow analysis, which would simply match current expenses to income.

Cost of Attending Rhode Island College

Less: Family Contribution

Equals: Financial Need

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How is my financial aid package developed?

Financial aid comes in the form of scholarships, grants, loans, and part-time employment. Summary information on the various student aid programs is provided under Financial Aid Programs on the Home Page. The combined total of all awards made to an individual student is called a financial aid package. In some cases an award letter may only contain an award from one program; in others the award letter may list several programs. The mix of awards is based on a number of factors. These include your level of financial need, academic record, year in school, state of residence, and date of application. The College attempts to package financial assistance to meet 100 percent of demonstrated need. However, we cannot guarantee that all applicants will have their full need met. This is especially true for late applicants.

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Are the amounts on an award letter firm commitments?

Since an award letter may show estimated awards from federal and state sources, the College cannot guarantee that you will actually receive all the amounts indicated. For example, reductions in state grant formulas are sometimes made well after award packaging has been completed. The College can neither anticipate these reductions nor adjust Rhode Island College awards to make up for them. In addition, award estimates are only as accurate as the information that you provide on your application. If you submit inaccurate information, it may be necessary to revise your financial aid package after the Verification process is completed. The College reserves the right to require documentation of all reported information and to withdraw or adjust awards that were based on inaccurate or incomplete information.

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What if I receive financial assistance from outside the College?

You are responsible for notifying the Office of Student Financial Aid directly in writing if you receive any other financial assistance that is not listed in your award letter. Additional financial assistance would include (but is not limited to) the following: merit- and need-based scholarships and grants, tuition and fee waivers, tuition remission, need-based student employment, and long-term student loans.

If you receive additional financial assistance, the College reserves the right to revise or cancel its awards as necessary. The College encourages students to take the initiative in applying for outside financial assistance. Whenever possible, outside assistance will be first used to reduce the loan and/or student employment components of the financial aid package. However, due to the entitlement nature of such forms of assistance as Federal Pell Grants, state scholarships and grants, tuition waivers, and tuition remission, these forms of aid will normally be used to reduce the grant portion of the financial aid package.

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How is full time enrollment defined?

At the undergraduate level, full time enrollment is defined as a minimum of 12 credit hours per semester. For financial aid purposes, there are no exceptions to this rule. Some financial aid programs, such as academic scholarships, require recipients to be enrolled full time while other programs allow recipients to be enrolled half time. The federal Pell Grant Program has specific award levels for full time, 3/4 time, half time and less than half time enrollment.

These enrollment categories are shown below:

Full-time = 12+ credit hours per semester

3/4 time = 9 to 11 credit hours per semester

Half time = 6 to 8 credit hours per semester

Less than half time = Below 6 credits per semester

At the graduate level, full time enrollment is normally defined as at least 9 credit hours per semester. However, students holding graduate assistantships may be considered full time for assistantship purposes while enrolled for at least 6 credits per semester. Half time enrollment at the graduate level would require at least 4.5 credit hours per semester.

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What if my enrollment or housing plans change?

Virtually all financial assistance awarded by Rhode Island College is limited to students who are enrolled at least half time (six credits per semester) in a degree program. Your financial aid package will be based on the enrollment and housing plans that you report on the FAFSA. The assumptions used to develop your financial aid package will be listed in the lower right-hand corner of your award notice. If any of these assumptions change, your financial aid package will probably need to be revised. For financial aid purposes, enrollment status is normally verified at the end of the Add period each semester, but any change in enrollment during the course of the semester has the potential to affect your financial aid eligibility. You should contact the Office of Student Financial Aid to discuss any changes in enrollment or housing plans.

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Will my financial aid be renewed?

All financial aid awards, with the exception of some academic scholarships, must be reapplied for each year. There is no automatic commitment to a renewal of your financial aid package. The deadline for renewal applicants is March 1 prior to the following academic year. You are also required to maintain satisfactory academic progress in your program of study in order to be considered for continued financial assistance. Standards of satisfactory academic progress are explained in our web site sections for Prospective and Current Undergraduate Students.

During the freshman year, when academic success is at greatest risk, students receive the highest possible level of grant and/or scholarship assistance. As you progress through your college career, the percentage of loan and/or Federal Work-Study employment in the financial aid package will likely increase and the grant percentage will decrease. In addition, renewal levels of financial assistance may vary due to the changing nature of federal and state regulations and funding levels.

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What happens to my financial aid if I withdraw from school?

Withdrawal from school is defined as complete withdrawal from all classes during the period of enrollment. Dropping one or more courses is not considered a withdrawal from school if you remain enrolled and continue to attend classes for at least one course. If you do not successfully complete at least one course each semester (i.e. you receive final grades of W and/or F for all attempted courses) you will be considered as an unofficial withdrawal at the mid-point of the semester unless you can document a later date of academically-related activity.

Federal regulations specify how the College must determine the amount of federal student aid that you earn if you withdraw from school or cease attendance (i.e. unofficially withdraw). The student aid programs covered by these regulations include Federal Pell Grants, Academic Competitiveness Grants, National SMART Grants, Federal Supplemental Educational Opportunity Grants, Federal Perkins Loans, Stafford Loans and PLUS Loans.

When you withdraw or cease attendance during your period of enrollment (i.e. regular semester or summer session), the amount of federal student aid that you have earned up to that point is determined by a specific formula. If you received (or the College or your parent received on your behalf) less assistance than the amount that you earned, you may be able to receive those additional funds. If you received more assistance than you earned, the College and/or you must return the excess funds.

The amount of assistance that you have earned is determined on a pro-rata basis. For example, if you completed 30% of the semester, you earn 30% of the federal assistance that you were originally scheduled to receive. Once you have completed more than 60% of the semester, you earn all of the assistance that you were scheduled to receive.

If you did not receive all of the funds that you earned, you may be due a post-withdrawal disbursement. If the post-withdrawal disbursement includes loan funds, you may choose to decline the loan funds so that you don't incur additional debt. The College may automatically use all or a portion of your post-withdrawal disbursement (including loan funds, if you accept them) for tuition, fees, and room and board charges. For all other school charges, the College needs your permission to use the post-withdrawal disbursement. If you do not give your permission, you will be offered the funds. However, it may be in your best interest to allow the College to keep the funds to reduce your debt at the school.

If you receive (or the College or parent receive on your behalf) excess federal student aid program funds that must be returned, the College must return a portion of the excess equal to the lesser of

  1. Your institutional charges multiplied by the unearned percentage of your funds, or
  2. The entire amount of excess funds.

The College must return this amount even if it didn't keep this amount of your federal student aid program funds (i.e. the money was refunded to you).

Any amount of unearned grant funds that you must return is called an overpayment. The amount of a grant overpayment that you must repay is half of the unearned amount. You must make arrangements with the College or the Department of Education to return the unearned grant funds.

The requirements for federal student aid program funds when you withdraw are separate from the refund policy at Rhode Island College. Therefore, you may still owe funds to the school to cover unpaid institutional charges. The College may also charge you for any federal student aid program funds that the College was required to return. The Rhode Island College refund policy may be obtained directly from the Bursar's Office or on-line at Outside Linkhttp://www.ric.edu/bursar/refunds.php.

In the case of institutional grants and scholarships, the awards will be pro-rated in accordance with the percentage of institutional charges canceled. For example, if 50% of your charges are canceled, 50% of your institutional grants and scholarships will be canceled.

Treatment of grants and scholarships provided by the state governments varies by state. In the case of the Rhode Island Higher Education Assistance Authority, grants and scholarships are pro-rated in accordance with the percentage of tuition charged. Students from other states should contact the Office of Student Financial Aid regarding specific adjustment policies.

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Are there any other options to help me meet expenses at Rhode Island College?

Many families find it easier to pay college expenses on a monthly basis rather than all at once at the start of each semester. The Monthly Payment Plan at Rhode Island College allows you to make semester payments in four monthly installments. Under the plan, your financial aid from grant, scholarship, and loan programs is deducted from your semester charges for tuition and fees (plus room and board if you are a resident student). The remaining balance is then divided into four monthly payments of 25 percent each. The first payment is due before the start of the semester, and the remaining three payments are then made on the 15th day of each month thereafter. Participation in the plan is on a semester basis. The cost for the service is $35 per semester. For additional information, contact the Bursar's Office at (401) 456-8634.

There are also long-term financing options that are not based on financial need. The Federal PLUS Loan allows parents to borrow up to the full cost of college less other financial aid received. Applicants must pass a credit review in order to qualify for the loan. Repayment begins 60 days after receiving the funds and may extend for up to 10 years, depending on the amount borrowed. As of July 1, 2006, the interest rate is fixed at 8.5 percent. Federal PLUS Loans have a combined origination and default fee of 4 percent, but many lenders offer partial discounts on fees.

There are also a number of private Alternative Loans available from various lending institutions. These loans are based on ability to repay rather than financial need. Although students apply for these loans in their own name, a cosigner is usually required unless the student can demonstrate an income history that would be sufficient to repay the loan. Most Alternative Loans do not require repayment while the student is in school. However, interest does accrue on the loan and is capitalized into the loan principal before repayment begins. Students may borrow up to their full cost of attendance less student financial aid.

You may view loan comparison information that we have setup on ELM Select at Outside Linkhttp://www.elmselect.com/oll/SchoolLenderList/?schoolId=8294. ELM serves as a network hub for the exchange of information between schools, lenders and guarantee agencies. In order to take advantage of an Alternative Loan or PLUS you should visit the individual lender's web site to apply on-line.

Rhode Island College does not require lenders to provide any special benefits to the College or the financial aid staff in order to receive our recommendation. These lenders have been selected on the basis of their quality service, competitive interest rates, and ability to handle automated processing which is compatible with our information system. There are hundreds of alternative loan products on the market and thousands of lenders participating in the Federal PLUS Loan. We believe that our recommended lenders offer some of the best loan products in the business, but we do not claim to have evaluated all lenders and all alternative loan products. You are free to select any lender or loan product that you wish. If you select a different lender or loan product, we will do our best to process your loan as quickly as possible. However, if your selection requires us to use a manual paper process, the approval and disbursement of your loan will likely take longer.

The listing below is in alphabetical order and is not intended to imply any special preference or priority.

Recommended Alternative Student Loans:

Campus Door: Outside Linkwww.campusdoor.com or call Campus Door 800-786-0002

CitiAssist: Outside Linkwww.studentloan.com or call CitiBank 800-967-2400

Rhode Island Family Education Loan: Outside Linkwww.risla.com or call RISLA 800-758-7562

Signature: Outside Linkwww.salliemae.com/signature/citizens or call Sallie Mae 800-695-3317

Wachovia Undergraduate Loan: Outside Linkwww.wachovia.com/privateloans or call 800-338-2243

Recommended lenders for the Parent PLUS Loan:

Bank of America: Outside Linkwww.bankofamerica.com 800-344-8382

Citibank: Outside Linkwww.studentloans.com/plus.cfm 800-967-2400

Citizens Bank: Outside Linkwww.citizensbank.com 800-708-6684

Rhode Island Student Loan Authority: Outside Linkwww.risla.com 800-758-7562

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Page Last Updated: Friday, July 18, 2008