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Financial Aid Programs

Sources of Financial Aid

Detailed information on the sources listed is available from the Office of Student Financial Aid, or in certain cases, from the department or office noted with the entry. This list is subject to change.

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Federal Pell Grants

These are federal entitlement grants ranging from $400 to $4,731 annually. Eligibility is determined by the United States Department of Education, using a national formula. Actual awards vary according to the cost of attendance, the student's enrollment status (full, three-quarters, half, or less-than-half time), and a family's expected contribution.

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Academic Competitiveness Grants

These need-based grants are limited to Pell Grant recipients who are enrolled full-time in the first or second years of an undergraduate program of study. Recipients must have completed a rigorous secondary school program of study (after January 1, 2006 if a first-year student, and after January 1, 2005 if a second-year student) as defined by the federal government. Second-year recipients must have a 3.0 cumulative grade point average after the first academic year. First-year awards are set at $750, and second-year awards are set at $1,300.

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National Science and Mathematics Access to Retain Talent (SMART) Grants

These grants are limited to Pell Grant recipients who are enrolled full-time in the third or fourth years of an undergraduate program of study. Recipients must be majoring in physical, life or computer science, mathematics, technology, or a critical foreign language; and have at least a 3.0 cumulative grade point average in coursework required for the major. Awards may range up to $4,000 per year depending on financial need.

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Federal Supplemental Educational Opportunity Grants

These federal grants are awarded directly by the Office of Student Financial Aid on the basis of financial need as determined from the Free Application for Federal Student Aid (FAFSA). Awards may range from $100 to $4,000 per year depending on funding and student need. Priority for funding is given to students who are eligible to receive Federal Pell Grants.

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Federal Parental Loans for Undergraduate Students (PLUS)

Federal PLUS loans allow parents of dependent undergraduate students to borrow up to the full cost of college less other student aid. There is no need requirement for the PLUS loan, but parents 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. However, the minimum monthly payment is $50. As of July 1, 2006, the interest rate on these loans is fixed at 8.5 percent. These loans also have a combined origination and default fee of 4 percent on the amount borrowed.

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Federal Perkins Loans

This loan program is administered directly by the Office of Student Financial Aid. Student eligibility is based on financial need as determined from the FAFSA. Annual loan amounts may total up to $4,000 for undergraduates and $6,000 for graduates. The cumulative undergraduate borrowing limit is $20,000 at the undergraduate level and $40,000 at the graduate level. Actual award amounts depend on federal funding levels, and priority is given to those applicants with the greatest need. Repayment at 5 percent interest begins nine months after the borrower drops below half-time enrollment (six credits per semester). Students may be allowed up to 10 years to repay; however, a minimum monthly payment of $40 is required.

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Federal Stafford Loans

Eligibility for subsidized Federal Stafford Loans is based upon financial need as determined by the Office of Student Financial Aid, using information from the FAFSA. Subsidized loans are interest free during the student's period of enrollment and for a six-month grace period after leaving school or dropping below half-time status. Students who cannot demonstrate need may be eligible for an unsubsidized Federal Stafford Loan. Unsubsidized loans have an interest charge during the in-school and grace periods. Effective July 1, 2008, subsidized loans have a fixed interest rate of 6.0 percent, and unsubsidized loans have a fixed interest rate of 6.8 percent. These loans also have a 1.0 percent origination fee and a 1 percent default fee. At the current time, some of the preferred lenders that we recommend have agreed to discount the full origination fee for our students. In addition, the RI Higher Education Assistance Authority will not charge borrowers the 1 percent default fee. These discounts are subject to change at any time.

Loan limits are as follows:

  • $3,500 for first-year undergraduates
  • $4,500 for second-year undergraduates
  • $5,500 per year for upper-class undergraduates
  • $8,500 per year for graduate students

Dependent students may apply for additional unsubsidized loans of $2,000, and financially independent students may apply for additional unsubsidized loans of up to $6,000 in the freshman and sophomore years, $7,000 in the junior and senior years, and $12,000 for each year of graduate study.

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Federal Work-Study Program

This is a part-time employment program based upon financial need. A work-study award is paid biweekly at an hourly rate, based on hours worked. Current wage rates range from $7.40 to $9.00 per hour for most jobs. Eligibility is determined by the Office of Student Financial Aid, using information from the FAFSA. The Career Development Center assists work-study students with job placement on or off campus. While work-study students receive priority for job placement, the College cannot guarantee placement in a position.

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Rhode Island State Grants

These grants are restricted to residents of Rhode Island. Awards range from $250 to $1,200 per year based on information reported on the Free Application for Federal Student Aid (FAFSA). The priority application deadline for receipt of the FAFSA at the federal processing center is March 1 prior to the following academic year. Eligibility is determined directly by the Rhode Island Higher Education Assistance Authority, 560 Jefferson Boulevard, Warwick, RI 02886, (401) 736-1100.

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CollegeBoundfund Academic Promise Scholarship

Administered by the Rhode Island Higher Education Assistance Authority, these need-based scholarships are awarded to graduating high school seniors planning to enroll full-time. The scholarships are restricted to Rhode Island residents, and selection is based on a combination of need and academic achievement as determined by test scores on either the SAT-I or ACT. Eligible students receive up to $2500 per year over four years for an aggregate total of $10,000. The application process and deadline is the same as the State Grant program explained above.

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Other State Financial Aid Programs

Guidelines for applying for state scholarship/grant programs vary, so students should inquire at the appropriate agency in their state of legal residence regarding application procedures.

Names, addresses, and telephone numbers of other state scholarship agencies are available upon request from the Office of Student Financial Aid.

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Preparatory Enrollment Program (PEP) Grants

These grants are restricted to students accepted for admission to the Preparatory Enrollment Program. Awards typically range from $200 to $11,000 per year based on financial need as determined by the Office of Student Financial Aid. All applicants are required to file the Free Application for Federal Student Aid (FAFSA). In addition, new freshman applicants are required to file the Rhode Island College Financial Aid Application in order to be considered for this program.

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Rhode Island College Grants

College grants ranging from $100 to $10,000 are awarded by the Office of Student Financial Aid to students with demonstrated financial need. All applicants are required to file the Free Application for Federal Student Aid (FAFSA). In addition, new freshman and transfer applicants are required to file the Rhode Island College Financial Aid Application in order to be considered for this program. Award decisions depend on level of need, year in school, academic record, and date of application.

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Merit-based Scholarships

Rhode Island College recognizes superior academic achievement through the awarding of scholarships. There are several merit-based scholarship programs available to students at the College. These programs fall into four general categories:

  • Presidential Scholarships
  • Honors Scholarships
  • Special Talent Awards
  • Alumni Scholarships

Presidential Scholarships

These merit-based scholarships of at least $2,000 per year are awarded to entering freshmen for up to four years of study. The scholarships are awarded based on the Admissions application, but awards are considered as part of the financial aid package for recipients who have also applied for financial aid. The minimum academic requirements needed to be considered for a Presidential Scholarship as an entering freshman are a high school class rank in the top 30% and combined SAT-I scores of at least 1100. For priority consideration, students should apply to the College for admission by December 15.

Transfer students are also considered for these scholarships for up to three years of study. The minimum transfer requirement is a grade point average of at least 3.5 with a minimum of 24 earned credits.

Honors Scholarships

Entering freshmen who demonstrate outstanding academic achievement are invited to join the College Honors Program. Honors students are considered for scholarships from the Presidential Scholarship Program, Faculty Honors Scholarship Program and the Rhode Island College Foundation. These scholarships are awarded on a competitive basis to students with the highest academic profiles. Awards typically range between $500 and $1,500 per year. Honors scholarships are renewable for up to four years, as long as a student maintains a B average and full-time status. If you are interested in the College Honors Program, remember to indicate this interest on your admissions application form.

Special Talent Awards

Special Talent Awards were established to recognize and encourage students who have exceptional talent or skill in the visual and performing arts, areas of intercollegiate competition (other than athletics), or similar fields. Currently, the College offers Special Talent Awards in the following areas: art, communications, dance, film studies, music, and theatre. While the requirements for these awards vary by department, award competition is open to entering freshmen and transfer students. Awards range from $100 to $2,500. Applicants should contact the academic department or club advisor in their area of interest.

Alumni Scholarships

The Rhode Island College Alumni Association offers a number of scholarships, both merit- and need-based, to new and advanced students. In addition, the association offers several scholarships each year to children and grandchildren of College alumni. An alumni scholarship application is available directly from the Alumni Office.

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Additional Scholarships from the College

Individuals, organizations, and endowments provide funds to the College through the Rhode Island College Foundation. The eligibility criteria for these awards vary according to the wishes of each donor. In some cases, financial need is a requirement and award recipients are selected from the pool of financial aid applicants at the College. In other cases, awards are made directly by the academic departments of the College. A listing of these programs is provided in the College Catalog.

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Private Agencies and Organizations

Additional sources of financial aid include employers, unions, and community organizations. Information on private scholarship programs may be obtained from high school guidance counselors and through reference publications in many local libraries. Scholarship search database programs are also available for free use on the Internet. A good web site to start with is the FinAid Page at Outside Linkwww.finaid.org.

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 College financial aid package if adjustment is necessary.

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Short-Term Loans

  • Students with financial aid that exceeds direct charges (i.e. tuition, fees, room and board) may be eligible to receive a line of credit towards purchases in the Rhode Island College Bookstore.
  • Applications must be submitted on-line using the student self-service section of RIConnect.

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Page last updated: Thursday, October 30, 2008