Sources of Financial Aid and Scholarships
These are federal entitlement grants ranging from $740 to $7,395 annually for the 2025-2026 aid year. 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.
These federal grants are awarded directly by the Office of Financial Aid on the basis of financial need as determined from the FAFSA. Awards may range from $100 to $500 per year depending on funding and student need. Priority for funding is given to students who are eligible to receive Federal Pell Grants.
The federal government provides access to two main types of Federal Direct Loans for higher education: Subsidized Direct Loans and Unsubsidized Direct Loans. Eligibility for these loans is based upon financial need as determined by the Office of Financial Aid, using information from the FAFSA. Students are not required to begin repayment on these loans while they are enrolled in school for at least half-time and for a grace period six months after they leave school or graduate. Subsidized Direct Loans do not accrue interest while a student is enrolled for at least half-time and during the grace period, and are only available to undergraduate students. Unsubsidized Direct Loans begin accruing interest while the student is still in school and are available to both undergraduate and graduate students. Please find more information through Federal Student Aid.
As of July 1, 2025, both Subsidized and Unsubsidized Direct Loans for undergraduate students have a fixed interest rate of 6.39%. For graduate students, the Unsubsidized Direct Loan interest rate is 7.94%.
Effective October 1, 2020 both subsidized and unsubsidized loans for both undergraduate and graduate students also carry a 1.057 percent origination fee.
Annual Loan Limits
- $5,500 for freshmen, but only $3,500 can be subsidized
- $6,500 for sophomores, but only $4,500 can be subsidized
- $7,500 for upper-class undergraduates, but only $5,500 can be subsidized
- $20,500 for graduate students
Undergraduate students determined to be independent by their responses on the FAFSA may apply for an additional unsubsidized loan of up to $4,000 in the freshman and sophomore years and $5,000 in the junior and senior years..
Aggregate Loan Limits
- $31,000 for undergraduate dependent students, but no more than $23,000 can be subsidized
- $57,500 for undergraduate independent students, but no more than $23,000 can be subsidized
- $138,500 for graduate students
Federal Direct 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 may be deferred for up to six months after the student is no longer enrolled at least half time. However, interest does accrue on the loan and is capitalized into the loan principal before repayment begins.
As of July 1, 2025 the interest rate on Direct PLUS loans is fixed at 8.94%. Effective October 1, 2020 Direct PLUS loans carry a 4.228% origination fee.
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. Eligibility is determined by the Office of Financial Aid, using information from the FAFSA. The Career & Life Design 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.
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.
These need-based grants are available to both new and continuing undergraduate students enrolled at least half time. Grants may range from $200 to $10,000 depending upon need and cost of attendance. Interested applicants are required to file the FAFSA as early as possible after October 1st and before the published deadline. Funding is limited.
The college offers in-state tuition waivers for certain unemployed individuals, senior citizens and disabled veterans. Waiver programs are administered by the Bursar’s Office. For details on eligibility, course restrictions and application procedures:
If you served on Active Duty, you might be eligible for education benefits offered by the Department of Veterans Affairs. For example, the Post-9/11 GI Bill provides financial support for educational and housing expenses to individuals with at least 90 days of aggregate service after September 10, 2001, or individuals discharged with a service-connected disability after 30 days. You must have received an honorable discharge to be eligible for the Post-9/11 GI Bill.
If you are currently serving in the military, you may be eligible for funding offered through the Department of Defense Tuition Assistance program. Check your eligibility status and the amount for which you qualify with your Service prior to enrolling.
If you are the spouse or child of a service member who is serving on active duty Title 10 orders in the paygrades of E1-E5, O1-O2, or W1-W2, you may be eligible for financial assistance from the Department of Defense for education, training, and/or the occupational license and credentials necessary for a portable career.
If you are the spouse or child of a service member, you may be eligible for transfer of the service member’s Post-9/11 GI Bill benefits to you.
For questions related to military and veteran benefits, please contact the Military Resource Center at mrc@ric.edu.
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. FinAid provides general information on college financial aid.
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.
- 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 on MyRIC.
The Financial Aid Office at Rhode Island College strongly recommends taking advantage of the federal loans awarded to you by our office before considering any of these private loan options. Here is a summary of information on the advantages of federal loans.
If you have not done so already please file the FAFSA to see what federal aid you are eligible for. If you decide you need to apply for a private loan you need to do so through the individual lender of your choice. We recommend undergraduate students apply with a cosigner as this will likely result in a better interest rate. Once you have been approved and you have completed all of the required paperwork the lender will contact Rhode Island College for certification.
In partnership with Rhode Island College, ELMSelect provides a list of lenders based upon their historical lending with our students. Students and their parents/guardians have the right and ability to select the education loan provider of their choice, and are not required to use any of the lenders listed.
If you wish to use another lender that is not on this list, you have the right to do so. Please note that information on this site may not be updated or timely. Be sure to read carefully final loan agreements and promissory notes to understand their payment terms and other obligations.
