Financial Aid Need-to-Knows
- Complete the FAFSA each year.
- Most aid requires enrollment in a degree-seeking program.
- Most aid requires at least half-time enrollment.
- Gift aid does not require repayment.
- Loans must be repaid after graduation or withdrawal.
Enrollment Requirements for Most Forms of Financial Aid
The number of credits that constitute half-time and full-time enrollment, for both undergraduate and graduate students.| Enrollment Status | Undergraduate | Graduate |
|---|
| Half-Time | 6 credits | 4.5 credits |
| Full-Time | 12 credits | 9 credits |
Please Note: Aid may be adjusted based on enrolled credit-hours after the semester begins and is subject to change based on availability of funds and changes in policy.
Gift Aid
Gift aid includes grants and scholarships that generally do not need to be repaid.
Federal Pell Grant
The Federal Pell Grant is awarded to undergraduate students who demonstrate significant financial need based on the information submitted on the FAFSA. Eligible students may receive up to $7,395 per year. The amount awarded each semester is adjusted based on the number of credits in which the student is enrolled. Students who take courses during the Summer Semester may be eligible for additional Pell Grant funding. If you are eligible, the Pell Grant will automatically be included in your annual financial aid package and applied to your student account.
Federal Supplemental Educational Opportunity Grants
Federal Supplemental Educational Opportunity Grants (FSEOGs) are need-based federal funds awarded to students who demonstrate significant financial need based on the information submitted on the FAFSA. If you are eligible, FSEOGs will automatically be included in your annual financial aid package and applied to your student account.
Rhode Island College Grants
RIC grants are need-based awards with eligibility determined by FAFSA. If you are eligible, they will automatically be included in your annual financial aid package and applied to your student account.
State Scholarships & Grants
Students who meet eligibility requirements may receive scholarships funded by the State of Rhode Island. These scholarships may be applied directly to a student's account. Some state-funded scholarship programs are administered by agencies outside of the Office of Financial Aid. Students are encouraged to research available opportunities and contact state and local organizations to learn more about scholarship programs for which they may qualify.
Hope Scholarship
The Hope Scholarship covers all remaining tuition and fee costs for students in junior and senior year at Rhode Island College, and is available to all in-state Rhode Island College students who meet the Hope Scholarship eligibility criteria for current students. The Rhode Island HOPE Scholarship is automatically applied to eligible students' accounts beginning in their junior year, provided all eligibility requirements are met. The Hope Scholarship is a last-dollar scholarship, meaning it is designed to cover the remaining cost of tuition and mandatory fees after other financial aid has been applied. The scholarship does not cover housing or meal plan costs. If a student receives additional scholarships, the HOPE Scholarship amount may be reduced accordingly.
RIC Foundation Scholarships
In addition to financial aid offered through the Office of Financial Aid, students are encouraged to apply for RIC Foundation Scholarships. These scholarships are funded by generous alumni and donors and are administered by the RIC Foundation. By completing a single application, students can be considered for more than 300 scholarship opportunities available at Rhode Island College.
Outside Scholarships
These outside scholarships are not affiliated with RIC, but may help RIC students secure additional sources of funding.
Loans
Loans must be repaid after graduation or withdrawal.
Federal Direct Loans
Federal Direct Loans are available to students who complete the FAFSA and are enrolled at least half-time (6 credits for undergraduates and 4.5 credits for graduate students). Students do not have to begin repaying these loans until six months after graduating or leaving school, as long as they remain enrolled at least half-time. Beginning with new students in the 2026–2027 academic year, loan amounts will be adjusted based on enrollment each semester. If eligible, Federal Direct Loans are automatically included in a student's annual financial aid package and applied to their student account.
Subsidized Loans
Subsidized Direct Loans are available to qualifying students based on the results of the FAFSA application. Interest on these loans is paid by the government while a student is enrolled for at least half-time.
Yearly subsidized loan limit according to student academic level.| Academic Level | Annual Subsidized Loan Limit |
|---|
| First Year | $3,500 |
| Sophomore | $4,500 |
| Junior/Senior | $5,500 |
Please Note: Eligible students may also receive an additional $2,000 in unsubsidized loan funding annually. The annual loan limit is determined by the credits earned as of the beginning of the academic year. If students change from one academic level to another during the academic year, like going from a sophomore to a junior, then they are responsible for notifying the Office of Financial Aid so that we can review any additional loan eligibility.
Unsubsidized Loans
Unsubsidized Direct Loans are available for students who do not qualify for need-based loans. Students are responsible for the interest on these loans while in school and this will be added to the principal amount over the life of the loan.
Federal Direct PLUS Loans
Federal Direct PLUS Loans allow graduate students and parents of dependent undergraduate students to borrow up to the cost of attendance, minus other financial aid received. Eligibility is not based on financial need, but borrowers must pass a credit review. Repayment can be deferred until six months after the student is no longer enrolled at least half-time. Interest continues to accrue during this period and is added to the loan balance before repayment begins.
Please Note: New federal legislation changes PLUS Loan eligibility beginning with the 2026–2027 aid year. Students already receiving Direct PLUS Loans will remain eligible for the duration of their academic program. New graduate students will no longer be eligible to apply.
Private Loans
Private student loans are available through banks and other lending institutions. Students and families may choose any lender and are not required to use a lender listed on a recommended lender website. To explore loan options, check with your preferred bank or use the loan search tool at ELMSelect. Because loan information can change, students should contact lenders directly to confirm current rates, terms, and eligibility requirements. Before borrowing, carefully review all loan agreements and promissory notes to understand repayment terms and other responsibilities.
Federal Work-Study
Federal Work-Study provides part-time employment opportunities for eligible students who have been awarded work-study funding. Work-study earnings are paid directly to students through a paycheck and are not applied to the student bill. Students can use these funds to help cover personal and educational expenses, such as books, transportation, laundry, and other daily costs. Available positions are posted through Handshake. The Career & Life Design Center provides more information on student employment opportunities.
