STATE OF RHODE ISLAND FINANCIAL AID PROGRAMS

The following are financial aid programs available to students who are residents of the state of Rhode Island. For more detailed information on state financial aid programs contact:

Rhode Island Higher Education Assistance Authority (RIHEAA)
560 Jefferson Blvd.
Warwick, RI 02886
Main Phone (401) 736-1100
Toll-Free (800) 922-9855
TDD (401) 734-9481

www.riheaa.org

CollegeBoundfund® Academic Promise Scholarship

Who is Eligible

The student must be a graduating high school senior who is planning to enroll in a postsecondary institution on a full time basis.
Recipients are those who demonstrate academic promise and show financial need.

Selection Process

Eligibility is calculated using a formula that takes into account the student's EFC (Expected Family Contribution determined by the FAFSA) and his/her SAT or ACT score as follows:

Selection Index = ((4310 - EFC)/10) + SAT Score or Adjusted ACT Score

The student with the highest ranking selection index is offered the first scholarship, and so on. Vacancies in the program will be filled based on students' original rankings.

Value of Awards

Students will be eligible for up to $2,500 per year over four years, up to a total of $10,000. Students in an approved 5-year program may be eligible for an additional year of support. A student's award may be adjusted to a lesser amount if there is not sufficient need to accept the entire award. All awards are subject to the availability of funds.

To Apply

Complete a FAFSA and assure that it is received by the federal processing center no later than March 1 prior to the academic year for which you are applying for aid.
Take the SAT or ACT standardized test. Be sure to list Rhode Island as your legal state of residence. Test scores up to January of the Senior year will be considered.
That's it! No further application is necessary. Your FAFSA information and SAT/ACT scores will be automatically forwarded to RIHEAA so that you may be considered for the scholarship. Students receiving awards will be notified via email or traditional paper mail in the spring. If you would like to be notified of your awards via email, please be sure complete your FAFSA on the web and provide a valid email address.

Academic Requirements

In order to remain eligible, the student must achieve at least the following cumulative grade point averages for each school year:

Minimum Cumulative GPA     Year
2.50                                        First Year
2.62                                        Second Year
2.75                                        Third Year

A student who loses eligibility to receive a subsequent award has the right to petition for reinstatement should that student re-establish eligibility at the end of a subsequent year within the four-year cohort for that class. Reinstatement will be subject to the availability of funds and space in the program. Vacancies in the program will be offered to the student with the next highest selection index from the original selection group.

Use of Funds

Funds may be used for tuition, fees, books, supplies, equipment required for enrollment, room and board. The school may apply these funds to expenses but, as a condition of acceptance of funds, are not allowed to use these funds to displace any institutional gift aid it has awarded the student. Funds may be used at any eligible school that participates in the Federal Financial Aid Programs throughout the country and some foreign institutions.

The Rhode Island State Grant Program

The Rhode Island State Grant Program is designed to provide grants (non-repayable financial assistance) to those students whose family resources are not sufficient to meet the costs of higher education. Applicants for the Grant program must file a completed FAFSA.

Eligibility Requirements

To be eligible to receive a state grant, a student must:

be a US citizen or eligible non-citizen;
be a Rhode Island resident since January 1st prior to the academic year in which the applicant enrolls in school;
be enrolled or accepted for enrollment in a program that leads to a degree or certificate;
attend school on at least a half-time basis;
not owe a refund on a federal Title IV grant;
not be in default of a Title IV loan without having made satisfactory repayment arrangements with the holder of the loan to re-establish Title IV eligibility;
if already enrolled, be making satisfactory academic progress as defined by the school's satisfactory progress policy;
not already possess a bachelor's degree; and
meet Title IV eligibility requirements concerning drug convictions and registering with Selective Service.

Application Procedure

Applicants must file a Free Application for Federal Student Aid (FAFSA). This may be completed on-line or FAFSA forms are available in high school guidance offices, college financial aid offices and at the Rhode Island Higher Education Assistance Authority. This is the only form that needs to be completed to apply for the RI State Grant.

Application Deadline

The FAFSA must be received at the processing center by March 1st prior to the academic year the applicant is applying for aid.

Award Amounts

Awards range from $250 to $1400 depending on the recipient's financial need.

Additional Information

Awards can be used at eligible schools in the United States, Canada and Mexico.

Awards cannot be used for study that is beyond the traditional enrollment period of an institution's academic year* (i.e. summer study).

Awards can be renewed for up to three years (four years if a student is enrolled in a bona fide five-year program of study) if the student files a new FAFSA, continues to meet all eligibility requirements and maintains satisfactory progress as defined by the institution of enrollment.

* An academic year for purpose of applying for RI state grants is defined as that period between July 1st and June 30th, inclusive.

State Financial Aid Information

Find state financial aid information for the specific state that you live in. Find contact information for your local federal aid office, and get details about specific federal aid programs in your area.

STATE OF RHODE ISLAND FINANCIAL AID PROGRAMS

CollegeBoundfund® Academic Promise Scholarship

The Rhode Island State Grant Program

State Financial Aid Information

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