Federal Financial Aid Programs
Financial aid for graduate students primarily consists of student loans and employment programs. Students interested in any financial assistance from the college must complete the Free Application for Federal Student Aid (FAFSA). Students are encouraged to apply online at https://studentaid.ed.gov. The FAFSA on the Web Worksheet can be used prior to applying online. Priority for funds administered by Rhode Island College is given to applications received by May 15 prior to the following academic year. In addition to demonstrating financial need, general eligibility requirements for financial aid include acceptance for admission as a degree candidate and status as a U.S. citizen or permanent resident.
Federal Direct PLUS Loans
Graduate students are eligible to borrow under the Federal Direct PLUS Loan Program. Students may borrow up to their full cost of attendance minus other student financial aid. The PLUS interest rate is fixed at 7.60 percent, and applicants must pass a credit review in order to qualify for the loan. Repayment of the loan begins six months after the borrower ceases to be enrolled at least half time, and interest accrues during the period of enrollment and grace period. In addition to interest, these loans have a 4.248 percent origination fee. Graduate applicants must complete the FAFSA, and they must have used their maximum eligibility under the unsubsidized Federal Direct Loan Program.
Federal Direct Loans
Recent federal legislation eliminated subsidized Direct Loans for graduate students effective July 1, 2012. Unsubsidized Direct Loans have an interest charge during the in-school and grace periods. The loans have a fixed interest rate of 6.60 percent and a 1.062 percent origination fee. The repayment period extends up to 10 years, but there is a minimum monthly payment of $50.
Graduate students may borrow up to $20,500 per year from the unsubsidized Direct Loan. Although financial need is not required for an unsubsidized loan, the FAFSA must still be filed. In all cases, the total amount of student aid from all programs is limited to a student’s total educational costs as determined by the Office of Student Financial Aid.
Federal Work-Study Program
This is a part-time employment program based on financial need. A work-study award is paid biweekly at an hourly rate based on hours worked. Wage rates reflect both the level of responsibilities and the experience of the student worker. Eligibility is determined by the Office of Student Financial Aid, using information from the FAFSA. The Career Development Center helps students with work-study awards identify opportunities both on and off campus; however, Rhode Island College cannot guarantee that a student will secure a work-study position.