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Financial Aid

 

Recent Changes to the Student Aid Programs

150% Rule

A new borrower on or after July 1, 2013 becomes ineligible to receive additional Direct Subsidized Loans if the period during which the borrower has received such loans exceeds 150 percent of the published length of the borrower’s educational program. The borrower also becomes responsible for accruing interest during all periods as of the date the borrower exceeds the 150 percent limit.

For example, a student enrolled in a two-year program will have three years’ worth of subsidized loan eligibility and a student enrolled in a four-year program will have six years’ worth of subsidized loan eligibility.


Eligibility of Students Without a High School Diploma


If you are enrolling in higher education for the first time on or after July 1, 2012, in order to be eligible for federal student aid, you must have either a high school diploma or a recognized equivalent (such as a General Educational Development certificate (GED) or have been home schooled).

  • You will no longer have the option of becoming eligible for federal student aid by passing an approved test or completing at least six credit hours or 225 clock hours of postsecondary education.

Federal Pell Grant Program -Duration of Eligibility


Once you have received a Pell Grant for 12 semesters, or the equivalent, you will no longer be eligible for additional Pell Grants.

  • You are eligible to receive a Pell Grant for up to 12 semesters or the equivalent. If you have exceeded the 12-semester maximum, you will lose eligibility for additional Pell Grants beginning in 2012-13 school year. Equivalency is calculated by adding together the percentage of your Pell eligibility that you received each year to determine whether the total amount exceeds 600%.

  • For example, if your maximum Pell Grant award amount for the 2010-2011 school year was $5,550, but you only receive $2,775 because you were only enrolled for one semester, you would have used 50% of your maximum award for that year. If in the following school year, you were enrolled only three-quarter time, you would have used 75% of your maximum award for that year. Together, you would have received 125% out of the total 600% lifetime limit.

Direct Student Loan Changes


Direct Subsidized loans will not be eligible for an interest subsidy during the six-month grace period.

  • Subsidized loans are loans for which the borrower is not responsible for the interest while the student is enrolled in college on at least a half-time basis, when the loan is in the six-month grace period after the student is no longer enrolled at least half time, or if the loan is in a deferment status. This provision eliminates the interest subsidy provided during the six-month grace period for subsidized loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014. If you receive a subsidized loan during this timeframe, you will be responsible for the interest that accrues while your loan is in the grace period. You do not have to make payments during the grace period (unless you choose to) but the interest will be added (capitalized) to the principal amount of your loan when the grace period ends. This provision does not eliminate the interest subsidy while the borrower is in school or during eligible periods of deferment.



Application Information
Information about applying for financial aid at URI (Filling out the FAFSA).

Centennial/University Scholarship Requirements
All students who receive a Centennial or University Scholarship are subject to following certain guidelines.

Code of Conduct for Financial Aid Professionals
The Code of Conduct that prohibits conflicts of interest for employees involved with financial aid.

Disbursements and Refunds
Information regarding financial aid award disbursements.

Education Tax Benefits
Learn about tax benefits for education. Tax credits, deductions and savings plans can help taxpayers with their expenses for higher education.

Financial Aid Award Notification
Information on student's responsibilities, financial aid programs, alternative sources, loans, grants, employment, and more.

Financial Awareness Counseling

Provides tools and information to help you understand your financial aid and help you manage your finances.

You will also find some helpful tips on the College Planning Center of RI web site:  Financial Literacy

Grants & Scholarships
Information on the various grants and scholarships.

Loans
If you accept a loan, you will be required to complete a promissory note. Learn more about this here.

Need Determination
Determining the need for financial aid.

Satisfactory Academic Progress Standards
Read the policy on satisfactory academic progress for receiving federal financial aid.

Sources for Alternative Aid
Enrollment Services will assist you with information about alternative sources of financial assistance.

State Financial Aid
Applying for state financial aid and other aid forms.

Student Employment
Information of student employment and the work study program.

Withdrawal from classes and Financial Aid:

If a student withdraws or drops all classes during a semester, several billing and financial aid calculations will take place as of the last date of attendance.  This date is determined by the drop or withdrawal date in e-Campus. Federal financial aid is subject to the calculations described below in the Title IV Funds Return Policy. 

Non Title IV aid, which includes institutional aid and alternative loans, is refunded to its source on the same percentage basis as the institutional tuition refund schedule.  However, a student with an alternative loan who has an outstanding balance as a result of the refund calculation may be able to retain a greater percentage of the loan than that used in the refund calculation.  State aid and outside scholarships will be refunded to the appropriate agencies in accordance with their respective policies.

 

Title IV Funds Return Policy
Information for students who withdraw or cease attending all classes:

STUDENT WITHDRAWAL AND THE FEDERAL TITLE IV FUNDS RETURN POLICY


Federal regulations require a return of Title IV financial aid if you:
-received federal assistance in the form of a Federal Pell Grant; Supplemental Educational Opportunity Grant (SEOG); Federal Perkins Loan; Ford Federal Direct Loan (subsidized or unsubsidized); PLUS (parent or graduate) loan; Federal TEACH Grant; and
-withdrew or ceased attending all classes on or before completing 60 percent of the semester, the Federal government mandates that you may only keep the financial aid you have earned up to the time you withdraw from all classes.


To determine the amount of federal aid earned up to the time of withdrawal, Enrollment Services will divide the number of calendar days you attended classes by the total number of calendar days in the semester (less any scheduled break of five days or more). The resulting percentage is then multiplied by the total federal funds that you accepted. This calculation determines the amount of aid that you earned and are allowed to keep.
The unearned portion of your aid must be returned to the federal Title IV program from which the aid was received by the University and/or by you. A notification letter will be sent to your permanent address if your financial aid is reduced and a return is required. If you are required to return any Title IV loan funds, you will be contacted by Direct Loans with repayment information. If the University is required to return any Title IV funds, the change will be reflected on your student account.
Financial aid returned by you and/or your parent or the University must be allocated in the following order:

-Ford Federal Direct Unsubsidized Loan

-Ford Federal Direct Subsidized Loan
-Federal Perkins Loan
-Ford Federal Direct PLUS Graduate Loan
-Ford Federal Direct PLUS Parent Loan
-Federal Pell Grant
-Federal Supplemental Educational Opportunity Grant (FSEOG)
-Federal Teach Grants
-Other federal loan or grant assistance


If a student is thinking about withdrawing from all classes prior to completing 60% of the term, the student should contact Enrollment Services to determine how a withdrawal will affect financial aid. It is recommended that the student try to complete the term or complete at least 60% of the term to avoid having to repay any money that was already disbursed. If a student does not owe any money prior to withdrawal, the student may have a balance due to the University and/or the government after completion of the government required calculation.

The 60% date for the Fall 2013 semester is November 1, 2013; for the Spring 2014 semester it is March 16, 2014.

FAFSA


FAFSA on the Web

FAFSA PIN Registration


Direct Stafford Loan


Entrance Counseling

Exit Counseling


Master Promissory Note


Master Promissory Note


TEACH Grant


Agreement To Serve

Entrance Counseling

Exit Counseling


Calculating College Affordibility


College Affordibility Estimator








News

Attention: Please update your URIEmergencyALERT information here.

Attention:  Please be sure your completed FAFSA includes the University of Rhode Island Federal School Code 003414.


Quick Links

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Wednesday
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Financial Aid Walk-In Counseling

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