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).
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.
Direct Student Loan Changes
Direct Subsidized loans will not be eligible for an interest subsidy during the six-month grace period.
As of October 1, 2013, the government sequester increases the origination fees charged to Direct Loan borrowers beyond last year's increases. The new loan fee percentages will apply only with regard to loans where the first disbursement is made on or after December 1, 2013 The new loan fees are 1.072% for Direct Subsidized and Unsubsidized loans, and 4.288% for Direct PLUS loans, both parent and graduate student PLUS loans. Interest rates will remain the same as below.
Undergraduate Subsidized and Unsubsidized Loans:
As of July 1, 2013, all subsidized and unsubsidized loans made to undergraduate students for 2013-14 will have a fixed interest rate of 3.86% with a cap of 8.25%. The loan origination fee is 1.051%.
Graduate and professional students Unsubsidized Loans:
Parent PLUS and Graduate PLUS Loans:
As of July 1, 2013, Parent PLUS and Graduate PLUS loans for 2013-14 will have an interest rate of 6.41% with a cap of 10.5%. The origination fee is 4.204%.
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.
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.
If you accept a loan, you will be required to complete a promissory note. Learn more about this here.
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.
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.
Attention: Please update your URIEmergencyALERT information here.
Attention: Please be sure your completed FAFSA includes the University of Rhode Island Federal School Code 003414.
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