Rhode Island College; How is my financial need determined?
How is my financial need determined?
Most of the financial aid available at Rhode Island College is based on financial need. Financial need is simply the difference between your cost of attending Rhode Island College and the amount that your family is expected to contribute towards that cost. Your cost of attendance depends on such factors as whether you plan to live on campus or commute and whether you are a resident of Rhode Island or another state. Enrollment plans for full- or part-time study will also influence your cost of attendance and your eligibility for assistance.
Your family contribution is based on an analysis of the information that you provide on the Free Application for Federal Student Aid (FAFSA). This analysis uses a Federal Methodology (FM) that has been mandated by the federal government for use in awarding federal student aid. The analysis considers a number of factors, such as taxable and nontaxable income, family size, the number of family members in college, and certain assets like savings and investments. The analysis is designed to estimate a family's capacity for absorbing educational expenses over time. It is also designed to treat families with similar financial circumstances in similar ways, and families with different circumstances in proportional ways. As such, it is more complicated than a cash flow analysis, which would simply match current expenses to income.
Cost of Attending Rhode Island College
Less: Family Contribution
Equals: Financial Need
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