For families whose income is $80,000 or less, Rice will meet 100 percent of need eligibility without student loans. For families whose income is more than $80,000 and who demonstrate need eligibility, we will meet 100 percent of need and student loans will not exceed $10,000 total over a student’s four years at Rice.
NEED-BASED FINANCIAL AID
Determining Your Eligibility We strongly encourage families to apply for need-based financial aid. A completed financial aid file is needed to determine who is eligible for need-based aid and the amount of aid that should be given. Your financial aid eligibility is defined as the difference between the cost of your Rice education and your Expected Family Contribution (EFC). Your EFC is defined as the amount you and your family might be expected to pay toward your education. Many considerations are built into the formula used to compute your eligibility. The most important variables used in computing ability to pay are combined family income, number of children enrolled in undergraduate education, family and student assets, and size of household. Other variables taken into account include home equity and the age of the primary income earner. The final computation of your eligibility is made at Rice using both federal and institutional methodologies. All forms are reviewed individually with allowances made for special family circumstances and new or unusual financial situations. How to Apply The three steps outlined below must be completed in order for the Office of Financial Aid to offer a need-based financial package. The first two steps are completed online.
2. Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. Be sure to list Rice University (code No. 003604) in the College Release and Certification section. 3. Submit to the College Board a signed copy of the student’s and parents’ 2013 IRS 1040, 1040A or 1040EZ tax forms and W-2 forms or a statement from the IRS that these forms will not be filed. Early Decision applicants should mail 2012 tax forms directly to Rice’s Office of Financial Aid.
• Federal Stafford Student Loans are low-interest subsidized and unsubsidized loans made to students attending school on at least a half-time basis. Subsidized loans require financial aid eligibility, but unsubsidized loans are available to all students. Work Study Programs are also available. Rice students are eligible to work under either the Federal Work Study Program or the Rice University Work Program. Work study is never a requirement; it is simply a good way to gain practical work experience and cover educational or personal expenses.
Building a Package Based on the documentation of family income, assets and obligations, our Office of Financial Aid will calculate how much you and your parents may be expected to contribute toward your education. If that figure is less than the cost to attend Rice, we will prepare a need-based aid package that may include grants, scholarships, student loans and/or work study to make up the difference. Types of Need-Based Aid Grants are a very desirable form of financial assistance because, like scholarships, they do not require repayment. Most Rice undergraduates with financial need receive some grant money, with awards ranging from $1,000 up to full tuition. The following grants can be awarded to Rice students: • • • •
Rice University Tuition Grant Pell Grant Supplemental Educational Opportunity Grant Texas Grants
1. Complete the College Scholarship Services (CSS) PROFILE. Register for the CSS/PROFILE at www.collegeboard.org. Complete the PROFILE online and submit Loans permit you to defer the cost of your it to CSS. Rice’s PROFILE number is 6609. education by borrowing now and paying later. For the most up-to-date information on interest rates, visit http://studentaid.ed.gov.
Notification Notification of your financial aid award depends on two variables: which admission application plan you use and how early you submit the financial aid application forms. Students admitted under Early Decision who demonstrate financial aid eligibility will receive a financial aid package in their admission packet. To apply for need-based aid, Early Decision applicants must submit the CSS/PROFILE and the student and parent 2012 income tax and W-2 forms by Nov. 15, 2013. Early Decision applicants should mail 2012 tax forms directly to Rice’s Office of Financial Aid. For Regular Decision applicants, the CSS/PROFILE priority filing deadline is March 1, 2014. Submitting the FAFSA and tax information by the priority deadline is recommended in order to receive your financial aid package with your admission letter (and prior to May 1, 2014, the National Candidate’s Reply Date). However, we will continue to process all completed financial aid applications through July 31, 2014.
Rice administers a need-blind admission process for U.S. citizens and permanent residents and meets 100 percent of a student’s financial need based on financial aid eligibility.
FINANCING YOUR EDUCATION
An Investment in Your Future A Rice education offers you a lifetime return on your investment. You will receive a superior education and be empowered to face real-world challenges once you have earned your degree. Assessing Your Individual Needs Because each family’s financial goals and assets are unique, your family’s student aid package will probably differ from those extended to others. The information in this brochure is designed to clarify the financial aid application process and identify the assistance options that are available to Rice students and families. The three types of financial assistance covered in this brochure include the following:
Early Decision • Submit CSS/PROFILE by Nov. 15, 2013. • 2012 federal income tax forms mailed to the Office of Financial Aid at Rice by Nov. 15, 2013. Regular Decision • Submit CSS/PROFILE by March 1, 2014. • FAFSA (2014–15 form) filed by Feb. 15, 2014. • 2013 federal income tax forms submitted through IDOC by March 1, 2014.
$80–$120 Annual family income in thousands
income PROFILE of Families of Freshmen qualifying for need-based financial Aid $43,796 Average aid package in thousands
2013–14 Recommended Financial Aid Calendar
Total $54,291 Actual costs for 2014–15 may be higher.
2013–2014 Freshmen who applied for and received Financial Aid
The Rice Net Price Calculator at https://rice.studentaidcalculator.com will provide your family with a preliminary estimate of federal, state and institutional aid eligibility. With this estimate, your family will have a clearer picture of the funding strategies you should explore in order to cover the cost of attendance. For the most accurate estimate, you should have the following items available: 2012 income tax returns for parent and student, earnings statements (W-2 forms, recent paycheck stubs), and bank statements.
Tuition $38,260 Fees $ 681 Room and Board $13,000 Books and Supplies* $ 800 Personal Expenses* $ 1,550 *estimated
This budget is based on both direct and indirect school expenses, including such variables as personal expenses and transportation. The room and board charge covers three meals a day on weekdays and two meals a day on weekends.
• Need-based aid • Merit-based aid • Education funding strategies RICE Net Price CALCULATOR
Estimated Student Budget for 2013–14
$40 $31,131 $30 $22,153 $20 $10
$80–$120 Annual family income in thousands
Information above as of June 15, 2013.
All admitted students are automatically considered for Rice merit-based scholarships. No additional applications, interviews or essays are required.
Competing for Merit-Based Aid
Rice offers merit-based awards to students whose scholastic and personal achievements distinguish them as “impact people” within our highly talented group of admitted students. Recipients tend to be outstanding scholars with talents and personal achievements that will enhance the Rice population. Past recipients include political and community service leaders; researchers and math/science competition winners; creative and performance artists; entrepreneurs; scholar–athletes; and talented authors, poets and journalists. Rice Merit-Based Scholarship Recipients Trustee Distinguished Scholarships
Amount for 2013–14
Students whose personal talents distinguish them within the context of the admitted applicants
$21,000–$24,000 Renewable for four years
Trustee Diversity Scholarships Students whose diverse life experiences and contributions to diverse $21,000–$24,000 groups distinguish them within the context of the admitted applicants Renewable for four years Century Scholars Program Students who demonstrate an aptitude for research with a $4,000 faculty mentor Renewable for two years plus a guaranteed research mentorship Barbara Jordan Scholarships Students who have distinguished themselves through initiatives $21,000 that build bridges between cultural, racial and ethnic groups Renewable for four years Engineering Scholarships Outstanding applicants to the engineering school $10,000–full tuition Renewable for four years Allen International Scholarships Outstanding applicants who are foreign nationals
Full tuition Renewable for four years
Edgar Odell Lovett Scholarships Outstanding applicants who are foreign nationals
Half tuition Renewable for four years
U.S. Navy, Army and Air Force ROTC scholarships pay for tuition, books and fees and provide a tax-free monthly allowance. Recipients are obligated to serve on active duty with the U.S. Navy, Army, Air Force or Marine Corps after graduation. ROTC scholarship applications must be submitted to the U.S. Navy, Army or Air Force by Dec. 1, 2013.
If you receive need-based financial aid or merit scholarships from Rice, you will be able to use these funds in a Rice-sponsored study abroad program. If the program is more expensive than attending Rice, aid will be granted up to the standard Rice cost of attendance budget. If the program is less expensive, the cost of attendance budget will be adjusted accordingly when aid is awarded.
As an NCAA Division I school, Rice offers athletic scholarships for both men and women in the following sports:
Rice University administers the Navy ROTC program. The Air Force and Army ROTC programs are offered in cooperation with the University of Houston. For more information about the Navy program, call 713-348-4825; for Army ROTC information, call 713-743-3875; and for Air Force ROTC information, call 713-743-4932.
• Men — baseball, basketball, cross-country, football, golf, tennis, and track and field. • Women — basketball, cross-country, soccer, swimming, tennis, track and field, and volleyball. For detailed information, visit www.riceowls.com and contact the coach of the individual sport. Those interested in scholarships as an athletic manager or trainer should contact Dawn Stuckey at firstname.lastname@example.org.
Last year, Rice students brought in more than $3 million in outside scholarships.
We strongly encourage you to look for outside resources to help fund your Rice education. There are national, state and local scholarships available through both public and private sources. Consult your guidance counselor, research guidebooks and the Internet.
There are many opportunities for students to earn money, both on and off campus. You do not need to demonstrate financial aid eligibility to have a campus job. Students with jobs typically choose to work 10 to 12 hours per week, ensuring that a
Parent Loans The Federal Parent Loan for Undergraduate Students (PLUS) program is a fixed-interest loan made to parents or legal guardians of dependent undergraduate students. Eligibility is not based on demonstrated financial need. Federal Stafford Loans Direct Unsubsidized Loans are available to undergraduates; there is no requirement to demonstrate financial need. Rice determines the amount you can borrow based on cost of attendance and other financial aid you receive. Deferred Payment Plan Rice offers a deferred payment plan to families of enrolled students. The plan requires a 25 percent down payment at the beginning of each semester followed by three monthly installments. It includes a small interest charge. Private Loans These loans require a credit check and sometimes a co-signer. Interest rates and borrower benefits vary greatly depending on an individual’s credit score. Although Rice maintains a list of lenders for private loans, we strongly encourage you to shop various lenders.
campus job will not interfere with studies or full participation in extracurricular activities. In fact, studies have shown a strong correlation between holding a campus job and high academic performance.
College Funding Websites Adventures in Education www.aie.org Award-winning website to help pick a career, select schools and find options for financing education; begins with middle school planning; also available in Spanish. Multicultural Community Relations www.rice.edu/scholarships A list of scholarships and scholarship-granting organizations; assembled by Rice’s Office of Public Affairs. FAFSA www.fafsa.ed.gov Free Application for Federal Student Aid — online application to apply for federal financial aid, including grants and loans. Fastweb www.fastweb.com Free scholarship database. FinAid www.finaid.org Free scholarship database. College Board www.collegeboard.org Paying for college section; also includes website to complete CSS/PROFILE form. U.S. Department of Education — Federal Student Aid http://studentaid.ed.gov Federal site to assist in college planning and financial aid process. NCES www.nces.ed.gov/collegenavigator National Center for Education Statistics college opportunities online site. SimpleTuition www.simpletuition.com Lender comparison tool. TIAA-CREF www.tiaa-cref.org Saving for college section and review of college savings options, including educational savings accounts, UGMA/UTMA and 529 plans.
Contact Us Rice University Office of Financial Aidâ€“MS 12 P.O. Box 1892 Houston, TX 77251-1892
Phone: 713-348-4958 Fax: 713-348-2139 Web: http://financialaid.rice.edu Net Price Calculator: https://rice.studentaidcalculator.com
Contact Us Rice University Office of Financial Aidâ€“MS 12 P.O. Box 1892 Houston, TX 77251-1892 Phone: 713-348-4958 Fax: 713-348-2139 Web: http://financialaid.rice.edu Student Aid Calculator: https://rice.studentaidcalculator.com
Published on Aug 2, 2013