FINANCING YOUR EDUCATION
RICE’S DISTINCTIVE Admission and financial Aid POLICIES • Our admission process is need-blind for U.S. citizens, permanent residents, DACA students and undocumented students graduating from a U.S. high school who have lived in the U.S. for an extended period of time. • Rice meets 100 percent of demonstrated need for all admitted students, regardless of citizenship status. For admitted students who are ineligible for U.S. federal or state financial aid, Rice will meet full demonstrated need with institutional funds. • 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, we will meet 100 percent of need and student loans will not exceed $10,000 total over a student’s four years at Rice.
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 realworld challenges once you have earned your degree.
Fall 2016 Freshmen who applied for and received Financial Aid
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: • Need-based aid • Merit-based aid • Education funding strategies
$80–$120 Annual family income in thousands
Estimated Student Budget for 2016–17
Tuition $43,220 Fees $ 728 Room and Board $13,750 Books and Supplies* $ 800 Personal Expenses* $ 2,050 *Estimated Total $60,548 Actual costs for 2017–18 may be higher. 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 FINANCIAL AID
Determining Your NEED
3. U.S. citizens and permanent residents should complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov. Be sure to list Rice University (code No. 003604) in the College Release and Certification section.
We strongly encourage families to apply for need-based financial aid. Your demonstrated need is the difference between the cost of your Rice education and your Expected Family Contribution (EFC). Your EFC is the amount you and your family might be expected to pay toward your education.
Types of Need-Based Aid
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.
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:
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 1. Complete the College Scholarship Services (CSS) PROFILE. Register for the CSS/PROFILE at www.collegeboard.org. Complete the PROFILE online and submit it to CSS. Rice’s PROFILE number is 6609. 2. Submit signed copies of the student’s and parents’ 2015 IRS 1040, 1040A or 1040EZ tax forms and W-2 forms (or a statement from the IRS that these forms will not be filed) to the College Board Institutional Documentation Service (IDOC) at idoc.collegeboard.org.
Rice University Tuition Grant Pell Grant Supplemental Educational Opportunity Grant Texas Grants
Loans permit you to defer the cost of your education by borrowing now and paying later. For the most up-to-date information on interest rates, visit http://studentaid.ed.gov. • 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 Programs are also available. Rice students are eligible to work under either the Federal Work Study Program or the Rice University Work Program.
Notification Students admitted under Early Decision or Regular Decision who apply for financial aid by the respective deadlines will receive notification of their financial aid package at the time of admission.
Recommended Financial Aid Calendar Early Decision • Submit CSS/PROFILE by Nov. 15, 2016 • File the FAFSA by Nov. 15, 2016 • Submit 2015 federal income tax forms through Institutional Documentation Service (IDOC) by Nov. 15, 2016 Regular Decision • Submit CSS/PROFILE by March 1, 2017 • File the FAFSA by March 1, 2017 • Submit 2015 federal income tax forms through Institutional Documentation Service (IDOC) by March 1, 2017
Rice is a proud member of the QuestBridge National College Match Program. www.questbridge.org
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. All Early Decision and Regular Decision admitted students are automatically considered for Rice merit-based scholarships. No additional applications, interviews or essays are required. 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; student–athletes; and talented authors, poets and journalists. Rice Merit Scholarship
Recipients Amount for class of 2020
Trustee Distinguished Scholarships
Students whose personal talents distinguish them within the context of the admitted applicants
Trustee Diversity Scholarships Students whose diverse life experiences and contributions to diverse $24,500–$27,000/year groups distinguish them within the context of the admitted applicants 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 that build bridges between cultural, racial and ethnic groups Engineering Scholarships Outstanding applicants to the engineering school Allen International Scholarships Outstanding applicants who are foreign nationals Edgar Odell Lovett Scholarships Outstanding applicants who are foreign nationals
$24,500/year $10,000–full tuition/year Full tuition/year Half tuition/year
Lone Star Scholarships Outstanding applicants who are admitted under the Early Decision $10,000/year application plan ROTC Scholarships Athletic Scholarships Study Abroad
Navy, Army and Air Force ROTC scholarships U.S. pay for tuition, books and fees and provide a tax-free monthly allowance. Recipients are obligated to serve after graduation. ROTC scholarship applications must be submitted to the U.S. Navy, Army or Air Force by Dec. 1, 2016.
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.
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: • 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.
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
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.
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.
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.
per week, ensuring that a 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 Chegg www.chegg.com/scholarships CollegeNET www.collegenet.com College Access Loan for Texas Residents www.hhloans.com College Board www.collegeboard.org FAFSA www.fafsa.ed.gov Fastweb www.fastweb.com FinAid www.finaid.org Multicultural Community Relations www.rice.edu/scholarships NCES www.nces.ed.gov/collegenavigator SallieMae www.salliemae.com/plan-for-college
Private Loans These loans require a credit check and sometimes a co-signer. Interest rates and borrower benefits vary greatly depending on an individualâ€™s credit score. Although Rice maintains a list of lenders for private loans, we strongly encourage you to shop various lenders.
Scholarship Monkey www.scholarshipmonkey.com SimpleTuition www.simpletuition.com U.S. Department of Education â€” Federal Student Aid http://studentaid.ed.gov 529 Plan www.sec.gov/investor/pubs/intro529.htm
Contact Us Rice University Office of Financial Aid–MS 12 P.O. Box 1892 Houston, TX 77251-1892
Phone: 713-348-4958 Fax: 713-348-2139 Email: email@example.com Web: http://financialaid.rice.edu Net Price Calculator: https://rice.studentaidcalculator.com
What they are saying about Rice • 2016 Best Value School — U.S. News & World Report • 2016 Best Buy — Fiske Guide to Colleges • 2016 Best Value School — Forbes • No. 4 in the nation for Best Value among private universities — Kiplinger • No. 4 2016 Best Colleges — MONEY • No. 1 school in Texas for return on investment — SmartAsset
Published on Aug 15, 2016
This brochure is designed to help prospective students and families learn more about financing a Rice education.