Federal Financial Aid Programs
Financial aid for graduate students primarily consists of student loans and employment programs. Students interested in any financial assistance from the college must complete the Free Application for Federal Student Aid (FAFSA). Students are encouraged to apply online at https://studentaid.gov. The FAFSA on the Web Worksheet can be used prior to applying online. Priority for funds administered by Rhode Island College is given to applications received by March 15 prior to the following academic year. In addition to demonstrating financial need, general eligibility requirements for financial aid include acceptance for admission as a degree candidate and status as a U.S. citizen or permanent resident.
Federal Direct PLUS Loans
Graduate students are eligible to borrow under the Federal Direct PLUS Loan Program. Students may borrow up to their full cost of attendance minus other student financial aid. For loans first disbursed between July 1, 2025, and June 30, 2026, the rate is 8.94%. Applicants must pass a credit review in order to qualify for the loan. The Federal Graduate PLUS Loan (Grad PLUS) program is being eliminated for new borrowers, with the change taking effect on July 1, 2026. While new borrowers won't be able to access Grad PLUS loans after this date, existing borrowers who received a Grad PLUS loan before July 1, 2026, can continue to borrow for up to three more years or until their program ends. Repayment of the loan begins six months after the borrower ceases to be enrolled at least half time, and interest accrues during the period of enrollment and grace period. In addition to interest, these loans have a 4.228 percent origination fee. Graduate applicants must complete the FAFSA, and they must have used their maximum eligibility under the unsubsidized Federal Direct Loan Program.
Federal Direct Loans
Unsubsidized Direct Loans have an interest charge during the in-school and grace periods. Unsubsidized Loans first disbursed on or after July 1, 2025, and before July 1, 2026. loans have a fixed interest rate of 7.94 percent and a 1.057 percent origination fee.
Graduate students may borrow up to $20,500 per year from the unsubsidized Direct Loan. Although financial need is not required for an unsubsidized loan, the FAFSA must still be filed. In all cases, the total amount of student aid from all programs is limited to a student’s total Cost of Attendance as determined by the Office of Student Financial Aid.
Federal Work-Study Program
This is a part-time employment program based on financial need. A work-study award is paid biweekly at an hourly rate based on hours worked. Wage rates reflect both the level of responsibilities and the experience of the student worker. Eligibility is determined by the Office of Student Financial Aid, using information from the FAFSA. The Center for Career and Life Design helps students with work-study awards identify opportunities both on and off campus; however, Rhode Island College cannot guarantee that a student will secure a work-study position. Federal Work Study funds for graduate student is very limited.