FINANCIAL AID BASICS

WHAT TO KNOW ABOUT FINANCIAL AID
THE BASICS OF
FINANCIAL AID

If you or your child is heading to college in the next few years, you have most likely heard the term, "financial aid." It is a broad term that covers a wide span of topics.  RISLA's College Planning Center team can help you identify the types and sources for financial aid and provide guidance on how to get started and outline what steps you need to take to apply for any financial aid..

LOOKING FOR MORE INFORMATION?

THE FINANCIAL AID GUIDE is a free detailed informational guide to start early on financially planning for college.

IT'S NEVER TOO EARLY TO START
COLLEGE PLANNING

If you need assistance at any point in the college planning process, free help is available.

Simply schedule an appointment with the RISLA College Planning Center. The counselors can walk you through every step of the way, help you access financial aid, and answer your difficult college planning questions.

For high school seniors, it's not to late, we can catch you up quickly with the college planning timeline provided below. 

PAYING FOR COLLEGE

TYPES OF FINANCIAL AID

For higher education, financial aid is any source of money that helps students and parents fund a college education. College financial aid may be awarded based on financial need or merit.

NEED-BASED AID

Is financial aid awarded based on a family’s financial need.

MERIT-BASED AID

Is financial aid awarded for academic achievements and other talents.

FINANCIAL AID & PAYING FOR COLLEGE

SOURCES OF FINANCIAL AID

There are many financial aid programs available to assist students and families to help cover the cost of college. Funding for these programs can come from federal, state, institutional, and private sources. Financial aid can help cover the cost of expenses such as tuition and fees, room and board, books and other coursework supplies, and transportation.

FEDERAL AID

FEDERAL AID

The federal government offers three types of aid: Federal Grants, Federal Work-Study Program, and the Federal Direct Student Loan Program. Federal aid is awarded through the school after completing the FAFSA.

The requirements and repayment options vary for each type of financial assistance.

STATE AID

STATE AID

State Aid is typically grants that do not have to be paid back. The grants are awarded directly through the colleges after completing the FAFSA.

Contact your high school guidance counselor to find out more information about state aid that may be available in your state.

INSTITUTIONAL AID

INSTITUTIONAL AID

Institutional Financial Aid comes directly from the college or university you have been accepted to. The aid is awarded based on either financial need, academic merit, or both and usually does not need to be paid back.

Completing the FAFSA is required to allow schools to determine what need-based aid they may offer you.

PRIVATE AID

PRIVATE AID

Private Aid usually comes in two forms: 

Private Scholarships do not have to be paid back.  Scholarships may have a few requirements, such as an essay or documentation to apply for private scholarships. You can start your search for scholarships at RIScholarhips.org.

Private Student Loans are offered by nonprofit, state-based lenders such as RISLA. Additionally, private student loans are also offered by banks and other for profit lending organizations. 

GIFT AID VS SELF-HELP AID

GIFT AID VS. SELF-HELP AID

GIFT AID

Gift aid includes grants and scholarships and do not need to be repaid. As a rule, you always want to maximize grants and scholarships before borrowing. 

SELF-HELP AID

Self-help aid comes in the form of federal work-study and loans, requiring some sort of investment from the recipient. In the case of loans, amounts needs to be repaid, with interest. As for work-study, a student needs to find a work-study job and put in hours in order to earn the work-study funds that were awarded to them.

COLLEGE PLANNING SCHEDULE APPOINTMENT
QUESTIONS ABOUT COLLEGE PLANNING?

Schedule an appointment with one of our specialist.

HOW FINANCIAL AID ELIGIBILITY IS DETERMINED

The graph below demonstrates how your financial need varies at colleges of different costs, yet your SAI remains the same. Unfortunately, schools do not always have enough funds to meet 100% of your financial need.

For example, at College B, your financial need may be $30,000 but the school may only offer you $20,000 in financial aid. The $10,000 difference would be considered "gap" or unmet need.

CPC_COLLATERAL_FLYERS_EFC_GRAPH_0723_JUL_1100X600_OPTIMIZE

ELIGIBILITY

FEDERAL METHODOLOGY TO DETERMINE ELIGIBILITY

The Cost of Attendance (COA) includes direct costs (those on your tuition bill) and indirect costs (such as books, transportation and living expenses). 

SAI CALCULATOR

Your Student Aid Index (SAI) is determined once you submit your FAFSA. SAI is the amount your family is estimated to be able to contribute toward college costs each year. The factors to the right are some of the things considered when determining your family’s SAI.

  • Parent Income & Assets

  • Student Income & Assets

  • Age of Parents

  • Number of People in Household

TYPES OF FINANCIAL AID

HOW TO PREPARE, PLAN & PAY FOR COLLEGE
GRANTS
GRANTS

Explore what types of grants are offered for college.

EDUCATION LOANS
SCHOLARSHIPS

Learn how to search and apply for scholarships.

EDUCATION LOANS
EDUCATION LOANS

Find out what type of student loans are best for you.

WORK-STUDY
WORK STUDY

Find out what types of work study programs are offered.

TOOLS & RESOURCES

KNOWLEDGE FOR COLLEGE
ENTER TO WIN $2,000 SCHOLARSHIP

Visit our Knowledge for College Scholarship page to learn more and enter today!

EVENTS
UPCOMING VIRTUAL & IN-PERSON EVENTS

A free service offered by RISLA's College Planning Center.

RISCHOLARSHIPS.ORG
SEARCH FOR FREE SCHOLARSHIPS

Look for hundreds of hard-to-find local scholarships.

Get started with your scholarship search today!

QUESTIONS
SCHEDULE A FREE APPOINTMENT

Do you have questions about college planning?  We are here to help you prepare, plan, and pay for college.

THE COLLEGE PLANNING CENTER SUCCESS STORIES

TRUSTPILOT_LOGO

 

THIS SERVICE WAS AMAZING!

This service was amazing! It took all of the stress and uncertainty out of completing the FAFSA and CSS for my son's college process. I was even able to submit the forms early. I would recommend the RISLA College Planning Center to any family who is assisting their child in the college process. They have also let me know that they can help review costs to attend and financial aid packages when the acceptance letters come in. I am so happy that we found this service. I feel like I would have been very overwhelmed without it.

Kelly L.
PARENT
THEY WILL HELP YOU THROUGH THE PROCESS.
I am so grateful to this organization. My kids and I have been working with The College Planning Center since 2018. The staff has gotten us through the whole process - researching colleges, applying for aid, and finally reviewing offers. I can’t say enough great things about them.
 
Thank you for all you do.
 
Kristen R.
PARENT
INVALUABLE RESOURCE FOR FAFSA PLANNING!

The RI College Planning Center has been invaluable in helping me navigate the FAFSA process for the past 4 years. Every state should have a resource like this.

 

Margo K.
PARENT

RISLA PRODUCTS & SERVICES

COLLEGE PLANNING CENTER

Students and families can be overwhelmed with planning and how to pay for college.  We have experienced counselors that offer one on one assistance helping families understand all their options start to finish.

EDUCATION LOANS

We have been offering low cost, fix rate education loans for almost 30 years.  Helping students and families borrower responsibly to help achieve their higher education dreams.

REFINANCE

Refinancing may help you simplify and save when repaying student loans.  Combining outstanding balances, and securing a low interest rate with RISLA may reduce your overall repayment amount and possibly your monthly payment.

EMPLOYER REPAY

Employer Student Loan Repayment assistance is a tax-free benefit allowing employers to contribute towards the repayment of employee student loans.  This newest in-demand employee benefit helps reduce financial stress for employees while increasing retention and loyalty to employers.