Financial Aid Available for Qualified Students

How much financial aid students are eligible to receive at Rio Grande depends on two different factors: merit and need.
Merit-based aid is determined based on special achievement or a specific talent. The most common type of merit-based aid are scholarships, which typically come from either outside sources or Rio Grande. All of Rio Grande’s merit scholarships are listed under the scholarships tab on our financial aid homepage.
The majority of financial aid offered to Rio Grande students is need-based aid, which is generally determined by your Expected Family Contribution (EFC), year in school, enrollment status, and cost of attendance (COA).

The formula to determine financial need is:
Cost of Attendance (COA) – Expected Family Contribution (EFC) = Eligibility for need-based aid

Cost of Attendance (COA) is used to determine eligibility for financial aid and reflects the different estimated costs to attend Rio Grande. This budget is comprised of; direct costs (tuition and fees, on-campus room and board), and indirect costs (transportation, personal miscellaneous expenses, books and supplies, and off-campus living). Rio Grande’s Cost of Attendance is posted on our financial aid webpage under eligibility.

The actual cost of attending Rio Grande may differ from the estimated COA used to determine eligibility for financial aid.

Expected Family Contribution (EFC) is the amount students and their family are expected to pay toward a college education. This is calculated using a formula established by the U.S. Department of Education based on the information the student and their family provide on the Free Application for Federal Student Aid (FAFSA)

Eligibility for need-based aid is the result of COA minus EFC, and establishes the different Federal and State aid eligibility annually. It is important to note that while the goal is to meet the full-demonstrated need of students, limited resources do not always allow this to happen. In cases where a student receives assistance in an amount less than the demonstrated financial need, families may need to pay more than the calculated EFC in order to cover the costs associated with enrollment at Rio Grande.

Types of need-based financial aid include:

  1. Federal – Federal financial aid, also known as Federal Title IV Aid, includes Pell Grant, Supplemental Educational Opportunity Grant (SEOG), Perkins Loan, Stafford Loan, Federal Work Study, and Federal TEACH Grant. All of these are available at University of Rio Grande and Rio Grande Community College. Students must complete a FAFSA (Free Application for Federal Student Aid) to be eligible for federal aid. Eligibility for federal aid program is determined by the federal government and based on each student’s FAFSA.
  2. State – The State of Ohio offers an Ohio College Opportunity Grant (OCOG), which can be applied for all residents of Ohio. The grant is based on need. Students must complete a FAFSA (Free Application for Federal Student Aid) and be considered university status to be eligible for state aid.
  3. Private – Many private and local organizations have grants and scholarships available to students who meet certain criteria. All students are encouraged to perform their own scholarship search. The local library is an excellent source of information on scholarships. The Internet is also a good starting place to search for additional funding to help with educational costs. The following websites are recommended to search for scholarships:

www.rio.edu
www.scholarships.com
www.fastweb.com
www.scholaraid.com
www.collegescholarships.com

Please note that financial aid is based on the number of credit hours taken each semester. Enrolling in less than 12 credit hours per semester will result in a reduction in financial aid. Students should contact the Financial Aid Office with any questions regarding changing the number of credits enrolled per semester.

Application Directions
Students interested in applying for financial aid must complete the Free Application for Federal Student Aid (FAFSA) beginning October 1 annually. The FAFSA can be submitted by completing a paper FAFSA, FAFSA Renewal Application, or through the Internet by using FAFSA on the web (www. fafsa.ed.gov). Students must indicate University of Rio Grande’s federal school code (003116) on the FAFSA to ensure proper disclosure of the students’ FAFSA information to the Financial Aid Office.

Rio Grande has a priority filing deadline of March 15th. It is very important to apply as early as possible due to limited amounts of funding for certain federal financial aid. The Supplemental Educational Opportunity Grant (SEOG) and Federal Work Study are programs that are awarded on a first-come, first-serve basis to eligible students.

Awards are made on an annual basis and priority will be given to early applicants. Returning students should complete the FAFSA no later than March 15th of each year. Eligibility for federal, state, and institutional financial aid is determined from the results of the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to determine the family’s ability to meet the student’s cost of education, which is used to determine financial need.

Notification of financial aid eligibility will be made to new students by an E-mailed or mailed Award Letter, and returning students via E-mail.

Any student that is interested in obtaining a Federal Stafford Loan or Federal Perkins Loan must also complete a Master Promissory Note (MPN). The MPN is a multi-year promissory note that remains active up to 10 years. This means that once a student completes the MPN, another MPN is not required for borrowing for 10 years. This process is designed to eliminate paperwork and simplify the process of applying for a Federal Student Loan. Students are asked to complete this process online by going to the federal loan website at (www.studentloans.gov).

Various alternative loan programs are available from private lenders to help students with educational expenses throughout the academic year. Most of these loans are credit based and may require a co-signer depending on credit history. A variety of alternative loan options are available in the Financial Aid Office and on the website (/financial-aid/loans/ ). Please contact the Financial Aid Office (phone: 740-245-7218, e-mail: finaid@rio.edu) to apply for an alternative loan or if additional information is required.

Finalized financial aid will be disbursed to the student’s account after the drop/add period each term. Students must have completed and submitted all necessary paperwork required by the Financial Aid Office before financial aid will be credited to the student’s account. Balances owed after financial aid is applied to the student’s account are the responsibility of the student.