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:
- 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.
- 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.
- 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:
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.