1 Financing Your Education
2 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 eligibility, we will meet 100 percent of need and student loans will not exceed $10,000 total over a student s four years at Rice. NEED-BASED FINANCIAL AID Determining Your Eligibility We strongly encourage families to apply for need-based financial aid. A completed financial aid file is needed to determine who is eligible for need-based aid and the amount of aid that should be given. Your financial aid eligibility is defined as the difference between the cost of your Rice education and your Expected Family Contribution (EFC). Your EFC is defined as the amount you and your family might be expected to pay toward your education. Many considerations are built into the formula used to compute your eligibility. 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. 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 The three steps outlined below must be completed in order for the Office of Financial Aid to offer a need-based financial package. The first two steps are completed online. 1. Complete the College Scholarship Services (CSS) PROFILE. Register for the CSS/PROFILE at Complete the PROFILE online and submit it to CSS. Rice s PROFILE number is Complete the Free Application for Federal Student Aid (FAFSA) at Be sure to list Rice University (code No ) in the College Release and Certification section. 3. Submit to the College Board a signed copy of the student s and parents 2012 IRS 1040, 1040A or 1040EZ tax forms and W-2 forms or a statement from the IRS that these forms will not be filed. Early Decision applicants should mail 2011 tax forms directly to Rice s Office of Financial Aid. Building a Package Based on the documentation of family income, assets and obligations, our Office of Financial Aid will calculate how much you and your parents may be expected to contribute toward your education. If that figure is less than the cost to attend Rice, we will prepare a need-based aid package that may include grants, scholarships, student loans and/or work study to make up the difference. Types of Need-Based Aid 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: 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. At the time of this publication, interest rates varied from 5 to 8.5 percent per year for federal student loans. Federal Stafford Student Loans These 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 Study Programs are also available. Rice students are eligible to work under either the Federal Work Study Program or the Rice University Work Program. Work study is never a requirement; it is simply a good way to gain practical work experience and cover educational or personal expenses. Notification Notification of your financial aid award depends on two variables: which admission application plan you use and how early you submit the financial aid application forms. Students admitted under Early Decision who demonstrate financial aid eligibility will receive a financial aid package in their admission packet. To apply for need-based aid, Early Decision applicants must submit the CSS/PROFILE and the student and parent 2011 income tax and W-2 forms by Nov. 15, Early Decision applicants should mail 2011 tax forms directly to Rice s Office of Financial Aid. For Regular Decision applicants, the CSS/PROFILE priority filing deadline is March 1, Submitting the FAFSA and tax information by the priority deadline is recommended in order to receive your financial aid package with your admission letter (and prior to May 1, 2013, the National Candidate s Reply Date). However, we will continue to process all completed financial aid applications through July 31, 2013.
3 Rice administers a need-blind admission process and meets 100 percent of a student s financial need based on financial aid eligibility. FINANCING YOUR EDUCATION 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 real-world challenges once you have earned your degree. 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 Estimated Student Budget for Tuition $36,610 Fees $ 682 Room and Board $12,600 Books and Supplies* $ 800 Personal Expenses* $ 1,550 *estimated Total $52,242 Actual costs for 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. RICE STUDENT AID CALCULATOR The Rice Student Aid Calculator at https://rice.studentaidcalculator.com will provide your family with a preliminary estimate of federal, state and institutional aid eligibility. With this estimate, your family will have a clearer picture of the funding strategies you should explore in order to cover the cost of attendance. For the most accurate estimate, you should have the following items available: 2011 income tax returns for parent and student, earnings statements (W-2 forms, recent paycheck stubs), and bank statements Recommended Financial Aid Calendar Early Decision Submit CSS/PROFILE by Nov. 15, federal income tax forms mailed to the Office of Financial Aid at Rice by Nov. 15, Regular Decision Submit CSS/PROFILE by March 1, FAFSA ( form) filed by Feb. 15, federal income tax forms submitted through IDOC by March 1, Percent of Freshmen who applied for and received Financial Aid 84% 92% <$80 $80 $120 >$120 Annual family income in thousands 34% income PROFILE of Families of Freshmen qualifying for need-based financial Aid Average aid package in thousands $40 $30 $20 $10 $44,053 Information above as of Aug. 15, $34,700 $17,590 <$80 $80 $120 >$120 Annual family income in thousands
4 All admitted students are automatically considered for Rice merit-based scholarships. No additional applications, interviews or essays are required. MERIT-BASED SCHOLARSHIPS 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. 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; scholar athletes; and talented authors, poets and journalists. Rice Merit-Based Scholarship Recipients Amount for Trustee Distinguished Scholarships Students whose personal talents distinguish them within the $18,000 $23,000 context of the admitted applicants Trustee Diversity Scholarships Students whose diverse life experiences and contributions to diverse $18,000 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 $18,000 that build bridges between cultural, racial and ethnic groups Engineering Scholarships Outstanding applicants to the engineering school $7,500 full tuition Allen International Scholarships Outstanding applicants who are foreign nationals Full tuition Edgar Odell Lovett Scholarships Outstanding applicants who are foreign nationals Half tuition ROTC Scholarships U.S. Navy, Army and Air Force ROTC scholarships pay for tuition, books and fees and provide a tax-free monthly allowance. Recipients are obligated to serve on active duty with the U.S. Navy, Army, Air Force or Marine Corps after graduation. ROTC scholarship applications must be submitted to the U.S. Navy, Army or Air Force by Dec. 1, 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 ; for Army ROTC information, call ; and for Air Force ROTC information, call Study Abroad If you receive need-based 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. Athletic Scholarships 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 and contact the coach of the individual sport. Those interested in scholarships as an athletic manager or trainer should contact Dawn Stuckey at
5 Last year, Rice students brought in more than $3.2 million in outside scholarships. FUNDING STRATEGIES Outside Scholarships 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. Work Opportunities 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 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. 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. Federal Stafford Loans These are low-interest loans made to students attending school on at least a half-time basis. Loans are coordinated by Rice. Subsidized loans require financial aid eligibility, but unsubsidized loans are available to all students. 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. Private Loans These loans require a credit check and sometimes a co-signer. Interest rates and borrower benefits vary greatly depending on an individual s credit score. Although Rice maintains a list of lenders for private loans, we strongly encourage you to shop various lenders. College Funding Websites Adventures in Education Award-winning website to help pick a career, select schools and find options for financing education; begins with middle school planning; also available in Spanish. Multicultural Community Relations List of scholarships and scholarship-granting organizations; assembled by Rice s Office of Public Affairs. FAFSA Free Application for Federal Student Aid online application to apply for federal financial aid, including grants and loans. Fastweb Free scholarship database. FinAid Free scholarship database. College Board Paying for college section; also includes website to complete CSS/PROFILE form. U.S. Department of Education Federal Student Aid Federal site to assist in college planning and financial aid process. NCES National Center for Education Statistics college opportunities online site. simpletuition Lender comparison tool. TIAA-CREF Saving for college section and review of college savings options, including educational savings accounts, UGMA/UTMA and 529 plans.
6 Contact Us Rice University Office of Financial Aid MS 12 P.O. Box 1892 Houston, TX Phone: Fax: Web: Student Aid Calculator: https://rice.studentaidcalculator.com