Financing Your Education
2012– 2013
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 www.collegeboard.org. Complete the PROFILE online and submit it to CSS. Rice’s PROFILE number is 6609.
2. Complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. Be sure to list Rice University (code No. 003604) 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, 2012. 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, 2013. 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. 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.
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. 2012–13 recommenDeD finAnciAl AiD cAlenDAr
Early Decision
• Submit CSS/PROFILE by Nov. 15, 2012. • 2011 federal income tax forms mailed to the Office of Financial Aid at Rice by Nov. 15, 2012.
Regular Decision
• Submit CSS/PROFILE by March 1, 2013. • FAFSA (2013–14 form) filed by
Feb. 15, 2013.
• 2012 federal income tax forms submitted through IDOC by March 1, 2013.
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
FINANCING YOUR EDUCATION
Rice administers a need-blind admission process and meets 100 percent of a student’s financial need based on financial aid eligibility.
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 2013–14 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.
estimAteD stuDent buDget for 2012–13
income profile of fAmilies of fresHmen quAlifYing for neeD-bAseD finAnciAl AiD
percent of fresHmen wHo ApplieD for AnD receiveD finAnciAl AiD
34% 92%
84%
<$80 $80–$120 >$120
Annual family income in thousands
$40 $30 $20 $10
$44,053
$34,700
$17,590
<$80 $80–$120 >$120
A
verage aid package in thousands
Annual family income in thousands Information above as of Aug. 15, 2012.
rice merit-bAseD scHolArsHip recipients Amount for 2012–13
Trustee Distinguished Scholarships Students whose personal talents distinguish them within the $18,000–$23,000
context of the admitted applicants Renewable for four years
Trustee Diversity Scholarships Students whose diverse life experiences and contributions to diverse $18,000
groups distinguish them within the context of the admitted applicants Renewable for four years
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 Renewable for four years
Engineering Scholarships Outstanding applicants to the engineering school $7,500–full tuition
Renewable for four years
Allen International Scholarships Outstanding applicants who are foreign nationals Full tuition
Renewable for four years
Edgar Odell Lovett Scholarships Outstanding applicants who are foreign nationals Half tuition
Renewable for four years
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.
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, 2012.
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 713-348-4825; for Army ROTC information, call 713-743-3875; and for Air Force ROTC information, call 713-743-4932.
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 www.riceowls.com and contact the coach of the individual sport. Those interested in scholarships as an athletic managerortrainer should contact Dawn Stuckey at [email protected].
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.
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 www.aie.org
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 www.rice.edu/scholarships
List of scholarships and scholarship-granting organizations; assembled by Rice’s Office of Public Affairs.
FAFSA www.fafsa.ed.gov
Free Application for Federal Student Aid — online application to apply for federal financial aid, including grants and loans.
Fastweb www.fastweb.com
Free scholarship database.
FinAid www.finaid.org
Free scholarship database.
College Board www.collegeboard.org
Paying for college section; also includes website to complete CSS/PROFILE form.
U.S. Department of Education — Federal Student Aid http://studentaid.ed.gov
Federal site to assist in college planning and financial aid process.
NCES www.nces.ed.gov/collegenavigator
National Center for Education Statistics college opportunities online site.
simpletuition www.simpletuition.com
Lender comparison tool.
TIAA-CREF www.tiaa-cref.org
Saving for college section and review of college savings options, including educational savings accounts, UGMA/UTMA and 529 plans.
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.
Contact Us
Rice UniversityOffice of Financial Aid–MS 12 P.O. Box 1892
Houston, TX 77251-1892
Phone: 713-348-4958 Fax: 713-348-2139
Web: http://financialaid.rice.edu
