What Kind of Financial Aid is Out There?
Financial aid is the help that qualifying students can get to pay for things like tuition and other expenses while they are in school, if they don’t have enough money to pay for it themselves. The RSI Financial Aid Department can walk you through the process and explain the options that you qualify for.
A quality education may be the best investment you ever make, but we also understand that cost can be a major hurdle. Our Financial Aid Department will assist you throughout the entire process and will work with you to determine the appropriate plan of action.
There are several options available for those who qualify for financial aid:
- Federal Grants and Loans
- Private Loans
- Military Educational Benefits
Don't be intimidated by Financial Aid
Our experts are here to help and may also be able to assist with finding scholarship opportunities.
The Federal Student Loan program is the top source of financial aid in the United States. Loans offered through this program have low interest rates, deferred payment plans and an easy application and approval process.
Many banks offer alternative or private student loans. The rates and conditions for these loans depend on the lender, so it’s important to make sure you carefully review all of the information provided. Most private loans are based on credit, and some borrowers may need a cosigner.
The RSI Financial Aid Department has all of the application materials for federal loans and can assist you in preparing your application. Information about private loan lenders, and their terms and conditions can also be found in the RSI Financial Aid Department.
Federal grants and loans.
Listed below are the maximum amounts that you might qualify for in each program during your first academic year. These amounts are effective 7/1/13-6/30/14.
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|Types of Federal Aid Available||Range|
|Federal Pell Grant||$0 – $5645|
|Federal SEOG Grant||$0 – $334|
|Federal Subsidized Stafford Loan||$0 – $3500|
|Federal Unsubsidized Stafford Loan||$0 – $6000|
|Federal Plus Loan||Up to the cost of education less other aid received|
All loans must be repaid. To apply for federal grants and loans, you must complete the necessary applications and documents. The documents needed to apply include appropriate tax forms from the student, the student’s spouse (if applicable), and the student’s parents (if a student is a dependent). If a student has a high school diploma or a GED, we’ll need a copy of the supporting documentation.
You have options.
Sometimes students use financial aid in the form of private loans, which are not backed by the federal government. Federal loans are better because they typically have lower interest rates than private loans. If you find you need additional assistance, you can apply for loans with private lenders that will allow you to borrow additional funds above your federal loan limits to use toward tuition and fees.
Many banks offer alternative or private student loans. The rates and conditions for these loans vary, so it is important to review all available information. Most private loan lenders usually provide streamlined loan processing, competitive rates, and reliable service.
RSI also offers a variety of financial options to help students pay for their training. These options may include a zero-interest payment plan, institutional scholarships, outside scholarships, and/or assistance from third-party agencies.
Our Financial Aid Department will work with you to evaluate all of your options to find the best solution for you. Financial aid is available to those who qualify.