Financial Assistance
Financial aid for full-time students is available for those who qualify from a variety of sources. IYRS participates in the following loan programs.
- Federal Pell Grant Program
- Direct Federal Stafford Loan Program.
- PLUS – Federal Parent Loan for Undergraduate Students
- Rhode Island Family Education Loan Program
- Sallie Mae Career Training Loans
Tuition assistance is also available through the U.S. Department of Veterans Administration for veterans who qualify for educational benefits. IYRS also offers scholarships.
Federal Stafford Loans
The Direct Federal Stafford Loans are either subsidized, the government pays the interest while you are in school and during the deferment period, or unsubsidized, you are responsible for the interest from the time the loan is disbursed until it is paid in full. In order to qualify for a subsidized Stafford Loan you must be able to demonstrate financial need. Qualified students, regardless of financial need, may be eligible to receive an unsubsidized loan.
| Federal Stafford Loans
| Subsidized
| Unsubsidized |
Dependent student under 24 whether or not living
with parents |
1st year |
$3500 |
or |
$3500 |
| 2nd year |
$4500 |
or |
$4500 |
| Independent Student over 24 years of age |
1st year |
$3500 |
plus |
$4000 |
| (or another combination totaling $7500) |
| 2nd year |
$4500 |
plus |
$4000 |
| (or another combination totaling $8500) |
Loans may be a combination of subsized and unsubsidized but no more than yearly amount listed above.
Federal Direct PLUS Loans
Federal Direct Plus Loans enable parents with good credit history to borrow money to pay for the education expenses of a dependent undergraduate student. The yearly limit on a Plus Loan is equal to the cost of attendance minus any other financial aid received. Repayment of a Plus Loan, with interest, begins immediately.
Scholarships and Grants
The Federal Pell Grant and the Rhode Island State Grant are for needy applicants who have not yet received a Bachelor's degree. In 2007-2008, Federal Pell Grants awards could range from $100 to $4,310; Rhode Island State Grants awards could range from $300 to $1200. (The deadline for filing the FAFSA for the Rhode Island State Grant is March 1.) Awards are based on financial need and program costs.
Alternative Loan Sources
IYRS also participates in the Rhode Island Family Education loan program and SallieMae Career Training loans. The loan can require a credit-worthy co-borrower and permit a student to borrow for tuition plus living expenses. More information is available on their websites, www.risla.com and www.salliemae.com/ctl .
VA Benefits
Tuition assistance is also available through the U.S. Department of Veterans Administration for veterans who qualify for educational benefits. IYRS also offers scholarships.
IYRS Can Help
This process is often confusing and time-consuming but IYRS can help by answering your questions about the forms. The Financial Aid Office is open to all current and prospective students to assist in the process. Students should apply as early as possible for potential funds to provide adequate time for processing applications and planning for payment of tuition.