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Rights and Responsibilities
RISD awards financial aid to recipients on a non-discriminatory, equal opportunity basis.
Financial aid recipients must be matriculated and pursuing courses leading to a degree.
Students must be enrolled at least half-time for the following Federal programs:
Federal Work Study, Perkins AND Federal Direct Stafford Loans. (
If your attendance falls below half-time, you will be using your grace period for repayment of your Perkins and Federal Direct Stafford Loans).
Financial aid recipients must meet Satisfactory Academic Progress standards. Please review the
Satisfactory Academic Progress policy
Financial aid awards are processed on the basis of full-time attendance for undergraduate students (12 or more credits per semester). Any changes in enrollment status, such as number of credits, leave of absence, withdrawal, graduation or completed requirements for bachelor’s degree, may result in reevaluation of the award(s).
The student may then become responsible for the balance of his/her bill and all late fees.
If you officially or unofficially withdraw during a payment period or period of enrollment, the amount of financial aid that you have earned up to that point is calculated by a specific formula. If no last date of attendance can be determined, the student must repay all funds credited to his or her account. If you receive more assistance than you earned, the excess funds must be returned.
Students must notify the
Financial Aid Office
as well as the
of any change to the following: address, withdrawal, leave of absence or change in the number of credits attempted. Receipt of any outside sources of financial aid, including grants or scholarships, may require adjustments to your financial aid package.
The institution is required by federal regulations to review selected financial aid applications through the process of verification. The deadline for you to submit required financial aid documents for verification is
from the date of your notification. Failure to submit your documents within this timeframe may result in a delay or cancellation of your financial aid awards. If your award changes as a result of verification, you will be notified by mail or email.
The Financial Aid Office reserves the right to request verification of any data submitted by parents or applicants. If the data is found to be incorrect, the data may
be corrected and the award revised. If the applicant is determined ineligible for financial aid, the applicant’s award can be withdrawn. The applicant will then be responsible for payment of all expenses incurred.
Awards are based on information provided by the applicant and are subject to revisions and/or cancellation at any time if: federal or state regulations change; federal, state or institutional fund allocations change; estimated family contribution changes; student receives a scholarship, VA educational benefits, or an error is made in the calculation of eligibility or award, whether by the Servicer or the institution.
Financial aid awards are for an academic year, with equal payments for the fall and spring terms. With the exception of Federal Work Study, half of the total award will be credited to the fall semester and half to spring. These amounts will be transmitted to the Student Account’s Office and posted on your account. After the aid is disbursed and the student account is paid in full, the Student Account’s Office will issue any remaining balance of financial aid funds to you. You will receive notification from the Student Account’s Office for the exact date when the refund will be issued. If financial aid does not cover your bill, you will be responsible for the difference.
Contact the Student Account’s Office
to make payment arrangements or for personal deferment/budget plan information.
First-time Federal Direct Stafford Loan Borrowers
Federal Direct Stafford Master Promissory Note (MPN).
Stafford loan proceeds cannot be disbursed until the student has met these conditions.
Students who are first time Federal Perkins Loan borrowers must complete
and sign a
Perkins Master Promissory Note
with the Bursar’s Office.
Students who are awarded Federal Work Study as part of their financial aid package have the opportunity to work on campus in a variety of jobs, or off campus in non-profit agencies. The program is a great way to earn spending money while at school. You will be required to complete several forms before you can begin working.
The Federal Direct PLUS and/or Alternative loan resources will be applied to the bill after action is taken on your part and approval is received.
If you receive an outside scholarship, your awards may be adjusted. It is your responsibility to provide scholarship information to the Financial Aid Office.
Please note that students cannot use any current financial aid to pay prior educational expenses.
It is your responsibility to file a
Free Application for Federal Student Aid (FAFSA)
form each academic year by
The institution is absolved of any and all responsibility for funding in the event that a grant and/or a loan or any other financial assistance is based upon fraudulent, inaccurate or misleading information.
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Foundation Studies students consider each other's work under the guidance of Professor Merlin Szasz.