Financial Overview

Financial To-Do List:

Apply for admission if you haven't already.
Complete the FAFSA for State and Federal aid.
Talk to your Admissions Counselor about applying for RMCAD scholarships.
Talk to the Financial Aid office about any available work-study openings, and apply for private grants and scholarships.

Types of Aid

About 80% of our student body uses some form of financial aid. There are four common types of financial aid: loans, grants, scholarships and work-study.

Student Loans

Student Loans are borrowed money that must be repaid, with interest. Typically a bank or the government acts as the lender, and you have to meet certain criteria to qualify.

Grants

Grants are considered "gift aid" and do not have to be repaid. Grants are generally based on financial need.

Scholarships

Scholarships are like grants in that they do not need to be repaid. They are generally awarded based on merit or ability.

Work-study

Work-study programs provide a limited number of paying part-time jobs. Students work at the college or for a community service organization to help pay for educational expenses.

Research and apply for as many grants and scholarships as you can. Loans are common, but be aware that there are consequences for not making payments on time. Accepting a loan should be taken seriously.

Almost all kinds of financial aid require you to pass your classes, and to work towards a degree within a fixed amount of time. If you fail too many classes, or complete too few classes each term, you may have to return some or all of your financial aid money. Carefully read the terms that come with each loan, grant or scholarship.

Sources of Financial Aid

State and Federal Governments are the most common sources of financial aid. A single form is used to apply for all government aid: the Free Application for Federal Student Aid (FAFSA).

Private Outside Assistance is one of the best sources of scholarships. Think about all the groups, clubs, businesses, churches and organizations in your community. Each of these is a potential source for scholarships.