Our Financial Aid office is here to help you learn more about how to pay for college.
Get started with this simple Financial Aid checklist:
Approximately 80% of our student body receives some form of financial aid. The four most common types of aid include loans, grants, scholarships, and work-study.
Student loans are borrowed funds that must be repaid with interest. Typically, a bank or the government acts as the lender, and you need to meet certain criteria to qualify. RMCAD participates in the Direct Loan Program, wherein the U.S. Department of Education is the lender. Loan applications and Promissory Notes are completed online, and funds are distributed via electronic funds transfer (EFT) from the lender to RMCAD to be applied directly to the student’s tuition account. Both student Stafford Loans and Parent PLUS loans are available through this program.
While loans are common, it is important to take the decision of accepting a student loan very seriously. There are consequences for not making payments on time, so be sure to research and apply for as many grants and scholarships as you can. Make sure to understand the terms that accompany each loan, grant, or scholarship.
The first step in applying for financial aid is to complete the FAFSA as early as possible. The FAFSA will determine your eligibility for Federal grants, state aid, and student loans. Occasionally, we’ll require additional information to finalize your aid; you’ll be notified in writing if this is the case.
When completing the FAFSA, reference RMCAD’s school code: 013991. Make sure your FAFSA is 100% complete. Do not leave blanks—always answer “N/A” or “None” if you are unsure. We encourage completing your FAFSA online to reduce processing time by the Department of Education.