850-RICR-00-00-2. RISLA's Knowledge for College Scholarship (version Technical Revision, 07/08/2018 to 02/01/2021)

To view the official Final Regulation for accessibility and readability, click Download Regulation: Download Regulation 2.1 Authority This Part is promulgated pursuant to R.I. General Laws § 16-62-6(9). 2.2 Purpose Rhode Island Student Loan Authority (RISLA) is the recipient of funds which the Board of Directors has earmarked for use for need–based educational grants or scholarships to Rhode Island residents. The criteria for eligibility are set forth in these Rules and Regulations. 2.3 Basic Eligibility to Apply A. An individual is eligible to apply for RISLA's Access Scholarship if such individual: 1. Is a Rhode Island resident and either: a. has graduated from an accredited Rhode Island high school, or b. has completed a recognized home course study, or c. has a general education diploma (GED). 2. Is accepted for enrollment at a nationally accredited 2-year or 4-year college, university or postsecondary proprietary school and provides written proof of enrollment. 2.4 Application Process An individual who meets the requirements of § 2.3 of this Part can apply by completing a Free Application For Federal Student Aid (FAFSA). Applications will be available at the Office of the Authority, the College Planning Center of Rhode Island, and at high school guidance offices. Applications will also be available at the RISLAs and College Planning Center’s web site. Completed applications should be returned as instructed on the application form. RISLA may establish application deadlines. The deadline may be extended if RISLA does not have a sufficient number of eligible applicants. 2.5 Financial Eligibility Individuals who meet the basic eligibility requirements of § 2.3 of this Part will be considered financially eligible for a RISLA Access Scholarship if their Expected Family Contribution (EFC) as reported by the US Department of Education on the applicant's Student Aid Report (SAR) is less than or equal to the cost of in state tuition at the University of Rhode Island for the most recent academic year. Applicants with an EFC greater than the cost of in state tuition at the University of Rhode Island for the most recent year will be disqualified from further consideration. Applicants meeting the financial eligibility requirement will be required to furnish a copy of their SAR. 2.6 Selection Process Scholarships in the amount of two thousand dollars ($2,000) shall be awarded by random draw to twenty-five (25) of all of the eligible applicants. Scholarships shall be disbursed by RISLA according to the recipient’s term of enrollment and following the school’s applicable add/drop period. Funds shall be disbursed either by wire transfer to the school or by check payable jointly to the school and the recipient, as RISLA deems appropriate. 2.7 Appeals Any applicant who is aggrieved by any determination with respect to his or her eligibility for a scholarship may appeal such determination in writing to the Executive Director of the Rhode Island Student Loan Authority, 935 Jefferson Boulevard, Warwick, RI 02886 within twenty (20) days of said determination. The decision of the Executive Director shall be final. 2.8 Nonavailability of Funding The RISLA Access Scholarship Program is subject to being amended, terminated or suspended by RISLA for any year for which there is not available funding for the program.