Tips and Tricks to Consider When Applying for Financial Aid at Rice University

Know that Rice is on your side.

Rice University is known for its generosity. When benefactor William Marsh Rice left $4.6 million to his namesake school’s endowment, he left behind a legacy of giving and philanthropy for students. In fact, for much of the school’s history, tuition has been free. While tuition is no longer free at Rice, the school remains true to its roots. Rice is consistently recognized on many “best value” lists for its relatively low tuition and generous financial aid policy.

Kiplinger, the Princeton Review, the Fiske Guide, and other reputable college rankings all reflect this policy, giving Rice one of the top spots on best-value lists year after year. What does that all mean for you? It means that the average total financial aid package comes out to a hefty $36,566. It means that the typical freshman scholarship package comes out to $35,132. It means that on average, Rice meets 100% of financial need through a combination of scholarships, loans, grants, and work study. It means that those people in the financial aid office aren’t there to see how they can drain every last possible drop from your wallet. They want to do whatever they can to make sure that Rice is affordable for you and your family. Go into the financial aid application process with this in mind to help alleviate any stress you might have about it.

Use the Net Price Calculator on Rice’s website for an aid and cost estimate in just 15 minutes.

Visit the student calculator for a preliminary estimate of eligibility for federal, state, and institutional aid. This calculator is an amazing resource to help you and your family gauge what kind of aid package you could be looking at. It can also help your family plan ahead to make the appropriate financial arrangements needed to cover the remaining cost of attendance, if any. Before using the calculator, make sure you have your income tax returns from the previous year available: both yours and your parents’. You should also have your earning statements (meaning W-2 forms and recent paycheck stubs) and bank statements ready. If you don’t have these documents available, take your best guess; the calculator will still come up with some aid and cost figures that you can use as a ballpark range. However, the more accurate information you can provide, the better the estimate will be.

Make sure you meet the priority aid filing dates.

You can apply for financial aid at Rice any time you want, but meeting the stated priority deadlines is important if you want a timely decision on your aid package. When the end of March rolls around and Rice admissions decisions come out, you want to know on that exact day whether Rice is a financially viable option for you. By meeting the school’s priority filing dates, you’ll receive a financial aid award letter mailed (or electronically sent) along with your admission decision.

As part of the application process, you will need to file your previous year’s tax return with the IRS, submit your FAFSA and tax returns from the previous two years, and create a CSS profile on the College Board website. Keep in mind that you’ll be juggling all these deadlines in the midst of the midterms, projects, basketball practices, and theater rehearsals you’re typically handling anyway. Get a calendar. Circle Rice’s financial aid dates and use this calendar to stay on track.

Understand the different types of aid specifically offered to Rice students.

By now, you’ve probably heard of state and federal grants like the Pell Grant. You also most likely know that there are a number of scholarships you can apply for on your own; these are known as “outside scholarships.” In addition to these forms of aid, Rice offers its own aid to students through Rice Merit Aid, Rice Tuition Grants, and Federal Work Study. You are automatically considered for Rice Merit Aid when you apply to Rice through the Office of Admission. It is the Admissions Office that evaluates academically outstanding candidates for merit aid, rather than the Financial Aid Office.

Rice Tuition Grants are given to students still eligible for unmet institutional need-based aid after outside scholarships, federal/state grants, and work study are applied. Lastly, Federal Work Study gives students the opportunity to earn $2,500 toward the cost of Rice while working in school. You can check out Financial Aid to learn more about work study opportunities and apply to ones that you’re interested in. Some of the most popular work study jobs include tutoring and staffing Rice’s very own student-run businesses!

Miranda Roberts received a degree in sociology at Rice University in 2014. She considers the double Macchiato and Danish from Rice Coffeehouse the perfect way to start the day.