Rice expands income brackets and commits to loan-free financial aid

Rice expands income brackets and commits to loan-free financial aid
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Allen Channing Wang Webb Financial Aid Center

Channing Wang / Thresher

Written by Hajira Naveed 11/11/22 11:06 PM

rice announce Expand income brackets to invest in rice and commit to providing loan-free assistance to all students who qualify for need-based aid. These financial aid policy changes were announced in December and will be applicable to all current and incoming students starting in the fall of 2022.

The university previously provided loan-free assistance to families eligible to invest in rice, with a total income of less than $200,000. The recent expansion of the policy includes all students, both domestic and international, who are eligible for any amount of assistance based on need.

the rice investment Income thresholds were also extended from $65,000 to $75,000, for families to qualify for full tuition, fees, and room and board, and the middle-class bracket was extended from $135,000 to $140,000 for families to qualify for full tuition.

President David LeBron said the timing of this decision was influenced by the university’s strong returns on its discontinuation last year.

“Although a large portion of [the return] “There is a need to make up for a lower return in the previous year and to prepare for the market downturn, we felt that part of the dividend benefits should be applied to increase student financial aid,” LeBron said.

The announcement came shortly before the regular application deadline for the class of 2026. Yvonne Romero da Silva, vice president of registration, said that although the application deadline did not prompt the decision to make changes to the financial aid policy, the deadline did. effect when the ad was released.

“If we want to have a more immediate impact on our potential students and families [the announcement had to be made] Before the application deadline, Romero da Silva said. “We’ve noted that we can take advantage of the potential impact on the decisions of students and families who have been considering the use of Rice.”

Romero da Silva said the increase in applications in this cycle, up six percent from last year, is likely in part due to financial aid expansion. When the Rice Investment project was announced in 2018, orders increased at a record rate 30 percent.

“I did not expect [this year’s increase] “It will be as high as it was when we announced it in 2018, because at that time our financial aid package, Rice Investment, was very innovative,” Romero da Silva said. “It really caught the attention of the higher education scene.”

Ann Walker, Assistant Vice President and Executive Director of Financial Aid, said in the Rice newspaper press release The goal of expanding financial aid is to invest in student promises.

“By offering loan-free financial aid packages, we continue to invest in our students and their ability to create a bright future free of student debt,” Walker told Rice News.

LeBron said Rice’s goal in the coming years is to continue to enhance financial aid for international students.

“A priority for Rice’s recent ‘Be Bold’ campaign is to raise endowment funds for financial assistance so that we can permanently ensure that Rice’s education is accessible to students of all financial circumstances,” LeBron said.

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