Topic: Rice University Financial Aid
Chat Moderator
Bonnie Rogers, Associate Director of Student Financial Services
Transcript: August 27, 2009. 7:00-9:00 pm
GrahamT:
How many students got QB matched last year at Rice?
FinAidBonnie:
It varies from year to year how many are matched. Last year 6.
GrahamT:
Is Rice getting a lot more apps this year like many of the other schools who have good aid money?
FarahA1:
when you say need based. . .is that FAFSA? because I know FAFSA is just a loan that will eventually need to be paid off, and scholarships don't have to be paid off right?
SamanthaM7:
Questbridge has income limits for every partner college I remember seeing it on the webpage but can no longer find the partner college income limits what are the income limits for Rice
FinAidBonnie:
Last year Rice had a record number of apps; too early to tell this year, but looks to be another year with an outstanding number.
RaulD:
Yes they are indeed many scholarships that Rice gives, although can you please tell me the amount that Rice covers for the average student that gets accepted?
FinAidBonnie:
FAFSA is an application form used to qualify for government grants and loans and is used by some schools to determine other aid (we use the college board PROFILE for Rice aid)
FinAidBonnie:
Most families that apply through QB have family incomes of less thank 60K.
SamanthaM7:
Thanks
FinAidBonnie:
Can't really give an average; it varies from year to year, student by student as to how much aid offered.
GrahamT:
Again from my sister's application experience: Isn't it true that Rice has lower tuition than comparables because the endowment buys it down? By how much?
FinAidBonnie:
And Farah, Rice limits the amount of loans is offers as need-based aid to $2500 a year. For students from families with income under 80K, no loans are offered.
FinAidBonnie:
Graham--you are well read! I don't know what the current discount rate is, but yes, the endowment does help keep the tuition from being as high as it would be if students were charged actual cost per student.
RaulD:
Thank you so much for the info finaidbonnie see you later guys
ReginaL:
what if our parents are divorced
ReginaL:
do you only consider the custodial parent's income?
hoyinlamcolin:
how is the aid being paid to me? monthly or bi-quarterly or yearly?
FinAidBonnie:
Divorced parents--income information on each parent is part of the application process. If you have special circumstances, you can contact the financial aid office to discuss your situation.
FinAidBonnie:
Aid is credited on a semester basis. (Fall disbursement and spring disbursement.)
hoyinlamcolin:
if being matched as a Questbridge finalist, do i have to renew the financial aid app every year?
GrahamT:
Thanks Bonnie--
FinAidBonnie:
As a QB student you do reapply each year--you are guaranteed the funding, but we need to application to determine what sources Rice will use to fund the award.
KimC:
How do we receive the aid--as a check?
hoyinlamcolin:
ok thnx
FinAidBonnie:
If you have a QB award, most of the award goes towards Rice charges--tuition, fees, room, board. What is left is issued to you as a check.
KimC:
I see, thank you.
CliffordM:
Say someone isn't matched through QB, but Rice is for sure their absolute first choice school. Will the application default over to the Early Decision applicant pool, and if so, does that offer any sort of advantage?
UchennaA:
Does the questbridge scholarship cover living expenses as well? Or just academic ones?
FinAidBonnie:
After the match, if you don't match with anyone else, you can contact Rice to fill out a verification form to be considered as early decision.
FinAidBonnie:
The QB scholarship covers academic and living expenses--it is an awesome scholarship!
UchennaA:
Oh yes, that's the definition of a full scholarship isn't it? haha
FinAidBonnie:
Ha ha to you! I bet it has been a long day; I know I am ready for Friday.
CliffordM:
This isn't necessarily Questbridge related, but if someone is admitted and they qualify to have 100% of their need met, what exactly gets covered?
KimC:
Is it correct that if tuition and such changes, so will the scholarship?
FinAidBonnie:
Let's talk about need. Each school has a cost of attendance budget. The financial aid application determines a family contribution (what the family is expected to pay). The difference is need. For example, if the budget is $45,000 and the family contribution is $4000, then need is $41,000. At Rice, the full $41,000 would be covered by financial aid.
FinAidBonnie:
Yes, when tuition and fees change, so does the amount of aid offered.
CliffordM:
So it just covers tuition, then? Not room and board, books, and things of that nature?
CliffordM:
I may be missing the whole point altogether haha..
FinAidBonnie:
The QB covers tuition/fees/room/board and provides an allowance for books and personal expenses.
KimC:
I found the page on QB that talks about this in general: http://www.questbridge.org/students/scholarship.html
FinAidBonnie:
Clifford, I know--it sounds too good to be true, but it is!
CliffordM:
Well, I meant just Rice. Someone who doesn't go through QB, or doesn't get matched and then chooses to go through with Early Decision.
KimC:
Should I be wondering what will happen after I graduate and would like to pursue a Master's degree?
CliffordM:
And it is quite overwhelming what the QB covers!
FinAidBonnie:
Wow Kim, you are thinking way ahead. I'm quite certain that a degree from Rice would be a good path to graduate school!
NathanielC3:
I was told that the QuestBridge scholarship is similar to an Early Decision, The school in which the QuestBridge scholarship is assigned to is the school in which the student must go, is this true?
FinAidBonnie:
Even for early decision, the total budget, not just tuition/fees, is considered when determining aid eligibility.
AishwaryaV:
Hello everyone! Sorry I'm late :)
AndrewA3:
Is the $80,000 cut off for grant based financial aid based on gross or agi?
CliffordM:
Okay, thanks for the help!
FinAidBonnie:
The 80K is based on gross.
KimC:
When we apply for the QB scholarship, it is ED and we should not apply for ED to any other college, but could we apply for EA? Also, those same questions for if we were to choose non-binding colleges for the college match.
FinAidBonnie:
When you apply for QB, you should not apply as ED anywhere else. I can't answer for the other schools.
FinAidBonnie:
No questions right now--how about a weather report. Today we had a high of 89 with sunny, blue skies.
AndrewA3:
Is it possible to be considered for both the Century Scholars and Trustee Scholarship?
KimC:
that's a bit warm (HAP)
FinAidBonnie:
Yes, students often are awarded both of these scholarships.
KimC:
(SM) Thank you for your help, whether by answering my questions or other's. I'm off to see how life is like on campus
AdrianG:
Hello Bonnie
FinAidBonnie:
Hi! Its down to the two of us. Any questions about aid in general or about Rice?
AdrianG:
well I have a few about aid I guess
FinAidBonnie:
This is your chance to ask! Ask me anything.
FinAidBonnie:
Or not, ha ha!
AdrianG:
according to fafsa student aid report, because my household makes $75000+
AdrianG:
I'm not pell grant eligible
AdrianG:
however, my mother as the sole income provider, has a lot of debt to pay
FinAidBonnie:
No, you wouldn't be Pell grant eligible, but many people are not eligible. That just means one type of aid isn't available to you. But, good news, with that income level you probably are eligible for other types of aid. You might be surprised at what schools may offer.
AdrianG:
okay
FinAidBonnie:
Most schools don't consider how much debt a family has. But, this is something you can discuss with the financial aid offices at schools that accept you, if you don't think the aid you get will be enough.
AdrianG:
okay
AdrianG:
that sounds reassuring
JosephO:
When Rice calculates the EFC of a family, do sibling earnings and the applicant earnings factor into the financial packages?
AdrianG:
because I don't know too much about the technical mumbo jumbo of financial aid
NathanielJ:
hello
FinAidBonnie:
At this point focus on applying to schools that you want to attend. Once admitted, then you can work on how to pay for school.
AdrianG:
How much do athletic scholarships usually provide, as far as financial aid goes?
AdrianG:
aid*
FinAidBonnie:
Mumbo jumbo is my life! Just read carefully, and ask questions about things you may not understand. Our office is happy to talk with prospective students if they have questions during the process.
FinAidBonnie:
Athletic scholarships vary depending on the sport. You would want to contact the athletic department to inquire about the sport that interests you.
AdrianG:
okay, sounds good
FinAidBonnie:
Well, Adrian--back to you and me!
AdrianG:
yep
FinAidBonnie:
So, any questions about the Houston area?
AdrianG:
well yeah
FinAidBonnie:
Ok, what would you like to know?
FinAidBonnie:
Rice students just got ranked #1 for best quality of life by Princeton review.
AdrianG:
oh wow
AdrianG:
like... just now?
AdrianG:
I saw on the Rice website the Brian Greene, the author for "The Elegant Universe" was going to have a presentation
AdrianG:
on campus or somewhere nearby
AdrianG:
are there often speakers of such prestige just dropping by whenever or frequently, would you say?
FinAidBonnie:
Rice is always having great things on campus; I'm amazed at who comes and what is offered.
FinAidBonnie:
No wonder Rice has best quality of life!
AdrianG:
yup
AdrianG:
I really like the free metro card thing
AdrianG:
that is just really cool because I doubt that I'll have a car to drive as an undergrad
AdrianG:
oh, and the zip car service
FinAidBonnie:
The metro thing is cool. You know, on campus you feel like you are at a small community and then just outside the hedges (literally) is this huge, diverse city.
AdrianG:
That's probably why it just sounds so attractive to me
AdrianG:
sounds*
LisaS3:
I was raised in Houston, and know the surroundings and events pretty well. Do you know if students from Houston find anything new to experience?
GiavannaR:
i don't know if this question should go here, but can you send in a music audition tape for a possible scholarship, even if you are not majoring in music?
TaylorD:
Do you think someone at the high end (or just over the Questbridge limit of 60,000 should apply via Questbridge or just apply directly to college and be at the lower end of the scale. If income is under 60,000 wouldn't it almost automatically be questbridge qualified'
FinAidBonnie:
You would be surprised that even if you grew up in Houston that at Rice you see things in a different way. Plus, many of your peers will not be from Houston, and you "discover" the city through them.
LisaS3:
Thanks!
FinAidBonnie:
Music department only offers scholarships to music majors accepted by the Shepherd School.
GiavannaR:
thank you
FinAidBonnie:
I think if your income is very near the limit you may want to go ahead and apply as QB and if not matched ask to be considered as a regular applicant.
AdrianG:
Rice requires CSS Profile, right?
FinAidBonnie:
Yes, the CSS Profile is required by Rice and many of it's peer schools.
HoangH:
If my parents make under 60,000, how much money do you think I would get from Rice?
FinAidBonnie:
Hoang--it depends on several things. Most families that make under 60K are offered an aid package that meets or comes close to the cost.
NathanielJ:
Does Rice offer paid visits to campus from out of state for low-income students?
FinAidBonnie:
Not pre-application, but Rice does offer some fly-in programs once an application is received.
NathanielJ:
Ok, cool. So once I've applied how would I go about applying for one of those programs?
FinAidBonnie:
The fly-ins are by invitation only after the application has been reviewed.
FinAidBonnie:
I hope you have the chance to come visit!
HoangH:
If I am matched with Rice, will outside scholarships decrease the amount of money I received from Rice?
NathanielJ:
Thanks Bonnie. I hope so too, it looks like a beautiful campus. Goodbye everyone
FinAidBonnie:
OK, who wants to be our next contestant on Ask Me?
AdrianG:
How much do most students work weekly in a work-study program?
FinAidBonnie:
On average about 10-12 hours a week.
hoyinlamcolin:
how is the pay for the work study programs?
AdrianG:
Where do they work? Just on campus?
FinAidBonnie:
Pay varies but generally the lowest amount is $8.00/hour.
hoyinlamcolin:
is it easy to get a work study program? do low income students have first priority?
AdrianG:
How would I be able to implement a Phlebotomist Technician Certification into paying for some of the expenses at Rice?
FinAidBonnie:
Work study is generally offered as part of an aid package for all students offered aid (there are a few exceptions). And, if a student doesn't have work study funding, he/she can apply to work through Rice Work, which is open to all students. There are several jobs on campus. I really never hear of students wanting to work that can't find a job.
hoyinlamcolin:
is there a limit to the time allowed to work in a week?
FinAidBonnie:
Rice is right across the street from the medical center. You might be able to get a job there, or be part of a research project.
FinAidBonnie:
Students don't work more than 20 hours a week. Most jobs need less than that per week.
hoyinlamcolin:
Thank you
HoangH:
I have a question. Will outside scholarships affect the amount of money I receive from Rice?
FinAidBonnie:
Outside scholarships reduce need-based aid on a dollar for dollar basis. However, Rice first reduces any loans before reducing other aid.
HoangH:
Would that also apply to the money received from a QB match?
AdrianG:
Thank You Bonnie
TravisC:
Hello
FinAidBonnie:
Hi Travis! Have a question?
TravisC:
Yes, I was just wondering what Rice's requirements are for financial aid. Where do you draw the line for Quest Scholars to match?
FinAidBonnie:
In general, QB scholars have a family income under 60K. If a student is not matched with QB, but is accepted as a regular applicant, then aid offered depends on the student's need, as determined based on the FAFSA and PROFILE.
TravisC:
Ok thanks! I do have another question: how do noncustodial parents income play into consideration of QB scholars financial eligibility?
FinAidBonnie:
The noncustodial parent's income is considered. But, if there are special circumstances, these can be included with the application.
TravisC:
Is it along the lines of a circumstantial consideration? That it just kind of depends on the situation of the scholar?
FinAidBonnie:
Yes; we know that sometimes there are things going with a family that need to be explained.
TravisC:
Ok thanks! Those were my primary concerns concerning financial aid. I thank you very much for your time and aid!
FinAidBonnie:
You are very welcome, and best wishes! Have great fun your senior year!
TravisC:
Thank you very much! Have fun in Houston! I live in Texas so I can sympathize with the heat that you must suffer.
FinAidBonnie:
Iced tea is my secret weapon to deal with the heat!
TravisC:
Sounds like a good weapon to choose from! However, I would sacrifice my distaste for heat to attend Rice.
FinAidBonnie:
Even though it is hot, Rice is cool. (OK--really lame joke; it has been a long day--first week of classes.)
TravisC:
I'm sure it is! I hope that sometime this year I can come and visit. I'm in the Houston area a few times with debate, but we never seem to make it to Rice. I am so glad that my friend introduced me to Rice (her father used to work there.)
FinAidBonnie:
Please come visit; you will like what you see.
TravisC:
Thank you very much! I love what I have been able to seen via the virtual tour online, and it has helped me get some of the feel for the campus' appearance.
FinAidBonnie:
I chose to move to Houston to come work at Rice because I knew what type of school it was, and, from a financial aid standpoint, I knew it was a place with integrity and a real commitment to students.
TravisC:
To me: that seems the way it should be. I understand that research is important to professors (from taking summer classes I learned this), but an important factor is the students. They pay to gain an education and that is what they are looking for! I am very excited about Rice and the entire QB process. If I do not become a finalist, I will be sending in my application for regular decision for certain
FinAidBonnie:
Fantastic! And don't forget to complete the PROFILE (and later the FAFSA).
TravisC:
Trust me, i won't! That is the big thing that my mom pushes on me. She doesn't care where I apply just as long as I am certain to get financial aid applications in.
FinAidBonnie:
Hello Nathaniel and Luz--any questions?
TravisC:
Thank you for chatting with me, I am going to go explore the other chat rooms to learn a little bit more about Rice!
LuzR1:
hi !
NathanielC3:
Oh sorry, I was just thinking of some.
LuzR1:
are there a lot of work study programs available?
FinAidBonnie:
There are many jobs on campus; some are work study, some are Rice work; Rice work is available to anybody, even if they don't have aid.
LuzR1:
oh cool
LuzR1:
so about how much would parents have to pay if they make less than 80,000 a year?
FinAidBonnie:
Students seem to like working on campus. Nice way to earn some money for personnel expenses and get job experience. Jobs range from working the desk at the student center to working with a research grant.
FinAidBonnie:
Luz, the answer depends on many things. Most families that make less than 80K a year get quite a bit of financial aid and are able to come to Rice.
NathanielC3:
Does Rice have cross country as a sport? (I know this question sounds weak!)
FinAidBonnie:
And under 80K a year are not offered a need-based loan as part of the aid.
LuzR1:
so they don't have too much trouble in paying it?
LuzR1:
the financial aid is from FAFSA of directly from Rice?
FinAidBonnie:
Cross county is a sport at Rice. (And all questions count!) Just wanted to make sure you had the opportunity to ask.
FinAidBonnie:
Paying for college is often a challenge for families, but between aid and payment plans and sometimes loans, families make it work.
LuzR1:
that's a relief
FinAidBonnie:
The FAFSA is used to determine if a student is eligible for federal aid. Some schools use it to determine institutional aid. Rice uses the PROFILE to determine aid eligibility for Rice aid.
FinAidBonnie:
If a student is eligible for federal aid, it is a very small part of a student's aid package. The great majority of aid offered is directly from Rice from Rice funds.
LuzR1:
ok that clears things up
LuzR1:
so federal and institutional aid are totally separate, right?
FinAidBonnie:
And, during the aid application process, don't hesitate to call if you have questions about the aid application.
FinAidBonnie:
Yes, they are separate. Which is why at one school you may get a different amount of aid than at other schools. (The cost of the school affects the amount offered, too.)
LuzR1:
ok cool
LuzR1:
so when applying for financial aid should we use FAFSA or the CSS profile?
FinAidBonnie:
Both are required at Rice (and at several other schools--most schools that compete with Rice require the PROFILE).
LuzR1:
what do you mean by schools that compete with Rice
FinAidBonnie:
Schools that are considered similar to Rice (MIT, Stanford, Yale, etc.)
LuzR1:
oh ok
LuzR1:
how soon would you recommend in starting FAFSA and the CSS profile?
FinAidBonnie:
You can complete the CSS Profile beginning October 1. If you apply as QB or Early Decision you need to complete it this fall. (The deadline for Regular Decision is March 1.)
FinAidBonnie:
You can complete the FAFSA after January 1 (you need to complete taxes before you do the FAFSA).
FinAidBonnie:
OK--We have about 7 minutes left tonight for questions.
RamseyP:
ok
LuzR1:
does financial aid from Rice include aid for room and board?
AngelaW:
How much are students expected to contribute each year?
FinAidBonnie:
Room and board is considered as an expense when determining the aid offered. If the amount offered exceeds tuition/fees, then it is applied to room/board expenses.
FinAidBonnie:
Student contributions vary. But the average is about $1550/year.
LuzR1:
awesome
AngelaW:
Thank you for answering that question
LuzR1:
do you have any additional advice about financial aid?
FinAidBonnie:
Pay attention to what is needed to apply and answer all questions carefully. Ask for help if you don't understand a question. When the FAFSA is processed, read the response that is sent to you from the federal processor.
FinAidBonnie:
Keep on top of things. And, if your family has any special circumstances (job loss, medical expenses, etc., let the financial aid office know about the change).
FinAidBonnie:
1 minute left!
OliviaL3:
Before i leave, I just wanted to say thanks for your help! i liked that we were able to chat with rice reps directly
LuzR1:
ok thank you so much I greatly appreciate it and I'm sure my parents will be happy to know it won't break the bank
FinAidBonnie:
You are so welcome. Have fun this year!
LuzR1:
thank you
LuzR1:
bye
FinAidBonnie:
Session has ended. We wish you the very best!
hoyinlamcolin:
Appreciate your time and the information. Thanks and bye!
