Rice increases no-loan threshold to $80,000

CONTACT: B.J. Almond
PHONE: 713-348-6770
E-MAIL: balmond@rice.edu

Rice University’s no-loan policy for the 2009-2010 freshman class will be extended to students who qualify for need-based aid from families whose annual incomes are $80,000 or less — up from the current threshold of $60,000.

The university will also lower the cap on loans in financial-aid packages for need-eligible incoming freshmen to $10,000 for their four undergraduate years — down from the limit of up to $14,500 for freshmen who entered in fall 2008.

Rice expanded its financial-aid policy to help families that have been hit hard by the nation’s economic woes. But the university will also continue its policy of need-blind admission. In addition, about 30 percent of the freshman class will receive a merit scholarship.

“Our goal is to keep Rice’s outstanding education and research opportunities accessible and affordable for students from all walks of life,” said President David Leebron. “We don’t want any families to be deterred from sending a loved one to college because of the economy.”

Under the new policy, incoming freshmen who qualify for need-based aid with family incomes below $80,000 will not be required to take out loans to pay for college. Almost 18 percent of this year’s freshmen were from families with incomes under $80,000. For a family whose income is above $80,000 and who demonstrates need eligibility, Rice will meet 100 percent of the student’s need, and the student’s loans will not exceed a total of $10,000 over four years at Rice.

Rice has consistently ranked highly as a “best value” on the basis of academic quality and affordability. The 2008 edition of “America’s Best-Value Colleges” published by Princeton Review ranked Rice as the nation’s No. 1 best value among private colleges. Kiplinger’s Personal Finance magazine ranks Rice University No. 5 on its 2008 list of best values among private colleges and universities. The 2009 edition of Princeton Review’s “Best 368 Colleges” guide ranked Rice No. 2 nationally for best quality of life and for plenty of interaction among students of different races and class.

“We remain focused on what it takes to provide a premier but affordable education for our students,” said Chris Munoz, vice president for Enrollment. “Located in the nation’s fourth-largest city, Rice University has a lot to offer both on and off campus.”

Rice is in the process of expanding its undergraduate student body by 30 percent during the years leading up to the university’s centennial in 2012. Last month Rice launched a $1 billion Centennial Campaign, and $400 million of the money raised will be designated for undergraduate and graduate education, including $100 million for endowed scholarships.

Rice admits students regardless of their ability to pay and provides financial-aid packages that meet 100 percent of their demonstrated need. Packages can include federal and state grants, loans and work-study opportunities. Nearly 38 percent of the current freshman class received institutional need-based aid.

Rice will announce its tuition for 2009-2010 in the spring.

For more information about Rice and its financial-aid programs and to apply, go to www.futureowls.rice.edu.