Financial aid that is awarded based on a student’s academic, leadership or artistic merit (or some other criteria) and does not depend on financial need is called merit-based aid. Consideration for this type of aid may look at a student’s grades, test scores, special talents or extracurricular activities to determine eligibility. Rhodes’ merit-based aid is awarded in renewable scholarships and fellowships.
- Scholarships ranging from $6,000 to full tuition per year are awarded to students based on their record of achievement.
- Fellowships ranging from $12,500 to $15,000 per year are offered to students who demonstrate talents or abilities in a specific area.
Financial aid that is awarded based on a student’s financial circumstance is called need-based aid. Students needing assistance in financing their educational costs are encouraged to apply for federal need-based aid by completing the FAFSA, and institutional aid by completing the CSS PROFILE. Students who demonstrate financial need may be eligible for any or all of these financial aid sources:
- Grants are gifts from federal, state and institutional sources that are applied toward college costs. They do not require repayment.
- Student employment is offered through a federal program that provides paid positions on campus and at approved off-campus agencies.
- Low-interest loans are available to both student and parent borrowers.