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. 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.