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Home > About RIHEAA > Company History Established in 1977, the Rhode Island Higher Education Assistance Authority was created as a result of an act of legislation mandating a merger between the Rhode Island Higher Education Assistance Corporation – the agency responsible for guaranteeing federal student loans, and the Rhode Island Department of Education’s Scholarship and Grant Division. The newly created Authority established a more comprehensive student financial assistance agency charged with the mission to respond to escalating college costs and the pressing need to provide financial assistance to Rhode Island residents. In its first full year of operation, the Authority awarded $2.7 million in state grants and guaranteed loans totaling $10.7 million. Today, the Authority awards grants totaling over $13 million to Rhode Island residents attending postsecondary institutions throughout the country and guarantees loans totaling over $500 million for both Rhode Island residents and non-residents requiring financial assistance beyond grants and scholarships. Since its inception, the Authority has also provided comprehensive services that assist borrowers in avoiding loan default and in setting up repayment terms on defaulted loans. The second year of operation saw the establishment of the Work Opportunity Program, a program that provided funds to postsecondary institutions in Rhode Island used to match student work-study wages. In 1989 the Community Service Initiative was established, providing students with summer employment in community service agencies. From their inception to their phase-out in 2002, these work programs provided over $14 million dollars in wages to financially needy students. In 1998, the Authority embarked on a new path as it established the Rhode Island Higher Education Savings Trust in response to the RI General Assembly authorizing the development of a 529 Tuition Savings Program. The success of the Rhode Island CollegeBoundfund College Savings Program is evidenced in Rhode Island’s program ranking second in the country, with current assets under management totaling just under $8.2 billion. This success has resulted, to date, in $26.5 million in revenue generated from the savings program being used to establish and fully fund the Academic Promise Scholarship Program and the Five and Ten Matching Grant program as well as to supplement the State Grant Program. In 2007, the Authority launched a comprehensive student portal called "WayToGoRI" (http://www.waytogori.org). This website, offered to schools and students free of charge, helps elementary, middle, and secondary school students explore schooling options and employment opportunities and offers a multitude of information and processes to support them on their journey to college and a career. In addition to awarding scholarships and grants, guaranteeing student loans, providing loan counseling, and administering the college savings program, the Authority has also been involved continuously in outreach activities such as high school and community agency financial aid workshops, guidance counselor seminars and school/lender loan administration training. Our collateral materials, provided both in English and Spanish, have reached Rhode Island residents through direct mailings and distributions to schools, libraries, and community agencies. Last Modified: September 13, 2007 01:53:32 PM Contact RIHEAA | Privacy | Accessibility RIHEAA policy prohibits discrimination based upon race, color, sex, age, gender identity or expression, national origin, religion, handicap/disability status, veteran status, or sexual orientation.
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