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CollegeBoundfund® Academic Promise Scholarship

Who is Eligible

• The student must be a graduating high school senior who is planning to enroll in a postsecondary institution on a full time basis.
• Recipients are those who demonstrate academic promise and show financial need.

Selection Process

Eligibility is calculated using a formula that takes into account the student's EFC (Expected Family Contribution determined by the FAFSA) and his/her SAT or ACT score as follows:

Selection Index = ((5350 - EFC)/10) + SAT Score or Adjusted ACT Score

The student with the highest ranking selection index is offered the first scholarship, and so on. Vacancies in the program will be filled based on students' original rankings.

Value of Awards

Students will be eligible for up to $2,500 per year over four years, up to a total of $10,000. Students in an approved 5-year program may be eligible for an additional year of support. A student's award may be adjusted to a lesser amount if there is not sufficient need to accept the entire award. All awards are subject to the availability of funds.

To Apply

1. Complete a FAFSA and assure that it is received by the federal processing center no later than March 1 prior to the academic year for which you are applying for aid.
2. Take the SAT or ACT standardized test. Be sure to list Rhode Island as your legal state of residence. Test scores up to January of the Senior year will be considered.
   
   • SAT Program Test Dates
   • ACT Program Test Dates
3. That's it! No further application is necessary. Your FAFSA information and SAT/ACT scores will be automatically forwarded to RIHEAA so that you may be considered for the scholarship. Students receiving awards will be notified via email or traditional paper mail in the spring. If you would like to be notified of your awards via email, please be sure complete your FAFSA on the web and provide a valid email address.

Academic Requirements

In order to remain eligible, the student must achieve at least the following cumulative grade point averages for each school year:

A student who loses eligibility to receive a subsequent award has the right to petition for reinstatement should that student re-establish eligibility at the end of a subsequent year within the four-year cohort for that class. Reinstatement will be subject to the availability of funds and space in the program. Vacancies in the program will be offered to the student with the next highest selection index from the original selection group.

Use of Funds

Funds may be used for tuition, fees, books, supplies, equipment required for enrollment, room and board. The school may apply these funds to expenses but, as a condition of acceptance of funds, is not allowed to use these funds to displace any institutional gift aid it has awarded the student. Funds may be used at any eligible school that participates in the Federal Financial Aid Programs throughout the country and some foreign institutions.

Last Modified: May 14, 2009 04:27:43 PM

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