The CollegeBoundfund® Academic Promise Scholarship is designed to recognize the academic promise of the Rhode Island students who have the greatest need and have demonstrated their academic promise. The program makes a financial promise to the students, as long as they maintain their academic promise.
- 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.
- Please read the full list of eligibility requirements for further details.
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 = ((5550 - 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.
In order to remain eligible, the student must achieve at least the following cumulative grade point averages for each school year:
Minimum Cumulative GPA
Year in College
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.
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.