Depending on the availability of funds, you may be able to receive up to the difference of what it costs to attend college and what your family can contribute toward that cost. To make it simple, schools use a pre-determined formula to figure out how much a family can afford to pay, taking into account the assets, income and size of the family to determine the amount they should contribute to the school. The difference between what the family can contribute and the cost of education is the student's financial need. Schools try to award students enough financial aid in the form of grants, loans and work-study to meet that financial need.
Deadlines vary from school to school.
The deadline for applying for a Rhode Island state grant is March 1st. Check with each school you are applying to to determine what their deadline is and get your application in by the earliest deadline. The deadline for applying each year is March 1. Rhode Island also offers alternative loan programs such as the RI Family Education Loan and the CollegeBound Loan. Although it is easier to file the financial aid application with your tax returns completed, you can complete the form using your best estimate of your prior year income if your tax returns are not completed.