The Rhode Island Higher Education Assistance Authority (RIHEAA) recently learned that the State Legislature appropriated additional funding for our 2007-08 RI State Grant Program!
What does this mean?
This means that additional funding allowed us to increase award amounts for over 12,000 grant recipients for the 2007-08 academic year and to award grants to an additional 2,100 students who applied after our March 1st priority deadline.
The state increased our funding by $4.3 million bringing our total appropriation to $10 million in 2007-08. This increase in our state appropriation, together with a $4 million supplement from revenue generated from the CollegeBoundfund College Savings Program and a matching grant from the federal government allows us to restore our maximum awards to our prior year’s level. This year’s maximum award will now be raised from $1,200 to our prior year’s maximum of $1400. This additional funding allows us to award over $14 million in RI State Grants to more than 14,000 eligible, financially needy Rhode Island residents pursuing a postsecondary education.