Rocky Mountain College of Art and Design (RMCAD) Financial Aid, FAFSA/Federal School Code, Scholarships and Deadlines 2022

$4,396

Avg. Federal Grant

$9,381

Avg. Federal Loan

$6,101,219

Total Aid Awarded

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Rocky Mountain College of Art and Design (RMCAD) Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

74%

Total Aid Amount Average Total Aid Awarded per year.

$6.101M

Financial Aid Official Website

www.rmcad.edu/admissions/financial-aid

Art and design courses can be quite expensive and students might have difficulty paying for the expenses. Which is why, RMCAD has you covered. It provides you plethora of options for grants, scholarships and loans that you can choose from, whichever is best suited for you. Its relieving to know about 80% of the student body generally receives some kind of financial aid, the amount of which comes up to a total of about $6,101,219.

Let’s look at the kind of financial aids that you can be expecting during your study at RMCAD.

Scholarships

Scholarships are part of gift aids, which refer to financial aids that the students would not have to repay. RMCAD provides variety of institutional scholarships to its students. Some of them are:

RMCAD Academic Scholarship: This is given to students who are joining the institution for the first time and have a cumulative GPA of 3.5 on a 4.0 scale
RMCAD Memorial Scholarship: This scholarship is provided on the basis of merit, as well as, memorial scholarship competition
Best of Colorado Scholarship: The students need to be enrolled for 12 credits per semester, maintain a GPA of 3.0, and be graduating high school in the most recent year.

For more information on these and other scholarships, click here.

Grants

Grants, much like scholarships, are gift aids, however, are rewarded based on financial needs. Some of the grants that RMCAD provides are:

Federal Pell Grant: This grant is given to students who need financial support, and for a full-time student at RMCAD, to avail this grant, the student has to be enrolled for 12 credit hours per semester.
Federal Supplemental Educational Opportunity Grant: This grant is rewarded to students who are in dire need of finances and are receiving Pell Grant.

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Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

55%

State Grant Aid

23%

Institution Grant Aid

45%

Pell Grant

55%

Average Aid Awarded

Federal Grant Aid

$4,396

State Grant Aid

$1,885

Institution Grant Aid

$3,051

Pell Grant

$4,115

Here is a detailed breakdown of the percentage of students who receive financial aids with approximate figures.

Approximately 55% of the students get Federal Grant Aid, which comes to around $4,396
The same percentage of students receive the Pell Grant aid, which is 55% of the student population. The amount comes up to $4,115
23% of the students are entitled to State Grant Aid, the amount for which is somewhere around $1,885
The least amount of aids comes from the institution as 45% of students receive it. The amount for this aid is around $3,051
A staggering 75% of the students take a loan at the default rate of 8.3%, the amount for which is $10,538 approximately.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$4,572

$30,001 - $48,000

$4,103

$48,001 - $75,000

$3,807

$75,001 - $110,000

$3,472

Over $110,000

$3,202

As we have mentioned earlier, the financial aids are given based on financial needs too. Keeping that in mind, here is a breakdown of the amounts that students from different income groups can expect. In the income group of $0-$30,000, students can expect aids of approximately $4,572. For the next scale, which is $30,001-$48,000, the students receive grants of $4,103 on an average. Unfortunately, however, as the scales keep increasing, the grants keep decreasin. The next scale, which is $48,001-$75,001, students can expect grants of about $3,807. Even when the scale is higher, the change does not seem to be too drastic in RMCAD's case. This can be noticed as the scale of $75,001-$110,000, the grant covers $3,472, and the last cap which is anything above $110,000, the grant comes up to $3,202.

Student Loans for Rocky Mountain College of Art and Design (RMCAD)

Average Loan Amount Average Loan Amount received per year.

$10,538/Year

Students Taking Out Loans

75%

Loan Default Rate

15.9%

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Student loans, unlike gift aids, are self-help aids, which means that the students have to repay the amounts lended to them with interest. Even though there are different sources of getting student loans, federal loan are preferrable. Some of the federal loans that the students of RMCAd are eligible for are:

Federal Direct Loans (Subsidized and Unsubsidized)
Federal Direct Parent PLUS Loans
Federal Direct Grad PLUS Loans

The first and common thing that a student needs to take care of, while applying for loans, grants, or scholarships is to fill FAFSA.

To know more about federal grants and loans, click here.

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