Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, and nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
At Rice University, 9% of students took out federal student loans, and 2% took out private student loans that averaged $24,340 to help with Rice University tuition.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-affiliated organizations. While Federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for as it generally may have better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school throughout the year, private loans can potentially help you make your payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
The total Rice University cost, including tuition, fees, room, and board, totaled $69,960 for undergraduates in 2022-23.
Graduate Tuition and Fees
Costs for 2022-23
Total Cost of Attendance
The Rice cost to attend graduate school was $51,634 in 2022-23. This is lower than the average cost of graduate school at a private university, which is 62,100.
There are many options for graduate loans that can help with these costs.
Cost per Credit Hour
Students can choose part-time enrollment at Rice and pay per credit hour. The cost of Rice University per credit hour is $2,254. In addition, there is a part-time enrollment fee of $175.
Campus Housing Expenses
Costs for 2022-23
Books & Supplies
Room & Board
*Average rate based on available one-bedroom apartments listed on the University of Rice’s off-campus housing website in 2023.
Although Rice students aren’t required to live on campus, the university’s residential life centers around the 11 colleges on campus. The idea is to make it easier to get to know other students in your area of study.
For those who prefer to live off-campus, there are many apartments, duplexes, and houses located nearby.
Rice University Acceptance Rate
Number of Applications
The Rice University acceptance rate is low. Only 9% of the students who apply to Rice are accepted.
Interested in applying to Rice? Here’s what you’ll need to supply along with your application.
• High school transcript
• Letter of recommendation from school counselor and 2 teachers
• Rice writing supplement (essay)
• SAT or ACT scores
• Rice Senior Interview
• Alumni Interview
The Early Decision deadline for Rice is November 1. The Regular Decision deadline is January 4.
SAT and ACT Scores
Standardized test scores are currently not required at Rice. However, it can be helpful to know how other students scored.
SAT Evidence-Based Reading/Writing
Popular Majors at Rice University
Rice University offers more than 50 different undergraduate programs, from architecture to engineering to social sciences. Here are the most popular majors.
1. Computer Science
Computer Science students learn the theories and models of computational systems. They have the opportunity to participate in research projects in algorithms and complexity, artificial intelligence and robotics, compilers, distributed and parallel computation, graphics and visualization, operating systems, and programming languages.
Undergraduate degrees in 2020-21: 118
2. Psychological Sciences
Psychology majors take courses like Quantitative Analysis for the Social Sciences, Introduction to Cognitive Psychology, Memory, Psychology of Aging, Language Acquisition, and more.
Undergraduate degrees in 2020-21: 64
3. Mechanical Engineering
Students who earn a degree in Mechanical Engineering at Rice go on to work in fields like aerospace engineering, biomedical systems, computational fluid dynamics, computational mechanics, fluids-thermal science, mechanical design, mechanics, robotics, and systems dynamics and controls.
Undergraduate degrees in 2020-21: 60
Rice offers both Bachelor of Sciences and Bachelor of Arts degrees in Biosciences, with major concentrations in Biochemistry, Cell Biology and Genetics, Ecology and Evolutionary Biology, Integrative Biology, or Neuroscience.
Undergraduate degrees in 2020-21: 53
5. Electrical and Computer Engineering
Students in this program can opt for the following specializations in their studies: Computer Engineering; Data Science/Systems; Neuroengineering; and Photonics, Electronics, and Nano-devices.
Undergraduate degrees in 2020-21: 49
6. Sport Management
This program gives students a foundation of knowledge in business, management, law, and communication, and also includes courses like Sport Ethics, Leading with Service, Sales & Revenue Generation in Sport, and Sport Finance, among others.
Undergraduate degrees in 2020-21: 48
After learning about the human body and its movement, performance, and exercise, many Kinesiology majors go to graduate school to further their studies in public health, health promotion, or health education.
Undergraduate degrees in 2020-21: 41
Those pursuing an economics degree will learn about microeconomics, macroeconomics, and econometrics. There are several major options in this department: economics, mathematical economic analysis, or managerial economics and organizational sciences.
Undergraduate degrees in 2020-21: 41
9. Cognitive Sciences
Students in this program learn about perception, thought, memory, the acquisition and use of language, learning, concept formation, and consciousness. They take courses like Quantitative Analysis for the Social Sciences, Methods of Cognitive Sciences, and special projects.
Undergraduate degrees in 2020-21: 38
After taking Bioengineering Fundamentals, students move on to courses like Systems Physiology, Cellular Engineering, Bioreaction Engineering, and Molecular Biotechnology.
Undergraduate degrees in 2020-21: 34
Rice University Graduation Rate
These are the graduation rates at Rice University:
• 4 years: 87%
• 6 years: 92%
• 8 years: 93%
Post-Graduation Median Earnings
Graduates of Rice University earn, on average, $87,254, which is significantly higher than the average salary for recent graduates of $50,391.
Rice University provides students with a quality education and a rich campus life. While Rice tuition is steep, it’s more affordable than many top-tier schools. And because Rice is a need-blind institution, your ability to pay for the Rice cost won’t be a factor when you apply. Rice is selective, however, so the tricky part may be getting in!
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