Rice University Increases Student Loan Budget

Due to Rice University’s desire to provide a service for the local Houston community, as well as attract the best and brightest despite economic status, the institution is dropping their student loan rates and increasing their financial aid budget to more than $57 million.

Rice is consistently ranked among the country’s top 20 in U.S. News and World Report’s research universities. The private institutions’ tuition is being increased to $33,120, which is a 5.4 percent increase over the 2009/10 school year.

Beginning fall 2010, qualifying incoming Rice University freshmen whose family income is $80,000 or less will not need student loans to pay for their education.

Undergraduate loans for need-eligible incoming freshman will be capped at $10,000.

School officials hope that the student loan cap and no-loan options for qualifying students will able to bring those from all walks of life, enriching the university and providing an equal opportunity for a great education.

Student loan caps and no-loan programs for need-eligible students are becoming increasing popular among the country’s leading universities.