Governor Dan McKee filed a budget amendment to his FY 24 budget proposal on Friday to fund the Rhode Island College Hope Scholarship (RIC). The Hope Scholarship would provide in-state RIC students with last-dollar tuition assistance for their junior and senior years.
“The Hope Scholarship is a win for students, families and all of Rhode Island,” said Governor McKee. “We know that students who graduate with four year degrees will have higher earning potential and also help fill important professional positions within our economy. The Hope Scholarship will be a critical tool used to ensure affordability isn’t the reason our students don’t finish their four year degrees.”
“The Rhode Island Promise program has opened a path to higher education for many Rhode Island students, especially from underserved communities. The Hope Scholarship builds on that success, giving Rhode Islanders even more options to pursue a degree without the burden of additional student debt,” said Lt. Governor Sabina Matos. “As an alumna of Rhode Island College, I’m proud to join Governor McKee, President Warner, and Commissioner Gilkey in launching this pilot and I look forward to seeing the results over the coming years.”
The Hope Scholarship would be designed as a pilot program. If approved by the General Assembly, the program would begin in the fall of 2023, with funding provided to eligible juniors and seniors. The pilot will conclude in May 2026, with the final cohort graduating.
The Hope Scholarship would be available to in-state juniors and seniors at RIC who have met the eligibility requirements of a minimum GPA and accumulated enough credits toward their major field of study in their freshman and sophomore years to ensure they can graduate on time.
“The Hope Scholarship is a smart investment in Rhode Island students that will pay dividends for generations to come,” said Rhode Island College President Jack R. Warner. “Rhode Island College leads the region in providing social mobility to graduates and more than 70 percent of our students continue to live, work and pursue advanced degrees in Rhode Island after graduation, so this benefits the state as much as the students.”
“A four-year degree is correlated with substantially increasing lifetime earning and wages. This is especially important for first generation students, and our families right here in Rhode Island,” said Postsecondary Education Commissioner Shannon Gilkey, Ed.D. “The Hope Scholarship pilot gives us the opportunity to address affordability in the final two years of these degrees and help raise generations of family income.”
The Hope Scholarship would be limited to transfer students; students would be ineligible for both the Hope Scholarship and the Rhode Island Promise scholarships. Students attending Community College of Rhode Island who did not receive Rhode Island Promise scholarships are eligible for the Hope Scholarship.
Over a three-year period, the Governor proposes that the scholarship be supported by $9.4 million in State Fiscal Recovery Funds and $1 million in RIC institutional financial aid.
The Hope Scholarship is intended to address affordability concerns while also increasing the percentage of students who complete their bachelor’s degree. This is advantageous for each student who receives a degree because it promises higher lifetime earnings, improved overall health, and increased civic engagement. It also benefits the state as a whole, as RIC is one of the state’s leading producers of nurses, teachers, and social workers.