Rhode Island to participate in regional financial aid project

BOSTON – Rhode Island, along with Maine and Massachusetts, will participate in redesigns of college-level student financial aid programs through a project offered by the New England Board of Higher Education.
The R.I. Higher Education Assistance Authority has been selected through a competitive request for proposals to participate in the Redesigning Student Aid in New England project funded by the Lumina Foundation. Also selected were the Finance Authority of Maine and the Massachusetts Department of Higher Education.
The program is aimed at helping the three states re-align their student financial aid policies by researching the impact of existing policies on students and families in the region and by hosting regional meetings on the affordability of higher education. The states also will contract with nationally recognized student financial aid redesign consultants for extra support.
The New England board anticipates inviting other New England states to engage in meetings on the subject in order to support greater student access and completion of schooling.
The organization’s President and CEO Michael K. Thomas said identifying strategies for using state aid to make college more affordable will be a key goal.
“Maximizing the effectiveness of financial aid policies is crucial, particularly given the ongoing pressures of tuition increases, stagnant earnings of middle- and lower-income families, and limited state investment in financial aid programs,” he said. “We appreciate the interest and commitment of these three states and recognize Lumina’s generous support for this groundbreaking work.”
The New England group works to increase educational opportunities in New England. It also promotes collaboration among colleges and universities here to help make higher education more accessible, affordable, and successful personally and economically.

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