Co-op and Financial Aid

Because there is no tuition cost, there are just a few financial aid resources that are, or may be, applicable in a required co-op term:

1. Student Federal Loans -Subsidized and Unsubsidized - Subsidized and Unsubsidized Loans are applicable to a co-op enrollment. Students can reduce or decline these federal student loans depending on their financial needs during a co-op semester by submitting the “Federal Loan Change Form” available in their eServices account (located under “Financial Aid & Scholarships” and “Useful Links”).
2. Federal Pell Grant - The Federal Pell Grant is always applicable to a semester of co-op enrollment.
3. Parent PLUS Loan - Parent PLUS Loan funding that has been secured by parents is not automatically applicable to a required co-op experience. Parent PLUS Loan borrowers would need to request the amount of PLUS Loan funding they would like their student to receive in the co-op term. The parent borrowers’ request must come from the email address they used when completing their PLUS Loan Application and addressed to the RIT Office of Financial Aid and Scholarships at ritaid@rit.edu. Borrowers should always keep origination fees in mind when determining PLUS Loan totals and can use the PLUS Loan calculator to assist with this process. The RIT Office of Financial Aid and Scholarships will ensure that the combination of PLUS Loan funds and any other aid a student is receiving does not exceed the student’s cost of attendance. In situations where it does, the PLUS Loan would be reduced by the overage.
4. Alternative Educational Loans - Alternative Educational Loans are not applicable to a co-op term and are eventually cancelled. However, if Alternative Educational Loan funding is needed to assist with a student's living costs during a required co-op experience, an exception may be possible. Borrowers would request in writing the amount of loan funding still needed for the co-op term. This request can be emailed to the RIT Office of Financial Aid and Scholarships at ritaid@rit.edu. The RIT Office of Financial Aid and Scholarships will then ensure that the combination of Alternative Educational Loan funds and any other aid the student is receiving does not exceed the student’s cost of attendance. In situations where it does, the Alternative Educational Loan would be reduced by the overage.

The following aid items are not applicable to a co-op term of enrollment:

• RIT grants/scholarships (including endowed scholarships)
• State grants/scholarships
• Federal SEOG Grant
• Most outside scholarships

Students must register their co-op with BOTH the RIT Registrar’s Office and the RIT Office of Career Services and Co-op for any applicable financial aid to credit to their student account during a co-op term. Financial aid is paid after the ADD/DROP period for the designated term. 

Students who complete the Free Application for Federal Student Aid (FAFSA) are required to report their total adjusted gross income as listed on their federal tax return each year. Co-op earnings are included in the students’ total adjusted gross income. 

Students who have any questions regarding their financial aid or living expenses during their co-op term are invited to reach out to the Office of Financial Aid & Scholarships.