This Part is promulgated pursuant to R.I. Gen. Laws § 16-62-6(9).

Rhode Island Student Loan Authority (RISLA) is the recipient of funds which the Board of Directors has earmarked for use for need–based educational grants and scholarships to Rhode Island residents. The criteria for eligibility are set forth in these Rules and Regulations.

A. An individual is eligible for RISLA's Knowledge for College Scholarship if such individual:

1. Is a Rhode Island resident; and

2. Is accepted for and provides validation of enrollment at a nationally accredited two (2) year or four (4) year college, university or postsecondary proprietary school when the scholarship is awarded in May.

An individual who meets the requirements of § 2.3 of this Part can apply by completing the registration and financial literacy quiz, located at www.risla.com/fin-lit-quiz. Upon completion of the quiz, the student will be registered to win for the month when the quiz was completed. Students may only win once per year, beginning each May 1^st. Students may take the financial literacy quiz more than once per year but may only win once per year. Registrations for eligibility are updated monthly and do not carry forward beyond the month when the financial literacy quiz was completed.

Only individuals who answer the financial literacy questions are eligible for winning. The financial literacy questions are updated each month, focusing primarily on the topics of Budgeting, Credit, and Paying for College.

Two (2) scholarships in the amount of one thousand dollars ($1,000.00) each shall be awarded by random electronic selection twice per month on the last business day. Student must agree to have first name and last initial published on RISLA’s winning website. RISLA reserves the right to determine eligibility requirements were completely met and the scholarship may be awarded. Scholarship funds shall be issued each May via co-payable checks to the winning student and the student’s college or university of choice. A student’s college or university of choice may change after registration but may not change after disbursement.

Any applicant who is aggrieved by any determination with respect to his or her eligibility for a scholarship may appeal such determination in writing to the Executive Director of the Rhode Island Student Loan Authority, 935 Jefferson Boulevard, Warwick, RI 02886 within twenty (20) days of said determination. The decision of the Executive Director shall be final.

The RISLA Knowledge for College Scholarship Program is subject to being amended, terminated or suspended by RISLA at any time for any year for which there is not available funding for the program.