§ 16-56-13 - Income exclusion from financial aid needs test.
SECTION 16-56-13
§ 16-56-13 Income exclusion from financialaid needs test. – Notwithstanding any other provision of this chapter, chapter 57 of this title,or any other general or public law, or regulations issued pursuant to these, tothe extent permitted by federal law, the first twenty-five thousand dollars($25,000) of Rhode Island savings bond investment or the first twenty-fivethousand dollars ($25,000) of United States savings bonds issued after December31, 1989 or any combination of these not exceeding twenty-five thousand dollars($25,000) shall not be considered in evaluating the financial situation of astudent, or be deemed a financial resource of or a form of financial aid orassistance to the student, for the purposes of determining the eligibility ofthe student for any guaranteed loan, scholarship, grant, monetary assistance,or need based work opportunity, awarded by the Rhode Island higher educationassistance authority or the state pursuant to any other law of this state; norshall any Rhode Island savings bond investment or United States savings bondsissued after December 31, 1989, provided for a student reduce the amount of anyguaranteed loan, scholarship, grant, or monetary assistance which the studentis entitled to be awarded by the Rhode Island higher education assistanceauthority in accordance with any other law of this state.