FAST Fund FAQs
What is the Fast Fund?
It’s a fund intended to help Rhode Island College students with emergency financial needs.
Who is behind RIC's Fast Fund?
In 2023, a group of current and retired RIC faculty members established FAST (“faculty and students together”) Fund RIC.
Where did the idea of the FAST Fund originate?
Our fund is part of a network created in 2016 by Sara Goldrick-Rab, an independent scholar/activist and a former professor of higher education policy and sociology, and supported by the nonprofit organization Believe in Students (https://believeinstudents.org/).
What makes the FAST Fund different from other emergency resources at RIC?
Unlike other emergency resources on campus, the FAST Fund is not an institutional fund; therefore, the money we raise and distribute is not required to offset institutional financial aid. This makes a huge difference in how we are able to operate. The FAST Fund at RIC is an entirely faculty-led initiative funded by private contributions, and thus not subject to the same institutional procedures and restrictions as on-campus resources. For example, because the Hope Scholarship is a last-dollar scholarship, students cannot receive additional institutional aid while receiving it—but the FAST Fund can still help them.
How do students access FAST Fund dollars?
By going to our website and clicking the link to a brief application. All applications are confidential.
What type of emergencies are covered by the FAST Fund?
Any financial trouble that threatens to derail a student’s education, whether that be school supplies, food, rent, car repairs, or anything else that could get in the way of a student’s progress toward their degree.
What’s the approval process for applications? Who makes the decisions?
We have established policies aimed at consistency and fairness. Readers—faculty members, both current and retired—are trained before beginning to read applications. Each application is read by two readers (with a third acting as a tiebreaker if necessary).
If approved, how quickly do students get the money?
We are committed to turning around each application within two business days. The funds go to the students immediately after the decision. If they opt for ACH deposit, as most do, the funds go into their accounts right away.
What’s the maximum grant a student can get?
Right now, $325. We hope to increase that, depending on donations.
What’s the average grant amount?
$188 (the range in spring 2024 was $60-325).
If a student has an emergency and gets a grant from FAST Fund RIC and then has another emergency, can they apply again?
Yes. Each application is judged according to the same criteria, though depending on donations there is a maximum per semester.
Is the fund spent down every semester?
Not entirely. We hold $3000 in reserve at the end of each semester so that students who apply in the next semester have access to funding. Other than that $3000 reserve, every dollar that comes in is available to students.
How do I make a donation to the FAST Fund?
You can click here to make your tax-deductible donation. If you prefer not to donate online but would like to write a check and send it by mail, or if you have a donor advised fund and would like to give through your DAF, please email us for information.
Are donations to the FAST Fund tax deductible?
Yes. Because FAST Fund RIC is a member of Believe in Students, a 501(c)(3) organization, donations are tax deductible to the fullest extent of the law.
What is the average donation amount?
That changes all the time. The range this year is $10-5000. The average as of May 2024 is $262.
Can I volunteer to help?
Yes! We currently have fifteen readers and could use more (training is provided). We could also use help with fundraising. To get involved, email us at FASTFundRhodeIslandCollege@gmail.com.