I am out of grad school now, and was posting here to try and get insight about residency applications. So I have some understanding regarding financial aid appeals and eventual loans. I appealed my package every single year of undergrad and grad school, and they always increased the aid, if not always by a lot. So you really should ask if you have legitimate need. I went to a 2-year program for painting, at a university with a lot of resources. They offered EVERY grad student in the school of art substantially more grant money in their second year. I think this is pretty common--you should ask. Although they might not want to disclose this info, necessarily. But it surely made year 2 a lot easier on all of us.
Also, I wanted to mention looking into external grant options. Now is the time. There are a lot out there. Do you fit into a category--are you a young parent; representational painter; Persian-American; child of veterans; etc etc? There are also less-specific grants to be found. It's worth the time to cruise around and apply for stuff rather than just waiting for the school to give you a little more aid. Even just do a quick search on Submittable or something...it is worth it.
Lastly, I want to say that even though I pay student loans, and will do so forever, it was worth it. Grad school was hard but I loved it, and nobody can take it away from you after you've got your degree (unlike, say, a house or a car which can always be repossessed). You will be qualified to teach and perhaps work in art admin as a curator or similar. It is horrible to sign your life away, but if you love the school you should maybe do it anyway. Honestly. Especially now when the future seems so bizarre and unknowable--you will have purpose, new skills, and eventually a valuable degree.
And for what it's worth RISD painting program seems wonderful. I didn't go there, but I know people who did, and they did really well in the program and afterward.
Good luck, and let me know if you have heard from any residencies (jk, I'm sure they're all cancelled for this summer...goodbye application fee money)