The University of Massachusetts Dartmouth will transfer the license of its college radio station to Rhode Island Public Radio, the university announced.

The sale will net the university $1.5 million, which it plans to use to use for need-based financial aid and community engagement funds. The university’s radio station, which broadcasts on FM 89.3 at 9,800 watts, will switch to an online-only format available from its website, 893WUMD.org. It will receive assistance with the transition from Rhode Island Public Radio.

The university also plans to collaborate with RIPR on a series of academic and community engagement activities, including internships and public forums.

“This is a win-win-win for UMass Dartmouth, Rhode Island Public Radio, and the communities we all serve,” said UMass Dartmouth interim Chancellor Peyton R. Helm. “We look forward to a long and strong collaboration that creates new opportunities for learning and discovery, while providing scholarships to talented and hardworking students who might not otherwise be able to attend college.”

With its wattage, the station will extend RIPR’s reach in the region. RIPR’s reach will extend to roughly two-thirds of southeastern Massachusetts, north of Taunton and east of New Bedford. It will also extend coverage in Rhode Island’s East Bay and middle regions and in greater Providence.

RIPR plans to add South Coast residents to its Board of Directors and Community Advisory Board, with preference given to those in the Dartmouth, Fall River and New Bedford areas.

The agreement needs to be approved by the Federal Communications Commission, which issues and controls radio licenses. It is expected to take three months to complete.