A hyperbolic 3-manifold has finite volume if and only if it is either closed or has toroidal boundary and it is not homeomorphic to $T^2\times I$.
This statement is from 3-Manifold Groups, page 18 (the link is editted) by Matthias Aschenbrenner, Stefan Friedl and Henry Wilton, it seems that the three references in the book toward this statement only give partial results (when the boundary components are already cusps).
Edits: The precise statement in my opinion should be:
Let $M$ be a compact three dimensional manifold with incompressible toroidal boundary (possibly none). If the interior of $M$ admits a hyperbolic structure, then $M$ either has finite volume, or is homeomorphic to $T^2\times I$.
Thanks for any solutions or hints.