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* Our recommended lenders are fully funded and the list will be posted shortly. For the 2008-2009 academic year, to avoid unnecessary credit checks, we recommend that you do not apply for any loans prior to June 1, 2008. The chart below gives some basic information on a sample of attributes of the financing options available: NEED BASED LOANS |
| TYPE | ELIGIBILITY | LOAN AMOUNTS | ADVANTAGES | INTEREST RATES & FEES | REPAYMENT | HOW TO APPLY | |
 |
Federal |
U.S. Citizen or eligible non-citizen No prior defaulted student loans Student must attend at least half-time Financial need |
$3500 Freshmen |
Deferments, Forbearance, Consolidations are available. The federal Stafford loan interest rate will not exceed 8.25%. | The federal government sets the interest rate every July 1st not to exceed 8.25% | Repayment begins 6 months after graduation or student has ceased enrollment of at least half-time status | Complete the Free Application for Federal Student Aid (FAFSA) |
|
Federal |
Dependent students that have a parent that has been denied the Parent PLUS loan qualify for additional unsubsidized loan Independent Students also qualify for unsubsidized loan |
$4000 Freshmen |
Deferments, Forbearance, Consolidations are available. The federal Stafford loan interest rate will not exceed 8.25%. | The federal government sets the interest rate every July 1st not to exceed 8.25% | Repayment begins 6 months after graduation or student has ceased enrollment of at least half-time status | Complete the Free Application for Federal Student Aid (FAFSA) | |
 |
Federal Perkins Loan | Students with financial need under a determined Expected Family Contribution (EFC) | Generally $1000-$2000 | Fixed interest rate of 5%. Deferments, forbearances, and consolidation available. | Fixed interest rate of 5% | Repayment begins 9 months after graduation or when the student borrower has ceased enrollment of at least half-time status | Complete the Free Application for Federal Student Aid (FAFSA) |
| Federal Student Nursing Loan | Nursing Student with financial need | $2500 Freshmen and Sophomores $4000 Juniors and Seniors | Fixed interest rate of 5%. Deferments, forbearances, and consolidation available. | Fixed interest rate of 5% | Repayment begins 9 months after graduation or when the student borrower has ceased enrollment of at least half-time status in a nursing program | Complete the Free Application for Federal Student Aid (FAFSA) |
| FINANCING OPTIONS Financial Aid Office |
| TYPE | ELIGIBILITY | LOAN AMOUNTS | ADVANTAGES | INTEREST RATES & FEES | REPAYMENT | HOW TO APPLY | |
 |
SRU Tuition Management Payment Plan | Enrolled student or parent of enrolled student | Limit up to yearly school budget on approval | No interest charges Quick approval Monthly payments versus lump sum Amount borrowed is insured |
$80 application fee 07-08 | Eight (8) or Ten (10) equal monthly payments beginning by July 3rd based on amount budgeted | Outside RI toll free In RI (401) 849-1550 |
 |
Federal Parent PLUS | Parents of DEPENDENT students A consumer credit check is required at time of application |
Up to total cost of attendance minus other aid | Minimum payment as low as $50/month
Up to ten (10) year term depending on the amount borrowed 3% Origination fees only |
Our recommended Plus Lenders will be posted on our website by May 1st, 2008. (See individual lender program for details) |
Interest and principal payments 60 days after final disbursement. Extended repayment for total loans over $30,000 | Contact the Office of Financial Aid |
| RI FEL RI Family Education Loan RISLA | Creditworthy parents and students Must be a US citizen or permanent resident. |
$1,500 minimum/year $25,000 max/year Total maximum $100,000 |
Fixed rate No payments during in-school period After 24 months of consecutive on-time payments, co-signer can be released. |
6.49% interest rate No hidden costs |
15 years | Contact the RI Student Loan Authority at 1-800-758-7562 or go to www.risla.com | |
|
Alternative Student Loans |
Credit-worthy applicant or co-signer must be a US citizen or permanent resident. |
Varies with lender |
Varies with lender |
Our recommended Alternative Lenders will be posted on our website by May 1, 2008. (See individual lender program for details) |
Varies with lender |
Contact the Office of Financial Aid |
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