In addition to your financial aid award, we offer a wide range of financing options to help families attain their educational goals. Payment plans, parent loans and private student loans are available to assist you with your expected contribution.
Families may choose to pay the balance over eight or 10 equal payments through Tuition Management Systems (TMS) for a nominal application fee. Contact TMS at (800) 722-4867 or log on to www.afford.com for information.
Federal Direct PLUS Parent Loan
PLUS loans are federal loans borrowed by a parent on behalf of a dependent student. We participate in the William D. Ford Federal Direct Loan Program for all federal parent PLUS, graduate PLUS and Stafford loans. This program offers a simpler, faster, less expensive and more reliable source of funding for students and their families.
The interest rate on the federal PLUS Loan is fixed at 6.41 percent. There is a 4.288 percent loan fee deducted by the U.S. Department of Education from the total loan amount upon disbursement. All other terms and conditions to repay the loan remain the same.
Loan application process: Loans are disbursed electronically to the University, allowing funds to be posted directly to the student's account. In order to apply for a federal PLUS Loan, you must complete a master promissory note. Please be advised that you must use your FSA ID to complete this application. If you do not have one, you may request one from the create a FSA ID site. To begin the application process, log on to www.studentloans.gov.
RISLA Parent Loan
RISLA (Rhode Island Student Loan Authority) parent loans are borrowed by a parent on behalf of a dependent student. This loan is for Rhode Island residents or students attending an eligible Rhode Island school (Salve Regina is an eligible school). Borrowers must pass a credit check and meet other eligibility requirements. The fixed interest rate is currently as low as 5.39 percent, and there is no origination fee for an immediate repayment option. Parents do not need to be Rhode Island residents if the student attends school in Rhode Island.
Your home state’s higher education agency may also offer parent or student loans.
Private loans are issued in the student’s name in conjunction with a credit-worthy cosigner. Most have variable interest rates and are usually more costly than federal student and parent loans. Repayment may be deferred, but the interest continues to accrue during deferment. When considering an alternative loan, carefully research factors such as interest rates, fees, APR, borrower benefits and loan repayment options.
Not all lenders use respectable tactics to obtain your business. While we do not recommend specific lenders, we offer a list of lenders our students have used in the past.
In many cases, when you ask for information, lenders will run a credit check to offer a pre-approval. Requesting information from several lenders can result in numerous credit inquiries that may adversely affect your credit. Applying too early may cause the credit approval to expire, and will also result in additional credit inquiries.
The private loan application process is initiated by the borrower. If selecting from the list below, simply click on the lender and complete their entire application process, including the cosigner addendum, disclosure approval and self- certification. Once you have been approved, the lender will send us a certification request and we will certify the request electronically. After the application completes the final approval process, the funds will be disbursed to your account.
Please note: Fees are usually added to the total loan amount upon repayment. You should review the lender'' individual terms, rates and fees. Lenders reserve the right to change or discontinue their interest rates and fees.