Are you a resident of Rhode Island who is planning for college? Your checklist is likely long, especially when considering financial concerns. For most students, a necessary component of this process are student loans. We're here to help you answer the following questions, as well as offer additional information:
The State of Rhode Island offers Federal and State student loans, with some very unique options and a comprehensive guide for state resident students.The Rhode Island Student Loan Authority (RISLA) delivers straightforward information on the federal student loans available to state residents as well as the customized private loans packaged exclusively for Rhode Island students.
There are three types of student loans:
RISLA is a direct provider for the Federal Family Education Loan Program (FFELP). Students using RISLA resources will find easy to access applications and tips for applying.
The federal loan program is a logical first step when navigating the financial aid process. It also includes filling out the FAFSA, which is required for eligibility to many other financial aid programs.
RISLA's private loan program, Rhode Island Family Education Loan, is much better than most private student loan programs because it is significantly more affordable. Rhode Island works to achieve a lower expense mainly through a low fixed interest rate, as well as a lower borrowing limit than many private loans. However, despite this loan's advantages, students are still advised to borrow the maximum amount of federal loans first.
The Rhode Island Family Education Loan is available to creditworthy undergraduate or graduate students studying at a college or university in Rhode Island. Features of the loan:
Remember, although this is one of the better state loans and has several advantages when compared to traditional commercial/private loans, you should only use it to finance what you absolutely need and nothing more.
Find out more about all the services and financial products offered, visit the RISLA website.