State Student Loans in Rhode Island

Borrow the Right Money

Diminutive Rhode Island dishes up Federal and State student loans. It’s unusual for many states to have such a comprehensive guide for state resident students, even though it’s a necessary resource in the current market.

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.

Planning for college? Your checklist is likely long, and a necessary component is of that is student loans. What types of student loans do you have available to you from the State of Rhode Island what is the best strategy for using them?

Types of student loans:

  • Federal student loans
  • State-supported student loans
  • Private student loans from commercial lenders

Federal Loans and How to Use Them

RISLA is a direct provider for the Federal Family Education Loan Program (FFELP). You’ll find easy to access applications and tips for applying. The federal loan program is your first step in the financial aid process and so many other aid programs rest on your application.

  • Stafford Loans provide a first level of very affordable, credit-free aid, in versions designed for need-based and non-need-based borrowers. This is a no-brainer student loan. Almost everyone qualifies for something.
  • Grad PLUS Loans are designed to finally meet the needs of stressed out graduate and professional students who’ve maxxed out their Stafford Loans, but still have a mountain of grad school bills to cover. Credit-based, but borrowers may apply with a co-signor.
  • Parent PLUS Loans designed to offer relief to another stressed out borrower: parents of dependent undergrads. Use the Parent PLUS to finance up to the balance remaining on your child’s education once his or her federal aid programs are disbursed.
  • Federal Consolidation Loan is much scarcer than it once was largely due to changes in the program that make it not such a good deal. Instead consider the “extended” repayment plan when deciding which loan repayment strategy to go with. This is similar in concept.

Find out more about the federal student loan programs.

Private Loan Program for Rhode Island College Students

RISLA’s affordable private loan program, Rhode Island Family Education Loan, does attempt to solve the usual problems with a private loan—it’s expense. Despite this loan’s user-friendliness, you are best advised to borrow the maximum allowed with your federal loans first.

The RI Family Education Loan is available to you if you’re a creditworthy undergraduate or graduate student studying at a college or university in the state. Features of the loan:

  • Low borrowing minimum
  • Low fixed interest rate
  • No fees
  • Six-month grace period
  • Borrow up to $35,000 each academic year

Remember, although this is one of the better state loans and beats out most true “private” loans, you should only use it to finance what you absolutely need and nothing more.

Find out more about the RISLA programs.