| | Federal Stafford Subsidized | Federal Stafford Unsubsidized | Federal Plus | Rhode Island Family Education Loan (Alternative) |
Need-
based? | Yes
| No
| No
| No
|
| Eligibility | Undergraduate students or graduate & professional students attending at least half-time
| Undergraduate students or graduate & professional students attending at least half-time
| Credit worthy parents of undergraduate students & Graduate/Professional students. Students must be attending at least half-time.
| Student must be a resident of Rhode Island or attending a school in Rhode Island
Undergraduate students may be less than half-time
No Needs Analysis required
Credit based loan
|
| Borrowing Limits | Dependent:
1st year: $3,500
2nd year: $4,500
3rd & above: $5,500
Independent:
1st year: $3,500
2nd year: $4,500
3rd & above: $5,500
Graduate & Professional: $20,500 | Dependent:
1st year: $5,500
2nd year: $6,500
3rd & above: $7,500
Independent:
1st year: $9,500
2nd year: $10,500
3rd & above: $12,500
Graduate & Professional: $20,500 | Cost of attendance less other financial aid | Minimum:
$1,500/yr
Maximum:
$35,000/yr
|
| Aggregate Loan Limits | Undergraduate:
$31,000
Graduate Study:
$65,500
(including amounts borrowed for undergraduate study)
| Dependent Undergraduate:
$31,000
Independent
$57,500 | You may borrow up to the cost of education minus any other financial aid. | $175,000 |
| Disbursement of Funds | Funds are disbursed in two (or more) disbursements directly to the school. The school then credits the student's account. | Funds are disbursed in two (or more) disbursements directly to the school. The school then credits the student's account | Funds are disbursed in two (or more) disbursements directly to the school. The school then credits the student's account. | Credit review can be processed on-line within minutes. Upon approval, a promissory note is sent to the student borrower. This document must be signed and dated by all parties and returned. Funds are disbursed directly to the school which then credits the student's account. |
| Interest Rate | Fixed rate | Fixed rate | A fixed rate for the life of the loan. | A fixed rate for the life of the loan. Rate is set each school year. |
| Current Interest | 5.6% for loans disbursed after 7/1/09 for undergraduates; 6.8% for graduate students | 6.8% for loans disbursed after 7/1/06 | 8.5% for loans disbursed after 7/1/06 | 7.76% |
| Fee Processing | 0.5% Origination fee for 09/10. 1% default fee deducted from loan amount. | 0.5% Origination fee for 09/10. 1% default fee deducted from loan amount. | 3% origination fee and a 1% default fee, will be deducted from the loan amount | 4% repayment fee added to the principal. |
| Repayment Terms | Up to 10 years (25 years if the borrower qualifies for extended repay) | Up to 10 years (25 years if the borrower qualifies for extended repay) | Up to 10 years (25 years if the borrower qualifies for extended repay) | Up to 15 years |
| Repayment of Loan | No payments while in school or during the 6 month grace period beginning after the student leaves school or attends less than half-time. No interest accrues during in-school, grace, and deferment periods. | No payments while in school or during the 6 month grace period beginning after the student leaves school or attends less than half-time. The borrower is responsible for paying the interest. You may choose to pay the interest while in school or in grace, or have the interest capitalized. | You may borrow up to the cost of education minus any other financial aid.
Parent may defer repayment until up to six months after student leaves school. | No payments while in school or during the 6 month grace period beginning after the student leaves school. After 24 on-time payments the cosigner may apply to be released. |
| Incentives* | 0.25% interest rate reduction for automatic payments | 0.25% interest rate reduction for automatic payments | 0.25% interest rate reduction for automatic payments | Low fixed rate for the life of the loan
No up-front fees
Co-signer release plan
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