Federal Stafford Loan

(for loans first disbursed after July 1, 2008)

The Federal Stafford Loan is the largest and most commonly used student loan program. It has both a subsidized and unsubsidized option depending on the student's eligibility. Students may qualify for the subsidized Stafford Loan if they show financial need. The federal government pays the interest on this loan while the student is in school. Students without financial need may borrow under the unsubsidized Stafford Loan program and are fully responsible for all interest charges.

Eligiblity: Undergraduate students or graduate and professional students attending at least half time. The FAFSA must be completed in order to determine eligibility.

Interest Rate is:

• 6.00% for Stafford subsidized undergraduate and 6.80% for unsubsidized
  
• 6.80% for graduate students Stafford subsidized and unsubsidized

Zero origination fees. RISLA pays the origination fee for Stafford Loan borrowers.

Loan limits: The borrower limits listed below are effective July 1, 2008.

Borrowing Limits for Dependent Students:
Grade Level 1 - $5,500 (up to $3,500 can be subsidized)
Grade Level 2 - $6,500 (up to $4,500 can be subsidized)
Grade Level 3 & above - $7,500 (up to $5,500 subsidized)

Borrowing Limits for Independent Students:
Grade Level 1 - $9,500 (up to $3,500 subsidized)
Grade Level 2 - $10,500 (up to $4,500 subsidized)
Grade Level 3 & above - $12,500 (up to $5,500 subsidized)
Graduates & Professionals - $20,500 (up to $8,500 subsidized)

Repayment: Repayment does not begin until 6 months after the student graduates, withdraws, or is attending less than half time. The standard repayment term is 10 years.

When you borrow from RISLA, you are eligible for these benefits*:

• 0% origination fees
• 1% interest rate reduction after 36 consecutive, on-time payments
• 0.5% interest rate reduction for automatic payments via ACH

Apply Online & Electronically Sign Your Application

* If you are not a Rhode Island resident and you/your child are not attending a Rhode Island institution of higher education, your borrower benefits may be different. Click here for more details.

RISLA reserves the right to modify or terminate borrower benefit programs at its discretion and without prior notice.