TERMS & CONDITIONS
1. RHODE ISLAND ADVANTAGE applies to any Rhode Island resident students attending school, in any state, or Non-Rhode Island resident students attending a school in Rhode Island.
2. ASSUMPTIONS FOR DEFERRED EXAMPLE: Calculations are based on equal disbursements in September and January. Fifty-four (54) months pass (48 month in-school and 6 months grace) at which time accrued interest is capitalized and a 180-month repayment term begins. Interest accrues during deferment period and is capitalized (added to) principal balance at time loan enters repayment. The maximum deferment time is 72 months. For graduate students, calculations are based on thirty months deferment (24 month in-school and 6 months grace) with a maximum deferment time of 36 months.
3. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2023, for the 2023/24 academic year and include 0.25% reduction for making automatic monthly payments (auto-pay feature). Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.
4. APR: The Annual Percentage Rate (APR) reflects the estimated total cost of the loan, including origination fees ($0), accruing interest, and the effect of capitalized interest. Interest begins accruing after each loan disbursement. The rate shown includes the 0.25% interest rate reduction for using the auto-pay feature. If monthly payment is calculated to be less than $50 per month for full term, lowest payment is $50 per month with term reduced.
5. THE COSIGNER RELEASE PROGRAM: is not offered to Colorado, Connecticut, or Maine residents.