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Rhode Island Family Education Loan
The Rhode Island Family Education Loan is a safe, low cost non-federal education loan for undergraduate and graduate students.
Benefits of the Rhode Island Family Education Loan:
- Fixed interest rate - your payments will never change, unlike payments on variable rate loans
- Student is the primary borrower - cosigner release option if upon entering repayment, first 24 payments are made on time and student borrower meets underwriting criteria
- Immediate repayment - save on finance charges
- Generous loan limits - up to $35,000 per year or as little as $1,500
- No pre-payment penalties
- Easy online application with instant credit pre-approval
- Home mortgage option for potential tax savings (1)
Rates for the 2010/11 academic year:
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Repayment Option
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Fixed
Interest
Rate (2)
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APR (3)
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Repayment
Term
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Estimated monthly
payment per
$10,000 borrowed
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Immediate Repayment 10-year
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7.25%
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8.11%
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120 months
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$123.92
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Immediate Repayment 15-year
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7.76%
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8.40%
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180 months
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$99.51
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Immediate repayment - Payments start 45 days after final disbursement. Borrowers can
save up to thousands of dollars in finance charges by choosing an immediate repayment option.
Eligibility:
- Rhode Island residents attending eligible in-state school or out-of-state schools and non-Rhode Island residents attending eligible Rhode Island schools
- Undergraduate and graduate students may apply
- Borrowers must pass a credit check and meet other eligibility requirements
- A cosigner is required for students under the age of 24 and for students who do not meet our credit criteria
Repayment:
- 10 or 15-year repayment term, depending on the repayment option you choose
Learn more and apply
*Please click
here for additional information on the terms of this loan program.
Rhode Island Student Loan Authority, the lender for the Rhode Island Family
Education Loan, may withdraw this interest rate offer at any time.
(1) We recommend that you consult your tax advisor to determine how this
option will benefit your individual tax situation.
(2) Each repayment option is subject to funds availability. Funds
will be awarded on a first-come, first-served basis. Interest
begins accruing after each loan disbursement.
(3) The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, the origination fee, and making equal payments over the term of the loan. APR is calculated using the following assumptions.
IMMEDIATE REPAYMENT 10-YEAR EXAMPLE: APR is calculated assuming equal disbursements of $5000 in September and January. 4% origination fee is added to each disbursement.
Loan enters repayment 15 days after the final disbursement at which time outstanding interest is capitalized and
a 120 month repayment term begins. Minimum monthly payment is $50.00.
IMMEDIATE REPAYMENT 15-YEAR EXAMPLE: APR is calculated assuming equal disbursements of $5000 in September and
January. 4% origination fee is added to each disbursement. Loan enters repayment 15 days after the final disbursement
at which time outstanding interest is capitalized and a 180 month repayment term begins. Minimum monthly payment is $50.00.
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