You must be enrolled at least half-time to be eligible for these loan programs. Borrowers under all of these programs will be required to sign a promissory note and participate in entrance counseling* prior to disbursement of funds. Please visit the Student Loan Office website for more information. The Student Loan Office will also conduct exit counseling, at which time you will be made aware of your rights and responsibilities prior to leaving the University.
Federal Perkins Loan
This loan is available to graduate and undergraduate students with exceptional financial need. This loan has an interest rate of 5 percent per year and repayment begins nine months after graduation or termination of at least half-time studies. Deferment of repayment provisions are on your promissory note. You must sign a Perkins Master Promissory Note if you have not done so already while in attendance at the University.
Health Professions Loan
This loan is available to financially needy students in the College of Pharmacy at an interest rate of 5 percent per year. The repayment period begins 12 months after graduation or termination of at least half-time studies.
This program is available to students with exceptional financial need enrolled in the College of Nursing. Repayment of this loan, whose interest rate is 5 percent per year, begins nine months after graduation or termination of at least half-time studies.
Federal William D. Ford Direct Loan Program
The University participates in the Federal William D. Ford Direct Loan Program. This program includes both student subsidized and unsubsidized loans, as well as Parent (PLUS) loans and Graduate (PLUS) loans. The University receives funds directly from the U.S .Department of Education and disburses them to eligible students. You are not required to submit a separate bank loan application to receive your loan funds.
- Federal Direct Student Loan Program
- Federal Direct Parent PLUS Loan Program
- Federal Direct Graduate PLUS Loan Program
Direct Loan Interest Rates for 2017-18:
- Undergraduate Subsidized and Unsubsidized loans= 4.45%
- Graduate Unsubsidized loans=6%
- Parent PLUS loans=7%
Direct Loan Origination Fees:
- Subsidized and Unsubsidized loans: If disbursed on or after October 1, 2016=1.069%; after October 1, 2017 =1.066%
- Parent PLUS loans: If disbursed on or after October 1, 2016=4.276%; after October 1, 2017= 4.264%
Direct Parent PLUS Denial Information
If your parent is denied for a Direct Parent PLUS loan, you have three options that you may pursue.
- The student may receive additional Direct Unsubsidized Stafford loan funds.To accept their additional Direct Unsubsidized Stafford loans, the student must:
- Contact Enrollment Services and state you would like to receive additional Direct Unsubsidized Stafford loans funds based on the PLUS denial.
- Once Enrollment Services confirms that your Direct PLUS loan was denied, the loan will be offered on your account.
The amount that a student is eligible for in additional Direct Unsubsidized Stafford loan funds is determined by their class year.
- Freshman: Eligible for up to $4,000 in additional funds
- Sophomore: Eligible for up to $4,000 in additional funds
- Junior & Senior: Eligible for up to $5,000 in additional funds
If the student decides to pursue this option, they will not be eligible for a Direct PLUS loan.
- Appeal your credit decision with the U.S. Department of Education.You may pursue this option by visiting www.studentloans.gov where you completed your credit check or by calling 1-800-557-7394 (Federal Loan Origination Center) To appeal your credit decision online:
- Login to www.studentloans.gov using the parent borrower’s information (SSN & FAFSA PIN).
- Select the “Appeal Credit Decision” link under the PLUS Process section on the left side menu
- Follow the instructions provided to complete the appeal process. After completing your appeal online, you should receive a call from a representative at the Federal Loan Origination Center within 3 business days to discuss your appeal. If you do not receive a call, you may contact the Federal Loan Origination Center at 1-800-557-7394 to discuss the status of your appeal.
- Reapply with an endorser (co-signer) at www.studentloans.gov.To apply for an endorser (co-signer):
- Login to www.studentloans.gov using the borrower’s information (SSN & FAFSA PIN).
- Select the “Endorse PLUS Loan” link under the PLUS Process section on the left side menu
- Follow the instructions provided to complete the endorser process. You will need your Loan Reference Number to complete the endorser process. This number was provided during your original credit check. If you do not have your number, you may contact the Federal Loan Origination Center at 1-800-557-7394.
* Entrance Counseling: If you have already completed Entrance Counseling for your Subsidized and/or Unsubsidized Direct Loan at another school, you can transfer that information to URI by following these steps:
Step1: Sign in to your account at studentloans.gov
Click on View Completed Counseling on the left hand column.
Step 2: Click on Select School.
Step 3: Using the drop down menu, select Rhode Island for the School State and the University of Rhode Island for the School Name. Click Submit.
Your Entrance Counseling information will be sent to the University of Rhode Island!
Helpful websites regarding Loans:
Federal vs. Private/Alternative Loans– What is the difference?