Loans

If you accept a loan, you will be required to complete a promissory note. You must be enrolled at least half-time to be eligible for these loan programs. The first three loan programs which are described below are funded through repayments from alumni and from an annual allocation from the federal government to which the University contributes a matching share. Interest accrues from the start of the repayment period. 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 at: Student Loan Office 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.

Health Professions Loan

Federal Perkins Loans

Nursing Loan

Federal William D. Ford Direct Loan Program

The Budget Control Act of 2011 (Pub. L. 112-25) made two important changes to the Direct Loan Program:

Effective for loans made for periods of enrollment (loan periods) beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Direct Subsidized Loans. Direct Subsidized Loans received by any student for loan periods beginning before July 1, 2012, for either graduate or undergraduate study, are not affected by this change. Note that it is the beginning date of the loan period that determines whether a graduate student can receive a subsidized loan, not the first disbursement date. For example, a graduate or professional student could receive a Direct Subsidized Loan for a loan period that begins in June 2012, even if the first disbursement of the loan is made on or after July 1, 2012.
Effective for loans first disbursed on or after July 1, 2012, the law eliminates the authority of the Department to offer any repayment incentives to Direct Loan borrowers to encourage on-time repayment of loans, including any reduction in the interest rate or origination fee. As a result, the up-front interest rebate that has been provided to Direct Loan borrowers at the time of loan disbursement will not be offered on any Direct Loan with a first disbursement date that is on or after July 1, 2012. The law continues to authorize the Department to offer interest rate reductions to Direct Loan borrowers who agree to have payments automatically electronically debited.

PLUS Loans (Parent Loan for Undergraduate Students)

The URI application for 2013-14 Parent PLUS loans will be available on our website beginning April 30, 2013.

Direct Parent PLUS Denial Information

If your parent is denied for a Direct Parent PLUS loan, you have three options that you may pursue.

1. The student may receive additional Direct Unsubsidized Stafford loan funds.

To accept their additional Direct Unsubsidized Stafford loans, the student must:

Contact Enrollmnent 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.

2. 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.

3. 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.

Application Instructions for Direct Loans for Undergraduate Students & Parent (PLUS) Loans

Application Instructions for Direct Loans for Graduate Students

Direct Loan Repayment Calculator

Federal Direct Loan Repayment Plans

News

Attention: Summer 2013 billing invoices will be mailed the week of May 20 and payment will be due by June 13. Students are encouraged to view their billing statements online via e-Campus and use our online payment portal at www.uri.edu/es to pay their balance.

Attention: Please be sure your completed FAFSA includes the University of Rhode Island Federal School Code 003414.