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.
New for 2014-15
Direct Loan Interest Rates for 2014-15:
Undergraduate Subsidized and Unsubsidized loans= 4.66%
Graduate Unsubsidized loans=6.21%
Parent PLUS loans=7.21%
Direct Loan Origination Fees for 2014-15:
Subsidized and Unsubsidized loans: If disbursed before October 1, 2014=1.072%; if disbursed on or after October 1, 2014=1.073%
Parent PLUS loans: If disbursed before October 1, 2014=4.288%; if disbursed on or after October 1, 2014=4.292%
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 Enrollment Services and state you would like to receive additional Direct Unsubsidized Stafford loans funds based on the PLUS denial.
The amount that a student is eligible for in additional Direct Unsubsidized Stafford loan funds is determined by their class year.
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:
3. Reapply with an endorser (co-signer) at www.studentloans.gov.
To apply for an endorser (co-signer):
*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?
Attention: Please update your URIEmergencyALERT information here.
Attention: Please be sure your completed FAFSA includes the University of Rhode Island Federal School Code 003414.
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