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Rhode Island Student Loan Resources

Rhode Island College Loans, NEW Lenders:

Students & parents, please see our private student loan lenders page

Rhode Island Student Loans

As Rhode Island students prepare to graduate from high school and take that big step into college life, the question dares to be asked � How will they fund their higher-education? Thanks to the federal loan programs, students can relax a little when it comes to funding their higher education.

The federal loan program is backed by the United States Department of Education. The program makes it possible for students to attend the Rhode Island College, Providence College, or whatever institution they so desire. To apply, students must first fill out a Free Application for Federal Student Aid (FAFSA. As a plus, Rhode Island students who demonstrate financial need may also be awarded a state or federal loan when applying for their student loan. In some cases, for those who apply directly after January 1st, you can receive both grants on top of student loans.

To qualify for a student loan, borrowers must have U.S. citizenship and maintain satisfactory academic performance. Loans are applied for on a yearly basis and increase each year. Both undergraduate and graduate students can borrow money for school. Depending on financial need, borrowers may also qualify for a subsidized loan.

Parents can also qualify through the U.S. Department of Education for PLUS Loan so that they may assist with funding their dependent's college tuition, room and board and other associated fees. PLUS Loans do require credit approval and, unlike the federal loans, repayment begins as soon as the money has been dispersed.

Lastly, students can apply for a private student loan through a personal lender. This option often helps to cover educational expenses not paid for by grants, scholarships or federally-backed loans. As always, when considering credit, it is important to shop around for the best interest rate and loan program.

To learn more about student loans available to Rhode Island students ask a high school counselor or

Rhode Island Bank/Lender Telephone numbers:

  • Cape Cod Cooperative Bank (826942) - Yarmouth Port, MA. 508/362-3242. (Stafford, PLUS)
  • Century Bank & Trust Company (821818) - Medford, MA. 781/393-4697. (Stafford, PLUS)
  • National City Bank of Rhode Island (810240) - Riverside, Rhode Island . 800/708-6684. ( Stafford Loans, PLUS)
  • Compass Bank for Savings (822064) - New Bedford, MA. 508/994-5000. (Stafford, PLUS)
  • Family Bank (805272) - Ward Hill, MA. 978/374-1912. (Stafford Loans, PLUS)
  • Fleet National Bank (810241) - Worcester, MA. 800/235-3385. ( Federal Stafford Loans , PLUS)
  • Peoples Bank (815886) - Bridgeport, CT. 203/338-7158. (Stafford, PLUS)
  • Somerville School Employees Federal Credit Union (824803) - West Somerville, MA. 617/625-8411. (Stafford, PLUS)
  • Wrentham Co-Operative Bank (826640) - Wrentham, MA. 508/384-6101. (Stafford, PLUS)

Tax Advantages

Students are entitled to as much as $5,250 in employer-provided educational assistance -- tax free! This tax benefit was scheduled to end for undergraduate-level courses beginning after 2001, but is now extended indefinitely and includes graduate-level courses as well.

Some people may deduct up to $3,000 of qualified higher education expenses for courses during 2002, even if they don't itemize deductions on Form 1040, Schedule A.

And interest on student loans for higher education may now be deducted whenever paid and regardless of the age of the loan.

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