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Recommended Private Alternative Loans

The Financial Aid Office at Rhode Island College strongly recommends taking advantage of the federal loans awarded to you by our office before considering any of these private loan options.  For summary information on the advantages of federal loans, Outside Linkclick here. If you have not done so already please file the FAFSA by going to Outside Linkwww.FAFSA.gov to see what federal aid you are eligible for. If you decide you need to apply for a private loan you need to do so through the individual lender of your choice. We recommend undergraduate students apply with a cosigner as this will likely result in a better interest rate. Once you have been approved AND you have completed all of the required paperwork the lender will contact Rhode Island College for certification. Please note lenders now require a self-certification form in addition to the school certification. The lender will send you this form to complete on your own; you can estimate the figures in Section 2 or if you have questions you can call our office, 401-456-8033. Funds are sent directly to the college and once all direct charges are covered the remaining funds will be refunded to the student. Please contact the individual lender if you have specific questions about one of these loans.

 

 

 

Citizens Bank – TruFit Student Loan

1-800-708-6684

Discover Private Loan

1-877-728-3030

RISLA Student Loan*  

1-800-758-7562

Sallie Mae

Smart Option Loan

1-877-279-7172

Wells Fargo Collegiate Loan

1-800-658-3567

 

 

Outside LinkApply Now

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Fees

 

0

0

0 or 4%

0

0

Interest Rate**

 

Outside LinkFixed or Variable

Outside LinkFixed or Variable

Adobe PDFOutside LinkFixed*

Adobe PDFOutside LinkFixed or Variable

Outside LinkFixed or Variable

Cosigner Release***

 

36 months

N/A

24 months

12 months

24 months

Satisfactory Academic Progress  Required

No

Yes

No

No

No

Can be enrolled less than half-time

No

No

Yes

Yes

Yes

Non Degree Students

 

No

No

Yes

Yes

No

Can be used for a past due balance

Yes (6 months)

No

No

Yes (12 months)

Must currently be enrolled or intend to enroll

Yes (6 months)

Must currently be enrolled

*Nursing Rewards Program: First 4 years after graduation the loan is interest free if the student becomes a registered nurse and works in a licensed health care facility in RI providing direct patient care at least 20 hours a week. Outside LinkClick here for more details.
**Please see individual lender’s websites for information on interest rates, most are based on credit rating. Click on “Variable” or “Fixed” hyperlink to view disclosure statement.
***Cosigners may apply to be released from the loan after 24-36 consecutive on time payments.

Rhode Island College does not require lenders to provide any special benefits to the college or the financial aid staff in order to receive our recommendation. Our lenders have been selected on the basis of their quality service, competitive interest rates, and ability to handle automated processing which is compatible with our information system. The loans listed above are in alphabetical order not the order in which we recommend them. There are many different alternative loan products on the market. We believe that our recommended lenders offer some of the best loan products in the business, but we do not claim to have evaluated all lenders and all loan products. You are free to select any lender or loan product that you wish. If you select a different lender or loan product, we will do our best to process your loan as quickly as possible. However, if your selection requires us to use a manual paper process, the approval and disbursement of your loan will likely take longer.

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Page last updated: Oct. 20, 2014