Priority for funds administered by Rhode Island College is given to applications received by May 15 prior to the following academic year. In addition to demonstrating financial need, general eligibility requirements for financial aid include acceptance for admission as a degree candidate and status as a U.S. citizen or permanent resident. This loan program is administered directly by the Office of Student Financial Aid. Actual award amounts depend on federal funding levels, and priority is given to those applicants with the greatest need. Students who cannot demonstrate need may be eligible for an unsubsidized Federal Stafford Loan.
Unsubsidized loans have an interest charge during the in-school and grace periods.
Interest rates on both subsidized and unsubsidized loans are now variable and are adjusted on July 1 each year. During the repayment period, the interest rate on both subsidized and unsubsidized loans is based on the three-month treasury bill rate plus 3.1 percent. Both loans have an interest cap of 8.25 percent. Previous borrowers who have Federal Stafford Loans at fixed interest rates will have those rates continued for new loans. In addition to interest, these loans have a combined origination and insurance fee of 4 percent on the amount borrowed.