Rhode Island College reserves the right to require verification of income data submitted by any and all applicants for financial assistance. Forms of documentation or verification that may be requested include, but are not limited to, signed and dated photocopies of federal income tax returns and copies of authorization letters for untaxed income. 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 2.3 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.