A private educational loan is a last resort and is not recommended unless all other loan options have been exhausted.
CCRI requires U. S. Citizens and/ or permanent residents first complete a FAFSA and apply for a Federal Direct Stafford Loan before applying for private loans. Federal Direct Stafford Loans have lower interest rates and offer borrowers better benefits than private loans.
Students are encouraged to speak with a Financial Aid Officer for guidance when considering their loan options.
Private loans are not guaranteed by the federal government, require a credit check and often a co-signer. Loan terms and conditions vary significantly by lender. Carefully consider your financial needs and then select the loan product that best meets both your individual situation and your financial need.
When researching private loans, you should pay close attention to the borrower benefits, fees, interest rates and repayment options. To calculate the interest, lenders typically use the LIBOR Rate average, Prime Rate, or the 91-Day T-bill.
Private educational loans provide a choice when circumstances necessitate one. Consider a private loan if:
The Community College of Rhode Island has complied a list of lenders that have provided loans to our students within the last five or more years. This list is meant to be utilized as a guide or starting point for analysis. Students are under no obligation to borrow from one of these lenders and are free to choose another lender who is not listed. The College will certify a loan with any lender a student chooses.
The Financial Aid Office at the Community College of Rhode Island adheres to the Code of Conduct as established by the Higher Education Opportunity Act as well as the National Association of Student Financial Aid Administrators' (NASFAA) Statement of Ethical Principles and Code if Conduct for Institutional Financial Aid Professionals. Click here to view CCRI's Financial Aid Code of Conduct.
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