Private Educational Loans
A private educational loan is a last resort and is not recommended unless all other loan options have been exhausted.
CCRI recommends 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.
CCRI recommends that you use all grant, scholarship and federal loan options prior to applying for a private student loan. Remember there are many differences between lenders and the terms and conditions of their loans. Research your options and compare lenders before making a final selection.
Reasons to consider a private educational loan
- You are not making Satisfactory Academic Progress
- You have reached your Federal Direct Stafford Loan borrowing limit
- You have expenses that your financial assistance does not cover
- You are enrolled less than half-time
- You have a balance due from a previous term
- You plan on doing a study-abroad program in a future term and require additional financial assistance
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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- Private Educational Loans