Federal PLUS Direct Loan
PLUS Loans are federal loans borrowed by a parent on behalf of a dependent student. Salve Regina participates in the William D. Ford Federal Direct Loan Program for all federal parent PLUS, graduate PLUS and Stafford loans awarded after July 2010. With direct loans, students and parents borrow directly from the U.S. Department of Education instead of through the private banks and lenders who participated in the Federal Family Education Loan Program. The direct loan program offers a simpler, faster, less expensive and more reliable source of funding for students and their families.
Note: The interest rate on the federal PLUS Loan is fixed at 7.9 percent. There is a 4 percent loan fee deducted by the U.S. Department of Education from the total loan amount upon disbursement. All other terms and conditions to repay the loan remain the same.
Loan Application Process
Loans are disbursed electronically to Salve Regina, allowing funds to be posted directly to the student's account. In order to apply for a federal PLUS Loan, you must complete a Master Promissory Note. Please be advised that parents must use their Federal Student Aid (FAFSA) PIN to complete this application. If you do not have one, you may request one from the official PIN site. To begin the application process, log on to www.studentloans.gov.
Click here for more detailed instructions.
RISLA Parent Loan
RISLA (Rhode Island Student Loan Authority) Parent Loans are borrowed by a parent on behalf of a dependent student. This loan is for a Rhode Island resident or a student attending an eligible Rhode Island school (Salve Regina is an eligible school). Borrowers must pass a credit check and meet other eligibility requirements. The interest rate is currently as low as a fixed rate of 5.39 percent, and there is no origination fee for an immediate repayment option. For additional information please see the web site link below.
Click here for more detailed instructions and loan information.