Rhode Island Higher Education Assistance Authority: Federal Parent (PLUS) Loans

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The Rhode Island Higher Education Assistance Authority is the guarantor for the Federal Parent Loan for Undergraduate Students (PLUS).

General Eligibility Requirements

Parents may borrow for their dependent undergraduates if they meet the following requirements:

be borrowing to help pay for the educational cost for an eligible student;
be a US citizen or eligible non-citizen;
not owe a refund on any Title IV grant;
borrowers in default on any Title IV loan must make satisfactory repayment arrangements with the holder of that loan(s) to re-establish Title IV eligibility.

A parent is not eligible to borrow on behalf of a dependent student if the parent is determined, based on criteria established by Federal regulations, to have an adverse credit history, unless the borrower obtains a credit worthy endorser. Some lenders may have additional credit qualifications.

Application Procedures

Parents file a PLUS loan application which may be obtained from a lending institution, a college financial aid office or the Rhode Island Higher Education Assistance Authority.

Application Deadline

Loan applications can be filed up to the last day of program enrollment.

Borrowing Limit

Parents may borrow up to the cost of education minus any financial aid received by the student.

Interest Rate

The interest rate is currently fixed at 8.5%.

Repayment

Repayment begins within 60 days after the loan has been fully disbursed.

Last Modified: July 31, 2008 12:52:48 PM

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