Rhode Island College Loans,
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Rhode Island Student Loans
As Rhode Island students prepare to graduate from high
school and take that big step into college life, the
question dares to be asked – How will they fund their
higher-education? Thanks to the federal loan programs,
students can relax a little when it comes to funding their
higher education.
The federal loan program is backed by the United States
Department of Education. The program makes it possible for
students to attend the Rhode Island College, Providence
College, or whatever institution they so desire. To apply,
students must first fill out a Free Application for Federal
Student Aid (FAFSA. As a plus, Rhode Island students who
demonstrate financial need may also be awarded a state or
federal loan when applying for their student loan. In some
cases, for those who apply directly after January 1st, you
can receive both grants on top of student loans.
To qualify for a student loan, borrowers must have U.S.
citizenship and maintain satisfactory academic performance.
Loans are applied for on a yearly basis and increase each
year. Both undergraduate and graduate students can borrow
money for school. Depending on financial need, borrowers may
also qualify for a subsidized loan.
Parents can also qualify through the U.S. Department of
Education for PLUS Loan so that they may assist with funding
their dependent child’s college tuition, room and board and
other associated fees. PLUS Loans do require credit approval
and, unlike the federal loans, repayment begins as soon as
the money has been dispersed.
Lastly, students can apply for a private student loan
through a personal lender. This option often helps to cover
educational expenses not paid for by grants, scholarships or
federally-backed loans. As always, when considering credit,
it is important to shop around for the best interest rate
and loan program.
To learn more about student loans available to Rhode Island
students ask a high school counselor or
Rhode Island STUDENT
LOANS by Telephone:
- Cape Cod Cooperative Bank (826942) - Yarmouth Port, MA.
508/362-3242. (Stafford, PLUS)
- Century Bank & Trust Company (821818) - Medford, MA.
781/393-4697. (Stafford, PLUS)
- Chase Manhattan Bank (807807) - Tampa, FL. 800/242-7339.
(Stafford Loan, PLUS Loan)
- National City Bank of Rhode Island (810240) - Riverside, Rhode
Island .
800/708-6684. ( Stafford Loans, PLUS)
- Compass Bank for Savings (822064) - New Bedford, MA.
508/994-5000. (Stafford, PLUS)
- Family Bank (805272) - Ward Hill, MA. 978/374-1912.
(Stafford Loans, PLUS)
- Fleet National Bank (810241) - Worcester, MA. 800/235-3385.
( Federal Stafford Loans , PLUS)
- Peoples Bank (815886) - Bridgeport, CT. 203/338-7158.
(Stafford, PLUS)
- Somerville School Employees Federal Credit Union (824803) -
West Somerville, MA. 617/625-8411. (Stafford, PLUS)
- Wrentham Co-Operative Bank (826640) - Wrentham, MA.
508/384-6101. (Stafford, PLUS)
Tax Advantages
Students are entitled to as much as $5,250 in
employer-provided educational assistance -- tax free!
This tax benefit was scheduled to end for
undergraduate-level courses beginning after 2001, but is
now extended indefinitely and includes graduate-level
courses as well.
Some people may deduct up to $3,000 of qualified
higher education expenses for courses during 2002, even
if they don't itemize deductions on Form 1040, Schedule
A.
And interest on student loans for higher education
may now be deducted whenever paid and regardless of the
age of the loan.
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