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Private Educational Loans

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.

Reasons to consider a private educational loan

Private educational loans provide a choice when circumstances necessitate one. Consider a private loan if:

  • 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

Borrow Wisely

  1. Apply for Federal Student Aid. We encourage students to apply for financial aid before considering a private loan by completing a Free Application for Federal Student Aid (FAFSA). CCRI’s federal school code is 004916. For further assistance on applying for aid at CCRI, please click here.
  2. Review federal aid first. By completing the FAFSA, our office will review your file for State, Federal and Institutional funding you may be eligible for before borrowing a Private Loan.
  3. Understand the differences between Federal loans and Private loans. The U. S. Department of Education,Federal Aid First, explains the differences between these loans.
  4. Borrow only what you need: Regardless of the type of loan you choose, avoid borrowing more than what is necessary. Remember, you must pay back the amount you borrow plus interest. The amounts you borrow, may impact your financial decisions in the future.

Private Lender List

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.

Private Lender List

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.