Loans
Student loans can be used to pay for a variety of costs associated with your college education, such as tuition and fees, room and board, books and supplies, transportation, and the purchase of a computer or software. However, while borrowing funds may be a wise investment, it deserves careful consideration; all student loans must be paid back, including interest and fees. Before deciding to take out a loan, be sure to look for free money first, such as grants and scholarships, and speak to a CCRI Financial Aid Counselor about other funding options. If you meet eligibility requirements you can submit a Federal Loan request below.
Loans
Federal student loans are loans from the U.S. government to help students pay for college. They usually have lower interest rates, flexible repayment plans, and borrower protections compared with private loans.
They are offered through the Federal Direct Loan Program and are administered by the U.S. Department of Education.
Types of Federal Loans
Federal Direct Loans are available to students who qualify for federal financial aid and are enrolled in at least six credits per semester. If you decide to borrow, there are two types of Federal Direct Loans: subsidized and unsubsidized. Eligible parents of dependent students can also take out Direct Parent PLUS loans.
Federal Subsidized Direct Loans
These loans are available based on your demonstrated financial need, determined by information provided on your FAFSA®. The federal government will pay the interest on a subsidized loan while you are in school at least half-time. Repayment is deferred until students graduate, withdraw or enroll less than half-time. An origination fee is charged at disbursement.There are limits on how much you can borrow based on your year in school.
Federal Unsubsidized Direct Loans
Unsubsidized direct loans are available for students who don’t demonstrate financial need. You are responsible for all interest that accrues on the loan. You may choose to make interest payments while in school or defer interest payments, which will then be added to the principal of the loan. There are limits on how much you can borrow based on your year in school.
Federal Parent PLUS Loans
PLUS loans enable parents with good credit histories to borrow money to help pay for their child’s college expenses. The student must be enrolled at least half-time in a degree program. Parents can borrow up to the student’s full cost of education less other types of financial aid. If your family is interested in borrowing a Parent PLUS loan, please contact your Financial Aid Counselor.
Federal Student Loan Request
After submitting your FAFSA and successfully completing your Financial Aid File and you have not been awarded a student loan or if you wish you increase your student loan amount, then please complete the Federal Student Loan request form below.
The Financial Aid Office will review your request and will determine if you are eligible based upon annual and lifetime limits and available financial need. If you are approved, you will receive an email notification regarding your revised financial aid award, then you need to complete the steps below to finalize the loan process.
*For Fall 2025, Spring 2026, & Summer 2026.
Steps to Complete Loan Requirements
Step One: Accept/Decline/Modify your Federal Direct Loan(s) offered
- Login to your MYCCRI Account
- Click on 'For Students' Tab
- Click on 'Financial Aid Dashboard'
- Be sure to view/change award year in top right hand corner
- Award Year 2025-2026 (Fall 2025, Spring 2026, Summer 2026)
- Award Year 2026-2027 (Fall 2026, Spring 2027, Summer 2027)
- Scroll to the 'Offer' Tab
- In the drop down box on the side of of your offered loan(s), Click on 'Take Action'
and change to either Accept/Decline/Modify.
- If offered both Subsidized and Unsubsidized loans, then you must accept the subsidized loan first.
- If you choose to modify your loan amount then you must input an amount
- Click on SUBMIT
Reminders
- Students must be enrolled in least half-time (6 credits) at the time of disbursement to be eligible for a direct loan
- First Time Borrowers must complete Master Promissory Note & Entrance Counseling before loan is applied to student's account
First Time Borrowers must complete steps 2&3.
Step Two: Complete Entrance Counseling
Entrance counseling is a short online session that teaches you about your loan responsibilities before you borrow.
Purpose:
To make sure you understand:
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How student loans work
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How interest accumulates
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Your repayment options
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What happens if you miss payments
What it usually includes:
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Estimated monthly payments
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Borrowing limits
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Tips for managing debt
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Your rights and responsibilities as a borrower
⏱️ Time: usually about 20–30 minutes.
Step Three: Complete Master Promissory Note (MPN)
A Master Promissory Note (MPN) is the legal contract between you and the federal government for your student loan.
When you sign an MPN, you are agreeing that:
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You will repay the loan
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You will pay interest and any applicable fees
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You agree to the loan terms and conditions
Important details:
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One MPN can cover multiple loans for up to 10 years at the same school.
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It includes information about repayment, deferment, and default consequences.
Annual and Aggregate Loan Limits
Dependent students-maximum loan amounts per academic year
| Year | Subsidized | Unsubsidized | Total Eligibility |
|---|---|---|---|
| Freshman* (less than 30 credit hours earned) |
$3,500 | $2,000 | $5,500 |
| Sophomore(30 or more credit hours earned) | $4,500 | $2,000 | $6,500 |
| The aggregate amount for a dependent undergraduate student (except students whose parents are unable to obtain PLUS loans) is $31,000 for Stafford loans. (Maximum $23,000 subsidized) | |||
Independent students-maximum loan amounts per academic year
| Year | Subsidized | Unsubsidized | Total Eligibility |
|---|---|---|---|
|
Freshman* (less than 30 credit hours earned) |
$3,500 |
$6,000 |
$9,500 |
|
Second Year (30 or more credit hours earned) |
$4,500 |
$6,000 |
$10,500 |
| The aggregate amount for an independent undergraduate student (and dependent students whose parents are unable to obtain PLUS loans) is $57,500 for Stafford loans. (Maximum $23,000 subsidized) | |||
* Students registered in certain Certificate Programs will remain Freshman level throughout their enrollment.
Note: These annual loan limit amounts are the maximum yearly amounts you can borrow in both subsidized and unsubsidized loans. You can have one type of loan or a combination of both. Because you can't borrow more than your cost of attendance minus any other financial aid you'll get, you may receive less than the annual maximum amounts. Also, the annual loan limits assume that your program of study is at least a full academic year.
The maximum annual and total loan limits include any Stafford Loans you may have received under the FFEL Program.
Private Education Loans
Private education loans are an alternative financing option to cover costs associated with attending college. These are typically credit-based educational loans that are provided through various private lenders or state loan authorities. Since these loans are credit-based a credit worthy U. S. borrower is required, and many times a co-borrower is necessary. 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
Loan Exit Counseling
You must complete exit counseling when you leave school or drop below half-time enrollment. The purpose of exit counseling is to ensure you understand your student loan obligations and are prepared for repayment. Click to complete Student Loan Exit Counseling
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.
Average Student Debt
In 2023-2024, 25% of our students borrowed federal loans with an average debt of $11,482.
Have a Question?
Contact Financial AidIf you need assistance with financing your education at the Community College of Rhode Island, the knowledgeable staff in the Financial Aid Department is ready to help.