Loans
Federal Loan Options
Students may be able to get a loan from the federal government to help pay for school. These loans are based on certain rules and financial need. Each loan has its own interest rate and requirements.
If you fill out the Free Application for Federal Student Aid (FAFSA), and are a U.S. citizen or permanent resident, you will be offered a federal student loan as part of your RWU financial aid package. These loans come from the U.S. Department of Education’s Federal Direct Loan Program.
A loan is money you borrow and must pay back later. The government charges interest and fees on the amount you borrow.
After you get your financial aid letter, you can choose to:
- Accept the full loan
- Accept part of the loan
- Or decline the loan
You can decide what works best for you.
Click here to calculate your origination fees and net amounts that will be disbursed
The following programs are available to students enrolled in full-time degree programs at Roger Williams University:
Student Borrowing Options
These loans have a low interest rate and are given to students who show financial need.
While you are in school at least half time, the U.S. Department of Education pays the interest for you. They also pay the interest during your 6-month grace period after you leave school and during approved breaks from payment.
For the 2025–2026 school year:
- The interest rate is 6.39%
- There is a small loan fee of 1.057%
You can borrow up to:
- $3,500 as a first-year student
- $4,500 as a second-year student
- $5,500 as a third- or fourth-year student
The most you can borrow over time is $23,000.
You will start paying back the loan six months after you stop going to school at least half time. Interest will begin once you stop attending school at least half time.
These are low-interest student loans that are not based on financial need.
With this loan, the U.S. Department of Education does not pay the interest for you. You are responsible for all the interest from the day the money is first sent to your school.
For the 2025–2026 school year:
- The interest rate is 6.39%
- There is a loan fee of 1.057%
You will start paying back the loan six months after you stop going to school at least half time.
Important:
Based on your FAFSA results, you may receive a mix of subsidized and unsubsidized loans.
Before you can receive this loan, you must:
- Complete an Entrance Interview
- Sign a Master Promissory Note (this is your promise to repay the loan)
Both steps are required before the loan money can be given to you.
Parent Borrowing Options
Parent PLUS loans are for parents of undergraduate students.
Current Policy:
Parents can borrow up to the full cost of school for one year, minus any financial aid the student is getting.
For the 2025–2026 school year:
- The interest rate is 8.94%
- There is a loan fee of 4.228%
Before a parent can get this loan, the government will check their credit history.
Policy Change Expected:
Beginning in the 2026-27 academic year, the Parent PLUS loan will have an annual cap of $20,000 per year per student and a lifetime cap of $65,000 per student.
Entrance & Exit Interviews
Students who have received Federal Aid as part of their financial aid award, should follow the instructions provided in their award letter by clicking on the appropriate links below to complete their online Entrance and Exit Interviews:
Private/Alternative Loans
Students can choose to borrow money from private lenders, like banks, to help pay for school.
There are many private loan options. Not all loans are the same, so it is important to compare them carefully.
When looking at private loans, pay close attention to:
- The interest rate
- Any fees
- Credit score rules
- Whether you need a co-signer
Before you apply for a private loan, make sure you have used all your federal and state financial aid options first. Federal loans often have better benefits and protections.
Taking time to compare your options now can help you save money later.
Annual Federal Direct Loan Limits
| Year in School | Dependent Student Maximum Federal Direct Loan | Dependent Student with Parent PLUS denial Maximum Federal Direct Loan | Independent Student Maximum Federal Driect Loan |
|---|---|---|---|
1st Year Undergraduate 0-26 completed credits | $5,500 (up to $3,500 in subsidized) | $9,500 (up to $3,500 in subsidized) | $9,500 (up to $3,500 in subsidized) |
2nd Year Undergraduate 27-56 completed credits | $6,500 (up to $4,500 in subsidized) | $10,500 (up to $4,500 in subsidized) | $10,500 (up to $4,500 in subsidized) |
3rd Year Undergraduate 57-86 completed credits | $7,500 (up to $5,500 in subsidized) | $12,500 (up to $5,500 in subsidized) | $12,500 (up to $5,500 in subsidized) |
4th Year Undergraduate 87-120 completed credits | $7,500 (up to $5,500 in subsidized) | $12,500 (up to $5,500 in subsidized) | $12,500 (up to $5,500 in subsidized) |