Federal Loan Options

Students who meet specific criteria or have demonstrated financial need may be eligible for loans provided by the federal government. These loans have different qualifications, interest rates and requirements. The following programs are available to students enrolled in full-time degree programs at Roger Williams University:

Any student applying for financial aid by completing the Free Application for Federal Student Aid (FAFSA) will be offered federal student loans through the Department of Education's Federal Direct Loan Program as part of your RWU financial aid award. This loan program is borrowed money that must be repaid. Lenders charge interest on the borrowed amount for its use. Once you receive your award letter, you will have the opportunity to accept or decline the direct loan(s) in full or request a reduced borrowing amount.

Student Borrowing Options

Subsidized Federal Direct Loans

These are low interest loans that are awarded based on financial need. The U.S. Department of Education pays the interest that accrues on the loan during the in-school, grace and authorized deferment periods. The interest rate for the 2017/2018 year loan is 4.5% with a loan origination fee of 1.069% for undergraduate students. The maximum borrowing amount is $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors with a maximum cumulative total of $23,000. Repayment of principal begins six months after the student stops attending school on at least a half-time basis. Interest on the loan starts once the student stops attending school on at least a half-time basis.

Unsubsidized Federal Direct Loans

These are low interest student loans that are not awarded based on financial need. The U.S. Department of Education does not subsidize the interest; the student borrower is responsible for all interest that accrues on the loan from the date of the first disbursement. The interest rate for this loan for the 2017/2018 year is 4.5% with a loan origination fee of 1.069% for undergraduate students. Repayment begins six months after the student stops attending school on a half-time basis.

Note: Based on student FAFSA results, students may be awarded a combination of subsidized and unsubsidized loan amounts. Regardless of the type of loan awarded, every student must complete an Entrance Interview and Master Promissory Note before receiving this loan.

Federal Perkins Loans

These are low-interest student loans that are awarded to students who demonstrate an exceptionally high level of financial need. New borrowers under this program must complete an Entrance Interview before they can receive this loan. All borrowers of this loan must sign a Master Promissory Note each year that they borrow under this program before the funds can be disbursed. The interest rate for this loan is 5%. Interest and repayment on this loan does not begin until nine months after the student ceases to be enrolled on at least a half-time basis.

Parent Borrowing Option

Federal PLUS Loans

These are low interest loans available to parents of enrolled undergraduate students. Borrowers may request up to the total cost of attendance for each individual school year minus any financial aid received for that year. The interest rate for the 2017/2018 is 7% with a loan origination fee of 4.276%.  Formal credit checks are performed to determine final eligibility.

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 Exit and Entrance Interviews: