Terms & Conditions
1. RHODE ISLAND ADVANTAGE applies to any Rhode Island Students attending school in any state or Non-Rhode Island Students attending a school in Rhode Island who select an Immediate Repayment loan.
2. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2021 for the 2021/22 academic year and include 0.25% reduction for making automatic monthly payments (auto-pay feature). Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. Interest begins accruing after each loan disbursement. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.
3. APR: The Annual Percentage Rate (APR) reflects the estimated total cost of the loan, including origination fees ($0), accruing interest, and the effect of capitalized interest. Interest begins accruing after each loan disbursement. Rate shown includes the 0.25% interest rate reduction for using the auto-pay feature. If monthly payment is calculated to be less than $50 per month for full term, lowest payment is $50 per month with term reduced.
4. ASSUMPTIONS FOR DEFERRED EXAMPLE: Equal disbursements in September and January. Fifty-four (54) months pass (48 month in-school and 6 months grace) at which time accrued interest is capitalized and a 180-month repayment term begins. Interest accrues during deferment period and is capitalized (added to) principal balance at time loan enters repayment.