Education Loans 

Undergraduate students and their parents and graduate students should always exhaust federal student loan options before considering a private loan.  To apply for a Federal Direct Student Loan, complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.  

William D. Ford Federal Direct Loan

The William D. Ford Direct Loan is a low interest loan for which repayment of both principal and interest begins six months after graduation, withdrawal from school or dropping to less than half-time enrollment status.  The interest payments of the subsidized version of this loan, for which the undergraduate applicant qualifies based on financial need, are paid by the government while the undergraduate student is enrolled at least a half-time in an approved degree program.  Undergraduate and graduate students are required to pay all accrued interest for the unsubsidized version of this loan, but still benefit from the low interest and principal payment deferment options of the Direct Loan.  The annual combined limits of the Direct Loan for dependent undergraduate students are:  $5,500 for freshmen, $6,500 for sophomores and $7,500 for junior and senior.  Dependent undergraduates can generally borrow a combined maximum of $31,000 through the program.  Aggregate limits for independent undergraduates and graduate students may be higher.  All first time borrowers must complete a Master Promissory Note and the on-line loan entrance counseling session at https://studentloans.gov.  Students should contact the Office of Financial Aid for further details.

Federal Direct PLUS Loan

Bryant University administers the Federal Direct PLUS Program through the Office of Financial Aid.  This loan program is a low-rate government loan that allows parents, who have filed a FAFSA and are U.S. Citizens or eligible non-Citizens, to borrow  funds to cover undergraduate educational expenses remaining after the awarding of financial aid.  Graduate students, who have exhausted all Federal Direct Student Loan eligibility, are also allowed to borrow from the PLUS to cover remaining graduate educational expenses.  The interest rate in 2012-2013 is a fixed 7.90% and the origination fee is 4%.  To apply, borrowers should go to the site https://studentloans.gov/ and Sign In with: (1) the borrower's social security number, (2) first 2 initials of the borrower's last name, (3) borrower's date of birth and (4) the borrower's FAFSA PIN.  (Borrowers can obtain a federal PIN at the same site.  PIN’s are generally sent to the borrower's email address within 48 hours.)  Once in the federal site, select Start PLUS Application Process and Parent or Graduate PLUS, which is a 4-step process: input the borrower's Personal Information, Student and Loan Info, Review Application and Credit Check & Submit.  You will be told immediately that the loan is accepted or declined.  If declined, you will be offered the options of:  (a)appealing the credit decision, (b)borrowing with a co-signer or (c)taking no further action.  If you choose the last option, contact the Office of Financial Aid about additional Federal Direct Unsubsidized Loan funds available to undergraduate student.  If the loan is accepted, and if this is the first time you are borrowing for the student attending Bryant University, you should select Complete MPN on the left of the site's screen.  First-time Graduate borrowers are also required to sign the MPN and complete Entrance Counseling, even if you completed both as an undergraduate.  You can do so at the same site by selecting Complete MPN and then Complete Entrance Counseling.  Both the loan decision and signed MPN and/or Entrance Counseling acknowledgements will be sent to the University electronically within 3 business days.  First-time (at Bryant) parent borrowers should then go to the  Bryant University home page and select Current Students, Financial Aid, Forms and print out the 2012-2013 Federal Direct PLUS Addendum.  Complete, sign and return the Addendum to the Office of Financial Aid by fax, at 401.232.6293, or mail, 1150 Douglas Pike, Smithfield, RI 02917-1284.  Please contact the office at finaid@bryant.edu, 401.232.6020 or 800.248.4036 if you have any questions.

Private Alternative Loans

Most non-federal loans have high, variable interest rates, loan fees well above those for the federal student loan programs, limited repayment options, and almost none of the features and protections offered by the federal student loan programs, including payment deferments, forbearance, cancellation and consolidation options. Students are required by law to submit a Self-Certification to their lender after a private education loan has been approved by the lender and certified by the University. Please contact your lender about these disclosure requirements that were made effective 02/14/2010.

More information about the advantages of federal student loans over private, non-federal loans can be found at the site: https://federalstudentaid.ed.gov/federalaidfirst/.

A number of lending institutions offer education loan programs for dependent students with a credit-worthy co-signer. These programs vary widely, but families may benefit from the unique features these “alternative” loans can provide.  You are strongly advised to make thoughtful and careful choices. Generally, students may borrow up to the cost of education per year minus any financial aid. Bryant University’s Financial Aid Office will process any application submitted through a third-party lender, but you may find it beneficial to know that the following lenders have a track record at Bryant University marked by effective technology, superior borrower benefits and quality customer service.  Most private loans will reduce the interest rate by 0.025% to 0.50% if the student borrower enrolls in automating payments. 

*  Interest rate and Origination Fee is determined by repayment option - immediate or deferred

** Co-signer released by lender after 12 to 36 consecutive, on-time payments

*** Rate will depend on the repayment option and/or co-signer's credit

**** A fixed rate loan is also available;  see Lender's site for more details

Other lenders Bryant University students borrowed from in the past year are: Chase Select, CHESLA Loan Program, cuStudent Loans, Discover Student Loans, Maine Education Loans, NJClass Student Loans, SunTrust Academic Answer Loans and Wells Fargo Collegiate Loans.  You can research Alternative Loans further at the third party site studentlendinganalytics.com.