Greenwood Credit Union (GCU) in affiliation with RI Student Loan Authority (RISLA) has become the first credit union in the state to offer the RI Family Education Loan.
Issued through RISLA, the RI Family Education Loan is a state-based, fixed-rate education loan. Applications are now available at Greenwood Credit Union.
Designed for those who need to secure an education loan to help cover the breach between their college financial aid allotment and the cost of their education, an applicant may apply after ascertaining that other financial resources have been exhausted, such as scholarships, grants, federal Stafford loans and Perkins loans.
Loan rates are 6.39 percent for immediate repay and 7.49 percent for deferred payment. Loans are for 10 to 15 years with a maximum of $25,000.
The RI Family Education Loan offered through GCU provides families with an attractive option rather than seeking a private lender loan. According to their guidelines as a non-profit organization, there is no application fee, and there is a zero origination fee option. Additionally, there is no penalty for loan prepayment, yet there are two options from which to choose. Undergraduate as well as graduate students are eligible for this loan, and need not be full-time, matriculating students; part-time or non-matriculating students may also apply.
“GCU is happy to offer this competitive RI Family Education Loan assistance, and is pleased to be a leader in helping families this way,” said Jim Irving, president/CEO of Greenwood Credit Union.
For further information, contact the loan department of Greenwood Credit Union at 739-4600. Non-members may apply.