The University of Rhode Island (URI) is committed to helping its students reach their academic and personal goals. To help students pay for their education, URI offers a variety of financial aid options. One of these options is a supplemental parent loan, which can help students cover college costs that are not covered by other forms of aid.
The Supplemental Parent Loan (SPL) is an alternative loan offered by URI to help families finance their student’s education. It is designed to supplement other forms of aid, such as grants, scholarships, and federal student loans.
Who can apply for a Supplemental Parent Loan?
The supplemental parent loan is available to parents of undergraduate students enrolled at URI. The parent must be a U.S. citizen or permanent resident, and must meet the credit and other requirements of the lender.
In order to be eligible for the supplemental parent loan, the borrower must pass a credit score check. The borrower must also provide proof of income and complete a loan application.
How much can a parent borrow?
The maximum amount a parent can borrow for a student’s education is the cost of attendance minus any other financial aid received. The loan can be used to pay for tuition, fees, books, and other related expenses.
What is the interest rate?
The interest rate for the Supplemental Parent Loan is the prime rate plus a margin, which is determined by the lender. The interest rate is subject to change and is based on the borrower’s credit score.
What are the repayment terms?
The repayment term is determined by the lender, but typically the loan must be repaid within 10 years. The loan can be deferred while the student is enrolled at least half-time and for six months after graduation or withdrawal.
Are there any fees associated with the loan?
The borrower may be responsible for certain fees, such as origination or late payment fees. These fees are determined by the lender and are subject to change.
What are the benefits of the Supplemental Parent Loan?
The Supplemental Parent Loan can help parents cover college costs that are not covered by other forms of aid. It can also help parents avoid taking out more costly private loans. Additionally, the repayment terms are flexible and the interest rate is typically lower than that of a private loan.
Conclusion
The Supplemental Parent Loan is an excellent way for parents to help their student pay for college. It is important to remember that the loan must be repaid, so make sure you understand the terms and conditions before taking out the loan. Be sure to explore all of your financial aid options before making a decision.
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