By Michael Souza
PBN Staff Writer
WARWICK – The Greenwood Credit Union has announced its relationship with the R.I. Student Loan Authority, the first credit union in the state to offer the Rhode Island Family Education Loan. The move improves GCU’s ability to serve students and families as well as provide this local educational financing resource. Issued through the RISLA, the RI Family Education Loan is a state-based, fixed rate education loan. Applications are available at Greenwood Credit Union.
The loan is designed for those who need to secure an education loan to help cover the difference 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, including scholarships, Stafford and Perkins loans and grants.
The loan provides families with an option to seeking a private lender loan. 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. Non-members may also apply.
For further information, contact the loan department of Greenwood Credit Union at 401-739-4600.