Federal Perkins Loan Program
This program offers a deferred, low-interest (5 percent) loan to assist students in financing an education. Funds are provided through RISD. First-year undergraduates may borrow $1,500; first-year graduate students $1,500. Approximately 780 RISD students borrow from these funds.

Federal Stafford Loan Program
This program offers deferred, low-interest loans from banks and other lenders. The program includes both subsidized and unsubsidized loans. With the former, the government pays the interest on the loan while you are enrolled in school and for six months afterwards; with unsubsidized loans you are responsible for all interest payments starting the day a check is disbursed. To be eligible for either type of Stafford Loan, a Free Application for Federal Student Aid (FAFSA) must be filed, in addition to the master promissary note.

Maximum annual borrowing amounts on the subsidized or unsubsidized Stafford (or a combination of the two) are $3,500 for dependent freshmen, $4,500 for dependent sophomores, and $5,500 for dependent juniors, seniors and fifth-year students. Independent undergraduates may borrow additional unsubsidized Stafford loans. The maximum annual borrowing amounts, combining both the subsidized and unsubsidized loans, are $7,500 for independent freshmen, $8,500 for independent sophomores, and $10,500 for juniors, seniors and fifth-year students

As of July 1, 2008, both dependent and independent undergraduate students may borrow a $2,000 unsubsidized Stafford loan in addition to the maximum subsidized and unsubsidized amounts listed above.

Maximum annual borrowing amounts on the subsidized or unsubsidized Stafford loans are $20,500 ($8,500 subsidized and $12,000 unsubsidized) for graduate students.

Federal Plus Loan Program
This program offers additional loans for parents of dependent undergraduates. Interest on the loan amount begins to accrue the day a check is disbursed, and you need not file a FAFSA.

US Department of Education website: For more information on federal financial aid, visit: www.ed.gov.