Common Questions
How do I apply for a student loan?
Students must first apply for financial aid before they can be awarded any loans. Contact the Financial Aid Office at (401) 863-2721 or access their web site for applications and instructions. If your Financial Aid award includes loans, the Loan Office will originate and print promissory notes and notify you when documents are ready to be signed.
How do I apply for a parent loan?
Parent PLUS and RIFEL Loan applications can be obtained directly from the Loan Office. A financial aid application is not required, and parents can borrow up to the cost of attendance less any aid the student is awarded. Completed PLUS Loan applications should be returned directly to the Brown Loan Office and RIFEL Application along with the required supporting documentation should be sent to Rhode Island Student Loan Authority. Approval is based on the borrowers creditworthiness and requires a credit report and for RIFEL a debt-to-income ratio calculation. Parents should apply as early as possible, but at least 30 days prior to the Student Account balance due date.
Am I eligible for deferment and how do I apply?
Deferment is a period when borrowers can stop making payments on their student loans and interest will not accrue for Perkins, Subsidized Stafford, and University loans. Eligibility for deferment differs for each loan type. Borrowers should review their loan documentation or contact their lenders to determine eligibility. Borrowers are responsible for completing a deferment application and remitting the application to each lender on time to be eligible.
When will my loan be disbursed?
Loans cannot be disbursed until the promissory note has been signed and in the case of Stafford, Plus, and RIFEL loans after an approval has been received. The first disbursement for Direct Stafford, Plus, and RIFEL loans is no earlier than ten days prior to the start of school, and the second disbursement at the mid-point of the academic year. Perkins and University Loans are disbursed no earlier than the first day of each semester.
How do I apply for a refund?
If the disbursement of loans (or other aid) creates a credit balance on the student's account, a refund can be requested. A refund request form should be completed and submitted to the Student Account Office. Refunds can take up to ten days and will not be processed prior to the start of school.
Where do I send my loan payment?
Loan payments for Direct Stafford and PLUS Loans should be sent to:
U.S. Department of Education
Direct Loan Payment Center
P.O. Box 746000
Atlanta, GA 30374-6000
Loan payments for Perkins and University Loans should be sent to:
Brown University
Cash Management Office
PO Box 1911
Providence, RI 02912-1911
To make your payment using a wire transfer, contact your bank and request funds be transferred to Brown University using the following information:
| Receiving Bank Information | |
| Bank Name: |
Citizens Bank One Citizens Plaza Providence, RI 02903 |
| ABA Routing #: | 011500120 (for domestic wire transfers) |
| SWIFT #: | CTZIUS33 (for international wire transfers) |
| Beneficiary Information | |
| Account Name: | Brown University |
| Account #: |
Contact Sharyn Whitney-Lennox at (401) 863-1764 for account number information |
| Special Instructions: |
Additional information for Brown to ensure proper credit of funds* |
* In order to assure proper and timely credit, it is vital the sender provide additional "special instruction" information such as a student name and account number, gift or pledge, or department contact and account number.
Some banks deduct a fee from funds wired, meaning the actual amount received and credited may be less than the intended origination amount. To ensure full credit at Brown, the remitter should add wire fee charges to the amount being wired.
How do I consolidate my loans?
Consolidation allows you to combine all or some of your student loans into one loan. This may simplify repayment because you can decrease the number of lenders and you may be able to reduce your minimum monthly payment(s). Borrowers should contact consolidation companies to obtain information about the terms of their programs and to obtain a consolidation application. There are many agencies that will consolidate loans, however most limit consolidation to federal student loans. You can obtain information about a Direct Consolidation Loan by calling the Loan Consolidation Center at (800)557-7392 or by visiting their web site at www.loanconsolidation.ed.gov.
What should I do if I am having difficulty making my monthly loan payment?
You should contact your lender(s) if you are having difficulty making your monthly loan payments. There may be deferment or forbearance benefits available that could temporarily postpone or reduce your monthly student loan payments. These benefits will require the completion of a deferment or forbearance application.
My address has changed. Who must I notify?
You are required to notify all lenders whenever your address changes. If you have Perkins or Brown University Loans you must provide address changes in writing. Borrowers can complete the Address Update section on their monthly billing statement, or they can send a request by mail, e-mail, or fax. If you have a Direct Stafford or Plus Loan, contact the Direct Loan Servicing Center at (800)848-0979 or update online at www.dlssonline.com.
Can I deduct my student loan interest?
The Taxpayer Relief Act of 1997 introduced several tax incentives including a deduction for the interest paid on qualifying student loans. The maximum amount of a deduction in one year is $2,000 in 2000 and $2,500 in 2001 and beyond. There are also limits to your adjusted gross income, which may affect the amount of deduction you may take. Brown provides borrowers with IRS Form 1098-E which indicates the amount of interest that may be deductible. If you have questions about how much interest you can deduct, you should consult with a qualified tax professional or contact the IRS Taxpayer Assistance line at (800) 829-1040. Additional information about Educational Tax Incentives can also be obtain on the web at http://www.irs.ustreas.gov/individuals/article/0,,id=96341,00.html