Citigroup to underwrite R.I. Student Loan Authority

PROVIDENCE – General Treasurer Frank T. Caprio announced that the R.I. Student Loan Authority (RISLA) has selected Citigroup to serve as lead underwriter for a bond sale to fund a popular student loan program.
The bond sale will fund the R.I. Family Education Loan program, a fixed-rate loan program that RISLA has offered since 1997. Caprio said that last year alone, the program served 5,300 borrowers who were able to secure college loans at a rate of 6.49 percent, which was lower than the Federal Plus Loan rate. Students attending Rhode Island schools and Rhode Islanders attending out of state schools are eligible for the program.
“At a time when chaos in the financial marketplace has raised concerns about the availability of student loans, this bond sale is good news for Rhode Islanders,” Caprio, a member of the RISLA board of directors, said in a recent statement. “RISLA has a long track record of putting the dream of a college education within reach for many Rhode Island families. Their work is particularly crucial now that many lenders are restricting the availability of college loan funding.”