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Compare Student Loan Options

Compare your college loan options

   State-based  Federal   
 

RISLA Student Loan

Immediate Repayment

RISLA Student Loan

Deferred Repayment

 RISLA Parent Loan Perkins Loan Subsidized Stafford Loan Unsubsidized Stafford Loan PLUS Loan
Borrower Student & cosigner Student & cosigner Parent only Student only Student only Student only Parent only
Need-based? No No No Yes Yes No No
Interest Rate 5.39% 7.49% 5.39% 5.0% 3.4% 6.8% 7.9%
     New legislation has recently been introduced that would affect the above federal education loan interest rates. The rates for federal loans are subject to change for the 2013/14 academic year.
APR (1) 5.39% 7.18% - 7.56% 5.39% Exempt from APR Disclosure Exempt from APR Disclosure Exempt from APR Disclosure Exempt from APR Disclosure
Rate Type Fixed Fixed Fixed Fixed Fixed Fixed Fixed
Fees 0% 0% - 4% 0% 0% 1% 1% 4%
     New legislation has recently been introduced that would affect fees on the above federal education loans. Fees are subject to change for the 2013/14 academic year.
Repayment Start 45 days after final disbursement 6 months after student leaves school (2) 45 days after final disbursement 9 months after student leaves school 6 months after student leaves school 6 months after student leaves school 60 days after final disbursement, may defer until student leaves school
Standard Repayment Term 120 months 180 months 120 months
120 months
extended and income based options available
120 months
extended and income based options available

120 months

extended and income based options available

120 months

extended and income based options available
Estimated Monthly Payment per $10,000 disbursed $110 $123 - $128 $110    
TBD based on final set rates.
Borrowing Limits Up to the cost of education minus other financial aid received
($1,500 min and $35,000 max)		 Up to the cost of education minus other financial aid received
($1,500 min and $35,000 max)		 Up to the cost of education minus other financial aid received
($1,500 min and $35,000 max)		 For dependent students
$3,500 for first year students
$4,500 for second year students
$5,500 for third-fifth year students		 For dependent students
$5,500 for first year students (includes subsidized Stafford loans)
$6,500 for second year students (includes subsidized Stafford loans)
$7,500 for third-fifth year students (includes subsidized Stafford loans); aggregate limits also apply		 $5,500 annually Up to the cost of education minus any other financial aid received
Loan forgiveness programs Yes, for interns & nurses Yes, for interns & nurses Yes, for interns & nurses Yes Yes Yes No
Forgiven if student dies Yes Yes Yes Yes Yes Yes Yes
How to apply Apply online at risla.com Apply online at risla.com Apply online at risla.com Complete the FAFSA by your school's deadline; you will also need to complete a Master Promissory Note with your school Complete the FAFSA by your school's deadline; you will also need to complete a Master Promissory Note with your school Complete the FAFSA by your school's deadline; you will also need to complete a Master Promissory Note with your school Complete the FAFSA by your school's deadline; you will also need to complete a Master Promissory Note with your school

 

 Apply for a RISLA Loan

 

  1. The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, the origination fee, and making equal payments over the term of the loan. ALL EXAMPLES: Equal disbursements of $5000 in September and January.  Minimum monthly payment is $50.00.  IMMEDIATE REPAYMENT OPTION:  Loan enters repayment 45 days after the final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. DEFERRED REPAYMENT OPTION : A 4% origination fee (if applicable) is added at the time the loan proceeds are disbursed.  Fifty-four (54) months pass (48 month in-school and 6 months grace) at which time accrued interest is capitalized and a 180 month repayment term begins.
  2. Repayment begins six (6) months after the student leaves school not to exceed 54 months for undergraduates or 42 months for graduate students.
  3. Assumes fifty-four (54) months pass (48 months in-school and 6 months grace) at which time accrued interest is capitalized and a 120 month repayment term begins.