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PLEASE READ BEFORE APPLYING FOR THIS LOAN
Before applying for alternative/private loans, consumers should fully explore
their eligibility for federal financial assistance, including federal loans. The terms of federal loans may be
more favorable than alternative/private loans, including a lower annual percentage rate, fewer and lower fees,
and loan forgiveness. Consumers may obtain more information about federal financial assistance at the website of
the Department of Education. Borrowers may obtain more information about federal loans offered by Rhode Island
Student Loan Authority at www.risla.com.
The Rhode Island Family Education Loan is a private loan
for students that will go above and beyond the Federal Stafford Loan. This loan
is in the student's name, but usually requires a credit worthy co-signer.
Students are eligible to borrow the full cost of attendance minus any financial
aid they are awarded within the loan’s borrowing limits.
Eligiblity: Credit worthy undergraduate students or graduate and professional students who are residents of Rhode Island or attending a Rhode Island college/university. Students can attend less than half time and the FAFSA does not have to be filed.
Interest Rate: The interest rate is at a low,
fixed rate of 7.74%.
Fees: No upfront fees. A one time
repayment fee of 4% is added at the time of repayment so no interest is accrued
on the fee amount.
Loan limits: You may borrow a minimum of
$1,500 up to a maximum of $35,000 for each school year. The maximum aggregate
total is $125,000.
Repayment: Repayment does not begin until 6
months after the student graduates, not to exceed 4 ½ years. The repayment term
is up to 15 years with a $50 minimum monthly payment.
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No upfront fees
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Low, fixed interest rate
for the life of the loan
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Co-signer release plan after 24 consecutive, on-time payments*
Apply Online & Receive an Instant Credit
Decision
*After 24 consecutive on time payments, the cosigner
may apply to be released. The decision to release the cosigner is based on the
current credit worthiness of the student. Payments made while the student is in
school are not applicable.
RISLA reserves the right to modify or terminate
borrower benefit programs at its discretion and without prior notice.
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