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Borrower Protections

A student loan benefits when you need it most.

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Income-Based Repayment

(IBR) is designed to reduce monthly payments to help borrowers manage student loan debt.

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Military Benefits

If you are a military member, you may be entitled to SCRA Benefits on your RISLA loan.

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Payment Forbearance

Can temporarily suspend or lower student loan payments during times of financial stress.

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Unfortunate Incident

This forgiveness benefit applies in the event of the student’s permanent disability or death.

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Income-Based Repayment

Find out if you are eligible for IBR programs.

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Income-Based Repayment

Income-Based Repayment (IBR) aims to reduce monthly payments, helping borrowers manage student loan debt. To qualify for IBR, borrowers, and cosigners must demonstrate financial hardship based on current income and family size.

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Financial Hardship
  • Paying back debt can be challenging following a job loss or some other type of financial hardship. 
  • RISLA’s IBR plan compares the borrower’s and cosigner’s income and family size to the annual poverty rates of the borrower’s and cosigner’s State of residence to calculate a monthly payment amount. 
  • If the amount is lower than the standard repayment amount, IBR is approved for one year.
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Payment Amounts
  • IBR payment amounts may increase or decrease each year based on the income, family size, and State of the borrower and cosigner.
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Qualified
  • Once qualified for IBR, RISLA borrowers and cosigners have a lower minimum monthly payment for each loan for one year. 
  • If the financial hardship is still in place after 1 year, borrowers and cosigners can resubmit updated income and family size information to extend the IBR for another year. 
  • If a RISLA IBR borrower and cosigner no longer qualify for reduced payment, the subsequent minimum monthly payment amount will return to the initial standard repayment amount agreed upon in the Promissory Note.
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Repayment Term
  • The IBR repayment term starts from the initial IBR start date and does not include any subsequent periods of deferment or forbearance.
  • The loan term is extended to a maximum of 25 years.
  • Any unpaid balance remaining after 25 years is completely forgiven.

Military Benefits

For Members of the Military

If you are a military member, you may be entitled to SCRA Benefits on your RISLA loan.

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Active Duty

While on Active Duty, SCRA benefits offer a 6% interest rate cap on all your RISLA loans originated prior to military service.

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Military Identification

To apply for your benefits, you may need to provide a copy of your latest military orders.

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Deferment Eligibility

Active duty military members who are deployed to war or supporting war efforts may qualify for a deferment on their RISLA loans.

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More About Military Benefits

For more information, please contact our office at 888-897-4752 or by email, and a representative would be happy to assist you.

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Loan Payment Forbearance

What options are available for forbearance?

Forbearance for instances such as unemployment, disability, and hardship may be available.

Loans disbursed on or after July 1, 2021 are eligible for up to 24 months of forbearance time.  Forbearance eligibility for loans first disbursed before July 1, 2021 is in accordance with the Promissory Note.

Unfortunate Incident

RISLA will forgive the outstanding balance on any non-federal RISLA student loan, parent loan, or refinance loan upon the student's death or permanent disability. Pre-existing conditions before RISLA loan disbursement do not qualify.

 
RISLA Student Loans

For RISLA Student Loans, Rhode Island Family Education Loans, Advancement Loans, Partnership Loans, or College Bound Loans, the deceased or permanently disabled student must be a borrower on the original note.

RISLA Parent Loan

For RISLA Parent Loans, the deceased student must be the student who benefited from the loan proceeds.

RISLA Refinance Loans

The loan forgiveness benefit applies only in the event of the student borrower's death or permanent disability. If another borrower passes away or becomes permanently disabled, RISLA may still seek repayment from the remaining party on the loan. RISLA requires a death certificate or proper documentation to confirm the student's permanent disability.

Loan Forgiveness Benefit Qualifications

The loan forgiveness benefit applies only in the unfortunate event of the student borrower's death or permanent disability. 

  • For Parent loans, the forgiveness benefit only applies in the unfortunate event of death or permanent disability of the student who benefited directly from the loan proceeds, not the parent borrower.  
  • In the unfortunate event of a student loan cosigner's death or permanent disability, RISLA may still pursue payment from the surviving borrower and/or the cosigner’s estate. 
  • RISLA must receive a death certificate or proper documentation of the student's permanent disability to process the forgiveness benefit.
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Contact Our Specialists

RISLA is here to help answer your questions.

We'd be delighted to help you with your application and find ways to save money with your student loans.

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We are with you for the journey.

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College Planning

A free service aimed at helping students achieve their goal of attending college and paying for it. The CPC assists thousands of students and families each year in planning for higher education.

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Scholarship Hub

Check out how to prepare for college—access free tools and resources.  Find local scholarships for college, and parents and students can enter to win $2,000 in college scholarships!

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Student Loans

Our student loans offer flexible repayment options, competitive interest rates, and a simple application process, making them an ideal choice for parents and students.

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Refinancing

With our refinancing options, you can enjoy the benefits of low fixed interest rates, no fees, and an auto-pay discount. Take advantage of this opportunity to save money and simplify your finances. 

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