BORROWER PROTECTIONS

Here when you need us.

RISLA has you covered when times get tough.

INCOME-BASED REPAYMENT

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

MILITARY BENEFITS

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

PAYMENT FORBEARANCE

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

UNFORTUNATE INCIDENT

This forgiveness benefit is applicable upon permanent disability or death of student.

INCOME-BASED REPAYMENT (IBR)

Income-based repayment is designed to reduce monthly payments to help borrowers make student loan debt manageable. To qualify for IBR, borrowers, and cosigners must demonstrate financial hardship based on current wages and family size.

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Financial Hardship

Can be demonstrated when the monthly payment amount required to pay RISLA's non-federal loans under a standard repayment plan is higher than the monthly amount under IBR.

Payment Amounts

IBR payment amounts may increase or decrease each year based on the income, family size, and location of the borrower and cosigner

Qualified

Once qualified for IBR, RISLA non-federal loans of the qualified borrowers and cosigners are automatically extended to have repayment terms up to twenty-five years.

Repayment Term

That repayment term begins from the initial repayment date and excludes any periods of deferment or forbearance. Like the federal IBR program, if a RISLA IBR borrower and cosigner no longer qualifies for reduced payment, the subsequent required monthly payment will revert back to the initial standard repayment amount that the borrower and cosigner agreed to in the Promissory Note.

MILITARY BENEFITS

Members of the Military

If you are a member of the military you may be entitled to SCRA Benefits on your RISLA loan. SCRA benefits entitle you to a 6% Interest Rate Cap on all of your RISLA loans while on Active Duty. In addition, Active Duty Military Members deployed to war or in support of war may be eligible for a deferment on their RISLA loans.

In some instances a copy of your most recent military orders may be necessary to apply your benefits.

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

LOAN PAYMENT FORBEARANCE

What options are available for forbearance?

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

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

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UNFORTUNATE INCIDENT

RISLA will forgive the outstanding balance on any non-federal RISLA student loan, parent loan, or refinance loan upon the unfortunate incident of the benefiting student's death.

RISLA Student Loans

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

RISLA Parent Loans

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

RISLA Refinance Loans

For RISLA Refinance Loans, RISLA will only forgive all portions of the remaining balance originally made for the benefit of the deceased student.

Federal Loans

For all federal loans, the federal forgiveness program details can be found here: studentaid.gov

Loan Forgiveness Benefit

The loan forgiveness benefit is only applicable in the unfortunate event of death or permanent disability of the student who benefited from the loan proceeds. In the event of death or permanent disability of a borrower other than the student who benefited directly from the loan proceeds, RISLA may still pursue payment from the surviving party on the loan to receive forgiveness, RISLA must receive a death certificate for the deceased student.

Loan is Forgiven

If the loan is forgiven, both the borrower’s estate and the cosigner (if applicable) may receive a 1099-C with the amount of the forgiven loan (as required by law).

RISLA PRODUCTS & SERVICES

COLLEGE PLANNING CENTER

Students and families can be overwhelmed with planning and how to pay for college. We have experienced counselors that offer one on one assistance helping families understand all their options start to finish.

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EDUCATION LOANS

We have been offering low cost, fix rate education loans for almost 30 years. Helping students and families borrower responsibly to help achieve their higher education dreams.

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REFINANCE

Refinancing may help you simplify and save when repaying student loans. Combining outstanding balances, and securing a low interest rate with RISLA may reduce your overall repayment amount and possibly your monthly payment.

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EMPLOYER REPAY

Employer Student Loan Repayment assistance is a tax-free benefit allowing employers to contribute towards the repayment of employee student loans. This newest in-demand employee benefit helps reduce financial stress for employees while increasing retention and loyalty to employers.

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