BORROWER PROTECTIONS
The greatest student loan benefit when you need it.
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INCOME-BASED REPAYMENT

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

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MILITARY BENEFITS

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

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PAYMENT FORBEARANCE

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

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UNFORTUNATE INCIDENT

This forgiveness benefit is applicable upon permanent disability or death of the 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

This 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 of 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. 

INCOME-BASED REPAYMENT
INCOME-BASED REPAYMENT

Find out if you are eligible for IBR programs.

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MILITARY BENEFITS

For Members of the Military

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

Active Duty
Active Duty

While on Active Duty, SCRA benefits offer a 6% Interest Rate Cap on all your RISLA loans.

Military Identification
Military Identification

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

Active Duty
Deferment Eligibility

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

Learn More About Military Benefits
Learn 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.

CONTACT US

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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 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.

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 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 Loans

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

RISLA Refinance Loans

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 or proper documentation for the permanent disability of the student.

Loan Forgiveness Benefit

Qualified

 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 or proper documentation for the permanent disability of the student.

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. 

WHAT CUSTOMERS SAY ABOUT RISLA

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ZERO ISSUES OR OBSTACLES

I had zero issues or obstacles working with RISLA. Refinancing my loans has been very emotional for me and I am so grateful that the process was easy!

Brielle N.
RISLA REFINANCE

 

GOOD INTEREST RATE

Good interest rate, call center answered quickly and was helpful, information that was asked for was applicable and explained well

Nicole G.
RISLA REFINANCE

 

EAST TO NAVIGATE

Easy to navigate through questions. I needed more time to get statements after explaining why. I was given the time needed to do so.

TIMOTHY K.
RISLA REFINANCE
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