RISLA Education Loans

Federal Education Loans

 
RISLA Student Loan
Immediate Repayment
2017/18
RISLA Student Loan
Deferred Repayment
2017/18

RISLA Parent Loan

2017/18

Subsidized Stafford Loan (17/18)

Unsubsidized Stafford Loan (17/18)

PLUS Loan (17/18)
Borrower Student and co-signer Student and co-signer Parent only Undergrad Students Only Undergrad or Graduate Students Parent of Undergrads or directly to Grad Students
Need-based? No No No Yes No No
Fixed Interest Rate 4.74% 6.74% 5.74%

4.45% for undergrads

 

4.45% for undergrads

6.0% for grad students

7.00%

 

APR (1) 4.74% 6.49% - 6.67% 5.74% Exempt from APR Disclosure Exempt from APR Disclosure Exempt from APR Disclosure
Interest Rate Discount for auto-payments (ACH)

0.25%

(Rate is 4.49% with discount)

0.25%

(Rate is 6.49% with discount)

0.25%

(Rate is 5.49% with discount)

0.25%

(Rate is 4.20% with discount for undergrads and 5.75% for grad students)

0.25%

(Rate is 4.20% with discount for undergrads and 5.75% for grad students)

0.25%

(Rate is 6.75% with discount)

Fees 0% 0% 0% 1.069% through 9/30/17, 1.066% from 10/1/2017-9/30/2018 1.069% through 9/30/17, 1.066% from 10/1/2017-9/30/2018 4.276% through 9/30/17, 4.264% from 10/1/2017-9/30/2018
Repayment Start 15 days after final disbursement 6 months after student leaves school (2) 15 days after final disbursement 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

income based repayment option available

180 months

income based repayment option available

120 months

income based repayment option available

120 months

extended and income based options available

120 months

extended and income based options available

120 months

extended  options available

Estimated Monthly Payment per $10,000 disbursed (no ACH discount) $106

$103 - $115

(assuming 48 months inschool and 6 months grace for undergraduates and 24 months in school and 6 months grace for graduate students)

$112

$105

$125

for undergrads (assuming 48 months in school and 6 months grace)

$128 for grad students (assuming 24 months in school and 6 months grace)

$124
Borrowing Limits Up to the cost of education minus other aid received 
($1,500 - $40,000)
Up to the cost of education minus other aid received 
($1,500 - $40,000)
Up to the cost of education minus other aid received 
($1,500 - $40,000)
For dependent students, 
$3,500 for first year, $4,500 for second year,
$5,500 for third-fifth year
For dependent students (including subsidized loans)
$5,500 for first year, $6,500 for second year,
$7,500 for third-fifth year
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 No
Forgiven in case of student death Yes Yes Yes Yes Yes Yes
How to apply Apply here Apply here
Apply here Complete the FAFSA by your school's deadline Complete the FAFSA by your school's deadline Complete the FAFSA by your school's deadline

 

 1. The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest 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 RISLA STUDENT LOAN AND RISLA PARENT LOAN OPTIONS:  Loan enters repayment 15 days after the final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. DEFERRED REPAYMENT RISLA STUDENT LOAN OPTION : Fifty-four (54) months pass (48 month in-school and 6 months grace) for undergraduates and thirty (30) months pass (24 months in school and 6 months grace) for graduate students 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. 

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