RISLA Education Loans
Federal Education Loans
 
RISLA Student Loan
Immediate Repayment with
Rhode Island Advantage1
(2021/22)
RI Student Loan Immediate Repay
RISLA Student Loan
Deferred Repayment
(2021/22)
RISLA Parent Loan
Immediate Repayment
(2021/22)
Subsidized Stafford Loan (2021/22)
Unsubsidized Stafford Loan (2021/22)
PLUS Loan
(2021/22)
Borrower
Student and cosigner, if needed
Student and cosigner, if needed
Student and
cosigner, if needed
Parent and
cosigner, if needed
Undergrad Students Only
Undergrad or Graduate Students
Parent of Undergrads or directly to Grad Students
Need-based
No
No
No
No
Yes
No
No
Fixed Interest
Rate (2)
3.24%
3.99%
4.99%
4.79%
3.73% for undergrads
3.73% for undergrads
5.28% for grad students
6.28%
 
APR (3)
3.24%
3.99%
4.85%  ( 4.95% for grad students)
4.79%
Exempt from APR Disclosure
Exempt from APR Disclosure
Exempt from APR Disclosure
Interest Rate Discount for auto-payments (ACH)
0.25%
(Rate is 2.99% with discount)
0.25%
(Rate is 3.74% with discount)
0.25%
(Rate is 4.74% with discount)
0.25%
(Rate is 4.54% with discount)
0.25%
(Rate is 3.48% with discount for undergrads)
0.25%
(Rate is 3.48% with discount for undergrads and 5.03% for grad students)
0.25%
(Rate is 6.03% with discount)
Upfront Fees
None
None
None
None
1.057% from 10/1/2020-9/30/2021
1.057% from 10/1/2020-9/30/2021
 4.228% from
10/1/2020-9/30/2021
Repayment Start
15 days after final disbursement
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

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 (4)  per $10,000 disbursed (no ACH discount)
$98
$102
$88 or $96
$106
$101
$117
$119
Borrowing Limits
Up to the cost of education minus other aid received 
($1,500 - $45,000)
Up to the cost of education minus other aid received ($1,500 -$45,000)
Up to the cost of education minus other aid received 
($1,500 - $45,000)
Up to the cost of education minus other aid received 
($1,500 - $45,000)
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, for interns & nurses
Yes,
for public service
Yes,
for public service

Yes, for public service

Forgiven in case of student death
Yes
Yes
Yes
Yes
Yes
Yes
Yes
How to apply
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. Rhode Island Advantage applies to any Rhode Island students attending school in any state or Non-Rhode Island students attending a school in Rhode Island who select an Immediate Repayment Loan.
 
2. NTEREST RATES: Rates are for loans first disbursed on or after July 1, 2021 for the 2021/22 academic year and include 0.25% reduction for making automatic monthly payments (auto-pay feature). Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. Interest begins accruing after each loan disbursement. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.
 
3. APR:  The Annual Percentage Rate (APR) reflects the estimated total cost of the loan, including origination fees ($0), accruing interest, and the effect of capitalized interest. Interest begins accruing after each loan disbursement.  Rate shown includes the 0.25% interest rate reduction for using the auto-pay feature. If monthly payment is calculated to be less than $50 per month for full term, lowest payment is $50 per month with term reduced.

4. Assumptions for Example: Equal disbursements in September and January. Fifty-four (54) months pass (48 month in-school and 6 months grace) at which time accrued interest is capitalized and a 180-month repayment term begins. Interest accrues during deferment period and is capitalized (added to) principal balance at time loan enters repayment.