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RISLA Education Loans
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Federal Education Loans
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RISLA Student Loan
Immediate Repayment with
Rhode Island Advantage1
(2021/22)
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RI Student Loan Immediate Repay
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RISLA Student Loan
Deferred Repayment
(2021/22)
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RISLA Parent Loan
Immediate Repayment
(2021/22)
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Subsidized Stafford Loan (2021/22)
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Unsubsidized Stafford Loan (2021/22)
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PLUS Loan
(2021/22)
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Borrower
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Student and cosigner, if needed
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Student and cosigner, if needed
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Student and
cosigner, if needed
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Parent and
cosigner, if needed
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Undergrad Students Only
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Undergrad or Graduate Students
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Parent of Undergrads or directly to Grad Students
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Need-based
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No
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No
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No
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No
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Yes
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No
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No
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Fixed Interest
Rate (2)
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3.24%
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3.99%
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4.99%
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4.79%
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3.73% for undergrads
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3.73% for undergrads
5.28% for grad students
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6.28%
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APR (3)
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3.24%
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3.99%
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4.85% ( 4.95% for grad students)
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4.79%
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Exempt from APR Disclosure
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Exempt from APR Disclosure
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Exempt from APR Disclosure
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Interest Rate Discount for auto-payments (ACH)
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0.25%
(Rate is 2.99% with discount)
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0.25%
(Rate is 3.74% with discount)
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0.25%
(Rate is 4.74% with discount)
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0.25%
(Rate is 4.54% with discount)
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0.25%
(Rate is 3.48% with discount for undergrads)
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0.25%
(Rate is 3.48% with discount for undergrads and 5.03% for grad students)
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0.25%
(Rate is 6.03% with discount)
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Upfront Fees
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None
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None
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None
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None |
1.057% from 10/1/2020-9/30/2021
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1.057% from 10/1/2020-9/30/2021
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4.228% from
10/1/2020-9/30/2021
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Repayment Start
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15 days after final disbursement
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15 days after final disbursement
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6 months after student leaves school (2)
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15 days after final disbursement
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6 months after student leaves school
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6 months after student leaves school
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60 days after final disbursement, may defer until student leaves school
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Standard Repayment Term
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120 months
income based repayment option available
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120 months income based repayment option available |
180 months
income based repayment option available
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120 months
income based repayment option available
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120 months
extended and income based options available
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120 months
extended and income based options available
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120 months
extended options available
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Estimated Monthly Payment (4) per $10,000 disbursed (no ACH discount)
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$98
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$102
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$88 or $96
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$106
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$101
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$117
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$119
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Borrowing Limits
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Up to the cost of education minus other aid received
($1,500 - $45,000)
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Up to the cost of education minus other aid received ($1,500 -$45,000)
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Up to the cost of education minus other aid received
($1,500 - $45,000)
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Up to the cost of education minus other aid received
($1,500 - $45,000)
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For dependent students,
$3,500 for first year, $4,500 for second year,
$5,500 for third-fifth year
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For dependent students (including subsidized loans)
$5,500 for first year, $6,500 for second year,
$7,500 for third-fifth year
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Up to the cost of education minus any other financial aid received
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Loan forgiveness programs
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Yes,
for public service
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Yes,
for public service
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Yes, for public service |
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Forgiven in case of student death
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Yes
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Yes
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Yes
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Yes
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Yes
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Yes
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Yes
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How to apply
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Complete the FAFSA by your school's deadline
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Complete the FAFSA by your school's deadline
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Complete the FAFSA by your school's deadline
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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.