|
|
RISLA Education Loans
|
Federal Education Loans
|
||||
|
|
RISLA Student Loan
Immediate Repayment
2019/20
|
RISLA Student Loan
Deferred Repayment
2019/20
|
RISLA Parent Loan
2019/20
|
Subsidized Stafford Loan (2018/19)
|
Unsubsidized Stafford Loan (2018/19)
|
PLUS Loan
(2018/19)
|
|
Borrower
|
Student and cosigner
|
Student and cosigner
|
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
|
Yes
|
No
|
No
|
|
Fixed Interest Rate
|
3.89%
|
5.89%
|
4.89%
|
5.05% for undergrads
|
5.05% for undergrads
6.60% for grad students
|
7.60%
|
|
APR (1)
|
3.89%
|
5.69% - 5.84%
|
4.89%
|
Exempt from APR Disclosure
|
Exempt from APR Disclosure
|
Exempt from APR Disclosure
|
|
Interest Rate Discount for auto-payments (ACH)
|
0.25%
(Rate is 3.64% with discount)
|
0.25%
(Rate is 5.64% with discount)
|
0.25%
(Rate is 4.64% with discount)
|
0.25%
(Rate is 4.80% with discount for undergrads)
|
0.25%
(Rate is 4.80% with discount for undergrads and 6.35% for grad students)
|
0.25%
(Rate is 7.35% with discount)
|
|
Upfront Fees
|
None
|
None
|
None |
1.066% from 10/1/2017-9/30/2018
|
1.066% from 10/1/2017-9/30/2018
|
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)
|
$102
|
$96 - $106
(assuming 48 months in-school and 6 months grace for undergraduates and 24 months in school and 6 months grace for graduate students)
|
$107
|
$108
|
$131
for undergrads (assuming 48 months in school and 6 months grace)
$134 for grad students (assuming 24 months in school and 6 months grace)
|
$127
|
|
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)
|
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
|
Yes
|
No
|
|||
|
Forgiven in case of student death
|
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. The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest and making equal payments over the term of the loan. ASSUMPTIONS - ALL EXAMPLES: Equal disbursements of $5000 in September and January. Minimum monthly payment is $50.00. IMMEDIATE REPAYMENT OPTIONS: Loan enters repayment 15 days after the final disbursement at which time outstanding interest is capitalized and a 60 or 120 month repayment term begins, depending on option selected. DEFERRED REPAYMENT 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.