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RISLA Education Loans
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Federal Education Loans
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RISLA Student Loan
Immediate Repayment
2019/20
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RISLA Student Loan
Deferred Repayment
2019/20
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RISLA Parent Loan
Immediate Repayment
2019/20
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Subsidized Stafford Loan (2019/20)
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Unsubsidized Stafford Loan (2019/20)
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PLUS Loan
(2019/20)
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Borrower
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Student and cosigner
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Student and cosigner
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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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Yes
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No
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No
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Fixed Interest Rate
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3.89%
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5.89%
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4.89%
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4.53% for undergrads
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4.53% for undergrads
6.08% for grad students
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7.08%
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APR (1)
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3.89%
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5.69% - 5.84%
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4.89%
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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 3.64% with discount)
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0.25%
(Rate is 5.64% with discount)
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0.25%
(Rate is 4.64% with discount)
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0.25%
(Rate is 4.28% with discount for undergrads)
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0.25%
(Rate is 4.28% with discount for undergrads and 5.83% for grad students)
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0.25%
(Rate is 6.83% with discount)
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Upfront Fees
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None
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None
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None |
1.059% from 10/1/2019-9/30/2020
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1.059% from 10/1/2019-9/30/2020
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4.236% from 10/1/2019-9/30/2020
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Repayment Start
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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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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 per $10,000 disbursed (no ACH discount)
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$102
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$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)
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$107
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$104
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$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)
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$123
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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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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
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Yes
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No
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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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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. 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.