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RISLA Education Loans
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Federal Education Loans
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RISLA Student Loan
Immediate Repayment
2018/19
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RISLA Student Loan
Deferred Repayment
2018/19
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RISLA Parent Loan
2018/19
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RISLA Variable Rate Loan (3)
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Subsidized Stafford Loan (2018/19)
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Unsubsidized Stafford Loan (2018/19)
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PLUS Loan
(2018/19)
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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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Student and cosigner
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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
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4.24%
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6.49%
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5.49%
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1-month LIBOR + 2.25% to 1-month LIBOR + 4.50%
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5.05% for undergrads
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5.05% for undergrads
6.60% for grad students
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7.60%
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APR (1)
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4.24%
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6.25% - 6.42%
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5.49%
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4.13% - 6.38%
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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 3.99% with discount)
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0.25%
(Rate is 6.24% with discount)
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0.25%
(Rate is 5.24% with discount)
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0.25%
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0.25%
(Rate is 4.80% with discount for undergrads)
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0.25%
(Rate is 4.80% with discount for undergrads and 6.35% for grad students)
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0.25%
(Rate is 7.35% with discount)
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Upfront Fees
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None
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None
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None |
None
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1.066% from 10/1/2017-9/30/2018
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1.066% from 10/1/2017-9/30/2018
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4.264% from 10/1/2017-9/30/2018
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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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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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60 months
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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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$104
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$101 - $112
(assuming 48 months inschool and 6 months grace for undergraduates and 24 months in school and 6 months grace for graduate students)
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$110
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$187 - $198
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$108
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$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)
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$127
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Borrowing Limits
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Up to the cost of education minus other aid received
($1,500 - $40,000)
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Up to the cost of education minus other aid received
($1,500 - $40,000)
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Up to the cost of education minus other aid received
($1,500 - $40,000)
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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
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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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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.
3. Variable rates in chart are estimates based on current 1-month London Interbank Offered Rate (LIBOR) of 1.90 as of 04/23/2018 and reflect a 0.25% discount for making payments via ACH. Rates range from LIBOR + 2.25% - LIBOR + 4.5% based on your cosigner’s credit score or your credit score if no cosigner. Your variable interest rate may increase or decrease based on LIBOR monthly changes. Your monthly payment amount will be recalculated monthly.