RISLA will forgive the outstanding balance on any non-federal RISLA student loan, parent loan, or refinance loan upon the unfortunate incident of the benefiting student's death.
- For RISLA Student Loans, Rhode Island Family Education Loans, Advancement Loans, Partnership Loans, or College Bound Loans, the deceased student must be a borrower on the original note.
- For RISLA Parent Loans, the deceased student must be the student who benefited from the loan proceeds.
- For RISLA Refinance Loans, RISLA will only forgive all portions of the remaining balance originally made for the benefit of the deceased student.
- For all federal loans, the federal forgiveness program details can be found here: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/death
In order to receive forgiveness, RISLA must receive a death certificate for the deceased student. If the loan is forgiven, both the borrower’s estate and the cosigner (if applicable) may receive a 1099-C with the amount of the forgiven loan (as required by law).
If a non-benefiting student borrower/cosigner or a non-student borrower/cosigner dies, RISLA may still pursue payment from the surviving party on the loan.