An Interest Rate is the percentage of the total amount borrowed (principal) that is charged by a lender for being provided that principal at origination.  The interest rate can vary based on the repayment option chosen.

Although interest begins to accrue whenever funds are disbursed, for a deferred loan, payments are not required until 6 months after the student leaves school.  Once the repayment period begins, any unpaid interest accrued during school is added to the unpaid principal balance (capitalized) and is then considered part of the unpaid principal.

For all loans, interest accrues after the funds are disbursed. 

Immediate Repayment loans

The repayment for principal and interest begins 15 days after final disbursement.

Deferred Repayment Loans

The repayment begins 6 months after the student leaves school.

Immediate Repayment

If you choose an immediate repayment option, you will be required to make scheduled monthly payments, regardless of whether or not you are still in school.

Deferred Repayment

For deferred loan, a statement of accruing interest will be mailed to borrowers and cosigners. Either the borrower and/or cosigner may choose to pay any amount during this time. 

Paying any amount while in school will decrease your total cost of borrowing.

All RISLA Loans are credit-based loans. You must also meet some additional requirements such as income, debt-to-income, and liquidity. 

Minimum Income is $40,000 a year.  Borrower or Cosigner must have their own income but can include a spouse or domestic partner living at the same address to total the minimum.

RISLA strongly emphasizes the importance of fiscal responsibility during both the planning for and paying for higher education.  For that reason, we published a borrowing guide to help determine what is the right amount to borrow.

DOWNLOAD BORROWING GUIDE

To stay in line with that idea of fiscal responsibility, RISLA has a $50,000 maximum loan amount per year limit (and a minimum of $1,500). There is also an aggregate limit per borrower of $180,000 ($200,000 per family). This limit includes any RISLA loan originated in your name.

The school is not required to submit any paperwork for you to apply. Once approved for a loan, students will need to accept the loan and complete the self-certification form. Schools will need to certify your loan. RISLA will send the necessary information to the school to get school certification. 

In order to ensure the funds are being applied to YOUR education, RISLA needs to confirm with the school that the funds will be applied to your educational benefit.  RISLA sends a request for the certification directly to the school.  The school then certifies your confirmed acceptance and sends it back to RISLA.  

The repayment start date entirely depends upon which loan you choose.

Undergrad Loans

Immediate Repayment

Repayment begins 15 days after the final disbursement. In school deferment is not available on the immediate repayment loan.

Deferred Repayment

Repayment begins six (6) months after the student leaves school, not to exceed 78 months (72 months in school and 6 months grace) . Undergraduate students must be enrolled for at least 1 credit to qualify for deferment.

Grad Loans

Deferred Repayment

Repayment begins six (6) months after the student leaves school, not to exceed 42 months (36 months in school and 6 months grace).   Graduate students must be enrolled at least half-time in order to qualify for deferment. 

Deferred Repayment: 180 months | 15 years

Immediate Repayment: 120 months | 10 years

Yes! Your minimum monthly payment is calculated to be the lowest amount owed monthly in order to pay off your loan to the full term.  However, any additional amount you pay above the minimum monthly payment will reduce your principal (assuming all interest and capitalized interest is paid off).  Using a loan calculator, you can calculate the minimum payment needed for any customized term length you choose.

LOAN CALCULATOR

Your minimum monthly payment is calculated based on the amount of principal borrowed, the interest rate, and the term of the loan.  There are no fees included in calculating the minimum payment amount.  If the calculation to pay the full amount of principal and interest over the full term of the loan is below $50.00, then $50.00 is the minimum payment amount and the term will be reduced accordingly.

You can receive a 0.25% interest rate reduction for making monthly payments using auto-debit (also known as Automated Clearing House or ACH).  This payment option can be established through the online payment system or by providing RISLA with a completed Automatic Payment Agreement Authorization Form.

IMPORTANT FORMS

RISLA offers a loan forgiveness for Internships.  This reward program provides eligible borrowers with a $2,000 reduction in principal balance for completing an internship.  See Rewards for College Interns for more details.

RISLA has a Nursing Rewards Program, from which qualified RI nurses have interest rates reduced to 0.0% for 48 months!

REWARDS

Deferment

The loan is deferred while the student is in school, with a six-month grace period after leaving school (not to exceed 78 months total for undergraduates and 42 months total for graduate students).

FORBEARANCE

Once in repayment, for immediate or deferred payment loans, a forbearance is available to you, typically for unforeseen circumstances such as unemployment, disability, and/or other financial hardships.  Loans disbursed on or after July 1, 2021 are eligible for up to 24 months of forbearance time.  Forbearance eligibility for loans first disbursed prior to July 1, 2021 is in accordance with the Promissory Note.

Yes!  RISLA's Income-Based Repayment  (IBR) plan is available for borrowers experiencing a financial hardship.  To qualify, both the borrower and cosigner must provide financial information (i.e. tax forms, financial statements, and/or pay stubs) to confirm eligibility on an annual basis.  Interested borrowers are strongly encouraged to find out if current income and family size qualifications are met using the IBR Payment Calculator before applying.