FAQ

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 for immediate repayment loans.

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 monthly amount owed to pay off your loan for 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. No fees are 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 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.