Graduate School Loans for 2017/18

Application Disclosures

Student Loan

Terms & Conditions

1. INTEREST RATES & APR: Rates are for loans first disbursed on or after July 1, 2017 for 2017/18 academic year loans. Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. Interest begins accruing after each loan disbursement. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.Rates are subject to change at any time.  The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, and making equal payments over the term of the loan. ALL EXAMPLES: Equal disbursements of $5000 in September and January.  Minimum monthly payment is $50.00.  IMMEDIATE REPAYMENT RISLA STUDENT LOAN OPTION:  Loan enters repayment 15 days after the final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. DEFERRED REPAYMENT RISLA STUDENT LOAN OPTION :  Fifty-four (54) months pass (48 months in-school and 6 months grace) for undergraduate students or 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. RENEWABLE LOAN TERMS: To access funds in future years under our renewable loan program, borrowers must remain qualified and satisfy all income, credit and other eligibility criteria. We reserve the right to discontinue the renewable loan program at any time. Please refer to your promissory note for complete terms and conditions of your loan.
3. REPAYMENT TERMS: Repayment begins six (6) months after the student leaves school, not to exceed 78 months for undergraduates (72 months in school and 6 months grace) or 42 months for graduate students (36 months in school and 6 months grace). Borrowers are entitled to only one 6-month grace period per loan. Graduate students must be enrolled at least half-time to qualify for deferment.
4. STUDENT DEATH & DISABILITY:  Documentation will be required by RISLA to verify death or disability. Forgiven loan amount may be considered taxable income for the borrower or co-signer on the account. Please consult your tax adviser. 
5. COSIGNER RELEASE:  Cosigner release is only available on the RISLA Student Loan. If upon entering repayment, the first 24 normally amortizing payments (payments made under IBR do not qualify) are made on time (within 10 days of due date) and the student borrower meets the minimum income, credit and other eligibility criteria, the co-signer may be released from the loan upon written request. If the borrower utilizes forbearance time during the first 24 months of repayment, the 24 month monitoring period for on-time payments will begin from the time the borrower exits forbearance. Complete eligibility requirements can be found on the Cosigner Release Application.