INCOME-BASED REPAYMENT

FOR RISLA NON-FEDERAL lOANS

More ways to manage student loan debt.

INCOME BASED REPAYMENTS
WHAT IS INCOME-BASED REPAYMENT

Income-based repayment (IBR) is student loan repayment program that adjusts the amount you owe each month based on your income and family size.

INCOME-BASED REPAYMENT CALCULATOR
DO I QUALITY FOR IBR?

Use IBR calculator below to see if you are eligible and to access the IBR application!

IBR CALCULATOR

INCOME-BASED REPAYMENT

IBR is designed to reduce monthly payments to help borrowers make student loan debt manageable. 

 

Qualifying for IBR

Borrowers and cosigners must demonstrate financial hardship based on current wages and family size.

Financial Hardship

Can be demonstrated when the monthly payment amount required to pay RISLA's non-federal loans under a standard repayment plan is higher than the monthly amount under IBR.

IBR Payment Amounts

May increase or decrease each year based on the income, family size, and location of the borrower and cosigner.

Qualified Borrowers

Once initially qualified for IBR, RISLA non-federal loans of the qualified borrowers and cosigners are automatically extended to have repayment terms up to twenty-five years. That repayment term begins from the initial repayment date and excludes any periods of deferment or forbearance.

Qualification Expiration

IBR is intended to be short term assistance to help borrowers through a temporary financial setback.  Similar to the federal program, when a RISLA IBR borrower and cosigner no longer qualify for reduced payment, the subsequent required monthly payment will revert back to the initial standard repayment amount that the borrower and cosigner agreed to in the Promissory Note. 

IBR CALCUALTOR
ARE YOU ELIGIBILE FOR IBR?

USE THE IBR PAYMENT CALCULATOR TO DETERMINE ELIGIBILITY

INCOME-BASED REPAYMENT

If you’re looking for a way to make your student loan payments more manageable, then you should consider enrolling in an income-based repayment plan.

 

How to Apply

1. Use the IBR payment calculator to determine your eligibility.

2. If eligible, according to the calculator, submit the IBR Application.

Eligible Loans

All non-federal RISLA loans.

Monthly Payments

Under this plan, monthly payments are calculated: 

  • Based on the income and family size of the borrower and cosigner

  • Adjusted each year, based on changes to annual income and family size

  • Never more than the standard repayment amount at the time of election of IBR

  • The repayment term is never more than 25 years after the beginning of the repayment term

 

IBR APPLICATION
IBR APPLICATION

IF ELGIGIBLILE DOWNLOAD IBC APPLICATION & SUBMIT

ADVANTAGES OF INCOME-BASED REPAYMENT

DISADVANTAGES OF INCOME-BASED REPAYMENT

As the IBR program is intended to be short term assistance, the program lasts for 12 months with the option to extend the program.  Borrowers and cosigners are alerted that their current IBR program will expire and that new income and family size documentation is needed if the borrower wishes to continue using the IBR program.  If so, both the borrower and cosigner are required to submit updated documentation each year.  If documentation is not received or indicates the borrower no longer qualifies for IBR, the monthly payment amount will revert back to the original standard repayment amount in the Promissory Note and unpaid interest will be capitalized (added to the loan principal).

INCOME-BASED REPAYMENT

How is the Monthly Payment Amount Calculated During Eligible IBR Periods?
INCONE-BASED REPAYEMTN GUIDELINES

U.S. Federal Poverty Guidelines

Similar to federal student loans, RISLA uses the U.S. federal poverty guidelines to determine if a borrower qualifies for IBR.  Each year, the U.S. Department of Health and Human Services calculates an updated federal poverty guideline for each U.S. State by family size.  Recent and historic poverty guidelines tables can be found here.

 

Family size is strictly determined by whatever family size is indicated on an IBR applicant's prior year tax returns. If married and filing separately or if join custody of children captures family size differently than current living situation, please note that the family size is derived solely from tax returns and word of mouth variations are not acceptable. If one or more children are born increasing the family size since the prior year's tax returns, providing one or more birth certificates is acceptable to show the increase in family size.  If the IBR applicant does not report taxes, a family size of 1 is used for the calculations.  Family size is taken into consideration for both the borrower and the cosigner independently.

RISLA PRODUCTS & SERVICES
COLLEGE PLANNING CENTER

Students and families can be overwhelmed with planning and how to pay for college.  We have experienced counselors that offer one on one assistance helping families understand all their options start to finish.

EDUCATION LOANS

We have been offering low cost, fix rate education loans for almost 30 years.  Helping students and families borrower responsibly to help achieve their higher education dreams.

REFINANCE

Refinancing may help you simplify and save when repaying student loans.  Combining outstanding balances, and securing a low interest rate with RISLA may reduce your overall repayment amount and possibly your monthly payment.

EMPLOYER REPAY

Employer Student Loan Repayment assistance is a tax-free benefit allowing employers to contribute towards the repayment of employee student loans.  This newest in-demand employee benefit helps reduce financial stress for employees while increasing retention and loyalty to employers.