Parent Loan

Apply for a Loan 2021/22

 

Your RISLA Loan Offers These Great Benefits:

Multi-Year Peace of Mind

Multi-Year
Peace of Mind

A convenient multi-year solution for bridging the financial gap left when grant and aid does not cover the complete balance due.
Easy to Understand Rates
 
The rate you see is the rate you get.
Rate-Discount 

0.25% Interest rate reduction with automatic payments (auto-pay).

No Upfront Fees
No application, origination, or upfront fees of any kind.
 Borrower-Protections

When things don't go as planned, RISLA has your back.

Easy Online Application 

3-Quick steps start to finish.

 
Highly Rated Customer Service 

Rated 4.8 out of 5 stars by our customers.

2021/22 Rates & Fees

 

Student Loan

Immediate Repay

Rhode Island Advantage Rate3

 

Student Loan

Immediate Repay

 

 

Student Loan

Deferred Repay

 

 

Parent Loan

Immediate Repay

 

 

Borrowers

Student & Cosigner

Student & Cosigner

Student & Cosigner

Parent

Fixed Interest Rate1

w/Auto-Pay

2.99%

(3.24% w/o auto-pay)

3.74%

(4.24% w/o auto-pay)

4.74%

(4.99 w/o auto-pay)

4.54%

(4.79% w/o auto-pay)

APR2

w/Auto Pay

2.99%

(3.24% w/o auto-pay)

3.74%

(3.99% w/o auto-pay)

4.61%

(4.86% w/o auto-pay)

4.54%

(4.79% w/o auto-pay)

Origination Fees

None

None

None

None

Standard Repayment Term 

120 Months

120 Months

180 Months

120 Months

Estimated Monthly Payment4 per $10K borrower

$97

$101

$86

$105

Repayment Start

15 days after disbursement

15 days after disbursement

6 Months after student leaves school

15 Days after disbursement

Advantages

Shorter term, lowest interest rate with Rhode Island Advantage

Shorter term, low total cost of loan

No payments required while student is attending school

Student is not obligated on the loan, great if you are trying to reduce student’s debt

Disadvantages

Payment required while student is attending school

Payment required while student is attending school

Higher overall cost due to term length

Higher interest rate than fixed rate immediate repayment option with student as the primary borrower
 
Apply for a Loan 2021/22
 

Loan Eligibility

Fixed rate loan options

Student may be full-time, half-time, or less than half-time. Minimum income requirement for loan: $40,000/yr. Borrowers and cosigners must pass a credit check and meet other eligibility requirements.

 

Loan Limits

Minimum Loan Amount: $1,500/yr
Maximum Loan Amount: $45,000/yr

Multi-year 

Multi-Year Peace of Mind

Bridging the Financial Gap for College Year 1 through Done
 

Most college degrees aren't achieved after just one year. So when you need to borrow for more than one year of school, we've got you covered. All the work is done with your first application. For year two and beyond, it is as easy as telling us the amount needed for each subsequent year.

Year 1

Initial application submitted and approved. We will notify you if you qualify for the Multi-Year Loan Program.

Year 2 & Beyond

As long as you and your cosigner's income, credit scores, and other key credit eligibility requirements remain consistent or improve, you remain qualified. Multi-Year qualification is not guaranteed and cannot be extended if using a different cosigner. Note: per borrower limit ($150,000) and per family limit ($175,000) still apply.

Just tell us the amount needed and repayment term option you prefer (deferred or immediate repayment) and we'll do the rest. It's that easy!

Done

 

Easy-Rates 

Easy to Understand Rates

The Rate You See is the Rate You Get
 

There are no hidden rate hikes after you apply based on your major or your parent’s credit score. There are also no changes to your rate after your loan is disbursed, when financial market activity results in interest rate changes. Choosing a fixed rate loan offers you consistency and the ability to accurately plan your student loan budget with no surprises.

 

Rate-Discount Rate Discount

Set It, Forget It, and Save!
 

Set It
Set up your monthly student loan repayment amount with auto-pay from your checking or savings account.

Forget It
After the initial setup for auto-pay, your monthly student loan repayment to RISLA is now automatic, providing you with maximum ease and convenience. 

Save
Interest rate reduced by 0.25%.

Please Note: (1) Auto-pay must be set up in your RISLA loan account for monthly withdrawal. Scheduled payments from personal online banking will not qualify borrower for the rate reduction. (2) If your auto-pay function fails, it is automatically turned off so that you do not continue to get charged returned check fees.

 

No Upfront Fees No Origination Fees

At RISLA, we do not charge any application fees, interest fees, services fees, or any upfront fees at all. The only fees we ever charge are late payment fees, returned check fees, and default-related fees. As such, the APR (annual percentage rate) for our immediate repayment loans is the same as our low interest rate.  For deferred repayment loans, the APR is typically lower than the interest rate, but varies based on the amount of time deferred until repayment begins.

Non-federal lenders are required to disclose the APR, which includes finance charges, to provide you an accurate understanding of the cost of borrowing from that lender. Direct PLUS Loans, on the other hand, do not disclose the APR  which would factor in the origination fees charged. The APR on Federal PLUS loans is higher than the effective interest rate that is advertised. 

 

Borrower-Protections

Borrower Protections

Income-Based Repayment
Income-Based Repayment (IBR) is designed to reduce monthly payments to help borrowers make student loan debt manageable. See full program detail and eligibility requirements at risla.com/ibr.

Total and Permanent Disability Discharge
In the unfortunate event that the benefiting student is unable to engage in any substantial gainful activity of employment by reason of a medically determinable physical or mental impairment, loan forgiveness benefits are available through RISLA upon submission of required medical documentation.

Military Benefits
If you are a member of the military you may be entitled to SCRA Benefits on your RISLA loan. SCRA benefits entitle you to a 6% interest rate cap on all of your RISLA loans while on Active Duty. In addition, Active Duty Military Members deployed to war or in support of war may be eligible for a deferment on their RISLA loans.

Loan Forgiveness for Student Death
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. 

 

Easy Online Application Easy Online Application

Our online application takes just minutes. Documentation required can be easily uploaded to our secure documentation portal. You will then receive email confirmation and updates, as well as having access to check your application status on our website at risla.com. If you require any assistance with the online process our customer service team is available at 1-800-758-7562.

Highly Rated Customer Service

Highly-Rated Customer Service

Proudly Rated 4.8 out 5 on TrustPilot. RISLA invites all of our customers to post reviews and feedback on the 3rd Party TrustPilot customer service web tool. We are thankful to receive thousands of reviews each year, which helps us to understand what we are doing well and what we can do better to best serve our community.

 


Parent Options
 
Parents have options, all of which may have varying advantages and disadvantages according to your family’s financial circumstances.

Federal PLUS Loans

Typically, not the lowest cost loan available and does have an origination fee. The Origination Fee is deducted from the proceeds of the loan. The school receives the amount borrowed minus the origination fee. However, the PLUS loan offered by the federal government has wider parameters for eligibility and higher approval rates when compared to alternative private financing options. The Federal parent loan offers some unique benefits such as the option to defer principal payment until 6 months after benefiting student’s graduation, but interest must be paid while student is attending school.

RISLA Parent Loan

The RISLA parent loan is an alternative option to the Federal PLUS with no origination fees. Your student is not obligated for repayment on this loan. This can be an advantage if you are trying to reduce your child’s debt levelsRepayment for parents begins 30 days after the funds have been disbursed to the school.

RISLA Student Immediate Repayment Loan

Many students do not have the financial resources to repay student loans while attending school. This is the lowest cost loan offered by RISLA and offers parents the opportunity to be the cosigner and assist or manage the immediate repayment while student is attending school. Additionally, there is a cosigner release option for eligible students when circumstances permit for the student to manage repayment independently after leaving school. 

 

How to Apply

Step 1

 

Apply online

Complete your application which should take about 5-10 minutes (note, we have to pull your credit report for the full application). 

Step 2

 

Upload your documents

Upon approval, you can upload your supporting documentation through our secure website on your computer or via your mobile device.

Step 3

 

E-sign your loan 

Follow the instructions you receive in your email to accept your loan, self-certify, and e-sign your application.

Apply for a Loan 2021/22
College Borrowing Guide

College Borrowing Guide

Not sure what you should be looking for in an education loan? Learn about the types, how to compare and more in our borrowing guide. 

Download Guide

 

 

Asian Mom and Daughter

FAQ

See our most frequently asked questions about financing a college education with RISLA. 

View FAQ

Application Disclosures

Fixed Rate Student Loan  |  Parent Loan

Terms & Conditions

  1. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2021 for the 2021/22 academic year and include 0.25% reduction for making automatic monthly payments (auto-pay feature). 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. 
  2. APR:  The Annual Percentage Rate (APR) reflects the estimated total cost of the loan, including origination fees ($0), accruing interest, and the effect of capitalized interest. Interest begins accruing after each loan disbursement. If monthly payment is calculated to be less than $50 per month for full term, lowest payment is $50 per month with term reduced.
  3. RHODE ISLAND ADVANTAGE applies to any Rhode Island Students attending school in any state or Non-Rhode Island Students attending a school in Rhode Island who select an Immediate Repayment loan.
  4. Assumptions for Deferred Example: Equal disbursements in September and January. Fifty-four (54) months pass (48 month in-school and 6 months grace) at which time accrued interest is capitalized and a 180-month repayment term begins. Interest accrues during deferment period and is capitalized (added to) principal balance at time loan enters repayment.

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