Parent Loan

Apply for a Loan 2020/21

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
 
Easy to
Understand Rates
The rate you see is the rate you get.
Rate-Discount 
Rate
Discount

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

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

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

Easy Online Application 
Easy Online
Application

3-Quick steps start to finish.

 
Highly Rated Customer Service 
Highly-Rated Customer Service

Rated 4.8 out of 5 stars by our customers.

2020/21 Rates & Fees
 
 
RISLA Student Loan
 Immediate Repayment
RISLA Student Loan
 Deferred
RISLA Parent Loan
Repayment Type Immediate Repayment Deferred Repayment Immediate Repayment
Borrower(s) Student & Cosigner Student & Cosigner Parent
Fixed Interest Rate1 (with auto-pay) 
3.99%
(4.24% without auto-pay)
5.24%
(5.49% without auto-pay)
4.99%
(5.24% without auto-pay)
APR2 (with auto-pay)
3.99%
(4.24% without auto-pay)
5.08%
(5.33%  without auto-pay)
4.99%
(5.24% without auto-pay)
Upfront Fees None None None 
Standard Repayment Term 120 months 180 months  120 months
Estimated Monthly Payment per $10k borrowed
$101
($102 without auto-pay)
$103
($106 without auto-pay)
 $108
($109 without auto-pay)
Repayment Start 15 days after final disbursement 6 months after student leaves school3  15 days after final disbursement
Advantages Student is the primary borrower and cosigner release is available for qualifying student(s) Student is primary borrower and payments do not have to made until student leaves 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 Interest accrues while student is in school not making payments.  This is a more costly option over the life of the loan. Higher interest rate than fixed rate immediate repayment option with student as the primary borrower
 
Apply for a Loan 2020/21
 

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 for two consecutive months, it is automatically turned off so that you do not continue to get charged returned check fees.

 

No Upfront Fees No Upfront Fees

At RISLA, we do not charge any application fees, origination 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 2020/21
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 2020/21 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 upfront 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. Assumptions for 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.