IMPORTANT NOTICE: Before you refinance any federal loans, please carefully consider the current temporary suspension of interest and payments issued by the federal government through September 30, 2021 and other federal loan benefits such as Public Service Loan Forgiveness. In addition, the incoming administration has raised the possibility of Federal Loan Forgiveness for certain student loan borrowers, but there are no specifics at this time. Due to this uncertainty, RISLA is recommending not refinancing Federal Direct, FFELP or Federal Parent PLUS Loans at this time. However, RISLA will continue to refinance all non-federal education loans and if the suspension of interest and payments is not extended and forgiveness not granted, RISLA will permit new refinancing parent borrowers to add their Federal loans to their existing refinance loan at the same terms and conditions until September 30, 2021.
4 Reasons to Consider Refinancing Your Parent Education Loans
|1. Lock in now with low a fixed rate, no worries about market fluctuations.|
|2. One affordable loan for all education loans with a single monthly payment.|
|3. No need to wait for students to graduate, take advantage of savings now.|
|4. Help your student build credit now while they are in school - add them as a cosigner.|
Set up your monthly student loan repayment amount with auto-pay from your checking or savings account.
After the initial setup for auto-pay, your monthly student loan repayment to RISLA is now automatic, providing you with maximum ease and convenience. This option is helpful towards your cosigner release.
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.
Flexible Term Options
Having the option to shorten the term of your loan, along with a lower interest rate, can increase your total savings for reducing total interest paid over the course of repayment. To estimate your savings, try inserting some of your assumptions for rate and term into our Student Loan Repayment Calculator.
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.
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 benefitting 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.
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 benefitting student's death.
Easy Online Application
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E-sign your loan
Follow the instructions you receive in your email to accept your loan, self-certify, and e-sign your application.
Not sure if refinancing is right for you? Download our refinancing guide and learn about the benefits (and potential disadvantages) of refinancing and whether it's best for you.
(1) 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. Rates shown include the .25% interest rate reduction for using the auto-pay feature. If monthly payment is calculated to be less than $50 per month for full term, lowest payment is $50 per month with term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 3.19 – 5.59% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. First payment will be due approximately 30 days after the loan is disbursed. View application disclosure.