FAQ

The amount you are eligible to borrow is dependent upon the following:

• Whether the primary borrower is the student who benefited from the loan proceeds being refinanced and the highest degree earned by that borrower.

• The minimum amount you can borrow is $7,500. The maximum amount you are eligible to borrow will be between $100,000 and $250,000.

When applying, you may choose a 5-year, 10-year or 15-year repayment term.   If you are interested in a shorter loan term, you can select any longer term loan and simply pay more than the minimum required amount to pay the balance faster.  Additional funds received are applied toward principal and there is no prepayment fee.

• Your minimum monthly payment is calculated based on the amount of principal borrowed, the interest rate, and the loan term. If the calculation to pay the total amount of principal and interest over the full term of the loan is below $50.00, then $50.00 is the minimum payment amount, and the term will be reduced accordingly.
• RISLA loans do not have any fees.

After you sign your loan agreement, RISLA will pay the outstanding balance of any loan(s) you included in the refinance. Your first payment will be due approximately 30 days from that disbursement date. However, as some servicers take longer to process refinance payments, we encourage all borrowers to continue to make payments on their existing loans until notice is provided that the loans are paid in full. Any additional payments made are either refunded or reduced to the amount of principal owed on the refinance loan.

No, you may pay off your loan early without any penalty.

After being pre-approved and applying, you must verify the information you input into the Refinance Loan application. The documents you will need to send may include:

• Most recent billing statements for each loan you wish to refinance (existing RISLA loans are exempt).

• Most recent billing statement for all loans you refinance (existing RISLA loans are exempt).

• Paystubs or other income verification.

• W2s.

• Documents verifying liquid assets.

• Additional information, such as promissory notes, may be requested.

Your pre-approval package will include a detailed list. Documents may be sent to RISLA through our secure site.

Forbearance for instances such as unemployment, disability, and hardship may be available.  Loans currently disbursed are eligible for up to 24 months of forbearance time.  Forbearance eligibility for loans first disbursed before July 1, 2021, is by the Promissory Note.

Yes, however, you must be enrolled at least half-time in a graduate degree-granting program and notify us of enrollment. Also, you must make at least one payment before a deferment can be granted. The maximum deferment time for graduate students is 36 months. RISLA Refinance Loans are not eligible for a grace period. 

Funds are awarded on a first-come, first-served basis. Apply now to ensure you have access to these low-cost funds. Once you have been approved for your loan, your interest rate will be fixed at the rate in your disclosures until your loan is paid in full.