(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 at final disbursement. Minimum monthly payment cannot be below $50.00. Rates shown include a 0.25% discount for paying via automatic monthly payments. Not all borrowers qualify for the lowest rate. The rate you will receive is based on the term of the loan, if the loan is cosigned, 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.
(2) Total and Permanent Disability means that a borrower is unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that (1) can be expected to result in death; or (2) has lasted for a continuous period of not less than 60 months; or (3) can be expected to last for a continuous period of not less than 60 months. This program is limited to the student who benefited from the original loan proceeds that were refinanced. To qualify for the conditional discharge (except for certain veterans described below) borrower must provide documentation from their Federal Loan Servicer showing that they have been granted a 3 year conditional discharge of their Federal Loans. If they don’t have Federal Loans the borrower must complete a RISLA physician’s certificate form whereby the physician will certify that the borrower has a total and permanent disability. At the end of the three year monitoring period, the loan will be forgiven and a 1099C will be sent for the next tax year. Veterans will be considered totally and permanently disabled for purposes of the discharge if they provide documentation form the US Department of Veterans Affairs (VA) showing they have been determined to be unemployable due to a service-connected disability. Veterans discharge loans do not go through a 3 year waiting period. The loan will be written off and a 1099C will be sent out for the next tax year.
(3) To be eligible, borrower must be enrolled at least half time. Borrower must contact RISLA to notify us of enrollment. Borrower must make one payment before a deferment can be granted. Maximum deferment time is 36 months for graduate students. RISLA Refinance Loans are not eligible for a grace period.