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If you are looking for a parent loan for the 2017/18 academic year, please click here

Benefits of the RISLA Parent Loan iStock_000020287709_Small.jpg

Low fixed rates

For the 2016/17 academic year, RISLA is offering a 10-year college loan for parents with a fixed rate of 4.99% APR (4.74% with auto-payments)(1)!

No prepayment penalties. 

Pay off your loan early without penalty. 

No origination, disbursement or guarantee fees.

Additional Loan Features

  • Instant credit decision.
  • 0.25% interest rate reduction for making monthly payments by auto-debit.
  • Income based repayment program for qualifying borrowers. 
  • Loan forgiveness in the unfortunate event of death of the benefitting student. (2)
  • Interest you pay on this loan may be tax deductible. Consult your tax adviser.
  • Eligible for Intern Rewards program

Rates & Fees

 
2016/17
RISLA Parent Loan
Immediate Repayment
Borrower Parent
Interest Rate (3)

4.99%

(4.74% with auto-payments (ACH)) 

Fixed or Variable  Fixed
APR (1)

4.99%

(4.74% with auto-payments (ACH))

 
Origination Fees None 
Standard Repayment Term 120 months 
Est. Monthly Payment per $10k borrowed $108 
Repayment Start  15 days after final disbursement
 
 

 

RISLA's loans are low fixed rate state-based education loans. A state-based education loan can help you meet the difference between your total cost of education and the financial aid you receive from your school. Before borrowing a state-based education loan, students should first 1) Pay what they can from salary and savings, 2) Exhaust scholarship and grant options, and 3) Maximize Federal Subsidized Stafford Loan limits.

Loan Application Disclosures


 

  1. The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, the origination fee, and making equal payments over the term of the loan. Equal disbursements of $5000 in September and January.  Minimum monthly payment is $50.00. Loan enters repayment 15 days after the final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. 
  2. In the case of student death, forgiven loan amount may be considered taxable income for the borrower or co-signer on the account. Please consult your tax adviser.
  3.  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. 

 

 

 

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