RISLA Student Loan
Immediate Repayment
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RISLA Student Loan
Deferred
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RISLA Parent Loan
|
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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%
(5.32% 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 |
$103
($104 without auto-pay)
|
$99
($102 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 |
Loan Eligibility
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
Multi-Year Peace of Mind
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 to Understand Rates
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
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. This option is helpful towards your cosigner release.
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, it is automatically turned off so that you do not continue to get charged returned check 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
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.
Cosigner Release
Most student borrowers need to start off with a cosigner. After the first twenty-four consecutive monthly payments have been made on-time, you may be eligible to release your cosigner.
Rewards
Loan Forgiveness for Internships
Earn $2,000 in student loan forgiveness on your non-federal RISLA loans for completing either a one, 3 credit internship or three, 1 credit internships. See full program detail and eligibility requirements risla.com/college-interns.
Nursing Rewards
Pay zero interest on your loan for up to four years when you are a new nurse working in RI. See full program detail and eligibility requirements at risla.com/nursing-rewards.
Apply online
Complete your application which should take about 5-10 minutes (note, we have to pull your credit report for the full application).
Upon approval, you can upload your supporting documentation through our secure website on your computer or via your mobile device.
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 what you should be looking for in an education loan? Learn about the types, how to compare and more in our borrowing guide.
See our most frequently asked questions about financing a college education with RISLA.
Application Disclosures
Fixed Rate Student Loan | Parent Loan
Terms & Conditions