Undergraduate Student Loans

Apply for a Loan 2020/21
Summer 2020 Loans

Your RISLA Loan Offers These Great Benefits:

Multi-Year Peace of Mind

Multi-Year
Peace of Mind
A convenient multi-year solution for bridging the financial gap left when grant and aid does not cover the complete balance due.
Easy to Understand Rates
 
Easy to
Understand Rates
The rate you see is the rate you get.
Rate-Discount 
Rate
Discount

0.25% Interest rate reduction with automatic payments (auto-pay).

No Upfront Fees
No Upfront
Fees
No application, origination, or upfront fees of any kind.
 Borrower-Protections
Borrower
Protections

When things don't go as planned, RISLA has your back.


Cosigner Release 
Cosigner
Release

Available for qualifying student borrowers.

Rewards for Interns and Nurses 
Rewards for
Interns & Nurses

Rewards available for interns and nurses.

2020/21 Rates & Fees
 
 
RISLA Student Loan
 Immediate Repayment
RISLA Student Loan
 Deferred
RISLA Parent Loan
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
 
Apply for a Loan 2020/21
 

Loan Eligibility

Fixed rate loan options

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

Minimum Loan Amount: $1,500/yr
Maximum Loan Amount: $45,000/yr

Multi-year 

Multi-Year Peace of Mind

Bridging the Financial Gap for College Year 1 through Done
 

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-Rates 

Easy to Understand Rates

The Rate You See is the Rate You Get
 

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 Rate Discount

Set It, Forget It, and Save!
 

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 for two consecutive months, it is automatically turned off so that you do not continue to get charged returned check fees.

 

No Upfront 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

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 Cosigner Release

It Pays Off to Pay On-Time
 

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.

Eligibility:
  • Cosigner release is only available on RISLA's Immediate or Deferred Repayment Student Loans.
  • If after entering repayment, your first twenty-four normally amortizing payments are made on-time (within ten days of due date) and the student borrower meets the minimum income, credit, and other eligibility criteria, the cosigner may be released from the loan upon written request. Loans that have been in an IBR Plan do not qualify.
  • If the borrower utilizes forbearance time during the first twenty-four months of repayment, the twenty-four month monitoring period for on-time payments will begin from the time the borrower exits forbearance.
  • Complete eligibility requirements can be found on the Cosigner Release Application.

Rewards

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.

 

How to Apply

Step 1

 

Apply online

Complete your application which should take about 5-10 minutes (note, we have to pull your credit report for the full application). 

Step 2

 

Upload your documents

Upon approval, you can upload your supporting documentation through our secure website on your computer or via your mobile device.

Step 3

 

E-sign your loan 

Follow the instructions you receive in your email to accept your loan, self-certify, and e-sign your application.

Apply for a Loan 2020/21
College Borrowing Guide

College Borrowing Guide

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. 

Download Guide

 

 

Asian Mom and Daughter

FAQ

See our most frequently asked questions about financing a college education with RISLA. 

View FAQ

Application Disclosures

Fixed Rate Student Loan  |  Parent Loan

Terms & Conditions

  1. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2020 for the 2020/21 academic year and include 0.25% reduction for making automatic monthly payments (auto-pay feature). Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. 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. 
  2. APR:  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.  Rate shown includes 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.
  3. Assumptions for Example: Equal disbursements in September and January. Fifty-four (54) months pass (48 month in-school and 6 months grace) at which time accrued interest is capitalized and a 180-month repayment term begins. Interest accrues during deferment period and is capitalized (added to) principal balance at time loan enters repayment.