Rhode Island Student Loan Association

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Rhode Island Student Loan Association (RISLA) is a non-profit organization founded in 1992 with thethe missionof providing of providing financial assistance to students who have been accepted to a postsecondary educational institution. RISLA provides student loans to institutions of higher learning across the country in order to help them finance their education and assist them in meeting their educationaleducational expenses. RISLA helps students finance the cost of tuition, books, supplies, transportation,transportation, and housing while attending school. In addition, RISLA helps students pay back their student loans if they graduate in less than five years and meet certain requirements. There are two types of RISLA loans: federal subsidized loans and private unsubsidized loans. Students may borrow up to $20,000 per year for both types of loan programs. RISLA does not charge any fees or interest charges for either type of loan program, except for some schools where additional costs may apply.

RISLA offers several different types of loans depending on what type of student loan is best suited for you. RISLA offers four types of loans: Federal Subsidized Loans;; Private Unsubsidized Loans;; Direct Consolidation Loans;; and Educational Credit Exchange (ECE). Each type of student loan has its own set of advantages and disadvantages, and each type of loan should be tailored to match your specific situation. As a general rule, a student should select a loan based on his/her need for funds, credit history, future plans after college graduation, and thelikelihood that likelihood that he/she will complete repayment on time. Below,Below, we describe the pros and cons associated with each type of loan.

Subsidized Loans:: These loans are designed specifically for undergraduate students who plan to attend public, private,private, nonprofit, or, or proprietary colleges or universities. RISLA disburses these loans to eligible borrowers at fixed rates and terms. Upon default, federal subsidized loans incur no penalties until the borrower is in default. However, RISLA reserves the right to require the borrower to begin making payments immediately. Borrowers may choose to defer payment on federallyfederally subsidized loans for up to six months without incurring any penalty. After six months, borrowers must begin making payments ontheir federally their federally subsidized loans. A portion of the loan proceeds must be paid directly to the government as a subsidy.

Private Unsubsidized Loans:: These are private loans offered to undergraduate students who plan to enroll in private educational institutions. RISLA disburses these loans to eligible borrowers. Unlike federal subsidizedsubsidized loans, RISLA does not guarantee repayment on private unnecessaryunnecessary loans. RISLA does not offer any deferment options on private loansloans. If a borrower fails to repay a private loan, RISLA may charge high interest rates and late fees.

Direct Consolidation Loans:: These loans allow undergraduates to consolidate multiple loans into one private loan. RISLA disbursed direct consolidation loans to eligible borrowers at variable interest rates. When making payments on direct consolidation loans, borrowers must make payments on all outstanding loans regardless of whether or not they plan to continue attending school. RISLA does not guarantee payments on direct consolidation loans. Interest accrues daily beginning on the first day of enrollment until the borrower completes repayment.

Educational Credit Exchange (ECE) Loans:: ECE loans enable undergraduate students to consolidate federally guaranteed Stafford loans with other forms of financing. RISLA disburses ECE loans to eligible borrowers at varying rates and terms. UnlikeUnlike private loans, RISLA does notnot guarantee repayment on ECE loans. RISLA only guarantees payment on ECE loans if the borrower graduates in 4 or fewer semesters and makes monthly payments. If the borrower defaults, RISLA can charge extremely high interest rates and fees.

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Rhode Island Student Loan Association

“Our company strives to streamline the loan application process, make loans easier to understand, provide higher levels of customer service, and give our customers the confidence they need in their education financing.”

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Rhode Island Student Loan Association

The RhodeThe Rhode Island Student Loan Association (RISLA) was founded in 1989 and provides student loans to students attending school in Rhode Island. RISLA offers many different types of loan programs,programs, including federal direct loans, private loans, and PLUS loans. Students attend college after high school in Rhode Island and receive financial assistance from RISLA to pay for their education. RISLA helps students who may not have enough money to cover the entire cost of their college tuition. RISLA also helps students who want to continue their studies at a higher level graduate. RISLA loans are offered to undergraduate students, and they can apply for the loans starting in the middle of theirtheir junior year. The amount of money that RISLA gives out each semester varies depending on how much money the state receives in revenues and fees.

RISLA loan interest rates vary depending on the type of loan that you choose. For example, if you decide to take out a federal direct loan, you will get a fixed rate of 6.8%. If you decide to take out private loans, you will get a variable rate between 8% and 11%,11%, depending on your credit score. If you decide to take both private and federal direct loans, you will get two different rates—-a lower fixed rate of 5.9% plus a variable rate between 6.8% and 12%.

All RISLA borrowers are required to make payments to repay their loans,loans, no matter what kind of loan program they choosechoose. Borrowers who do not repay their loans on time are charged late penalties and/or defaulted rates.Borrowers who default will face even higher interest rates than those who did not repay their loans on time. Borrowers who default will face even higher interest rates than those who did not repay their loans on time.

After you complete school, RISLA requires its borrowers to make monthly payments based on their original loan amounts. You can only borrow from RISLA once per academic year. You cannot reapply for a second loan until after you graduate.

RISLA does offer several ways for you to manage your loans. First, you can use automatic payment options to automatically transfer money directly out of your checking account. Second, you can request to have payments deducted from your paycheck. Third, you can ask your employer to deduct your payments directly from your paycheck. RISLA’s website includes information about managing your loans using these various methods.

RISLA has several locations around Rhode Island where you can go to apply for a loan. These locations include Providence, Portsmouth, Cranston, Warwick, Pawtucket, Central Falls, North Kingstown, West Greenwich, New Shoreham, Barrington, and Bristol.

RISLA is one of the top three federally sponsored student loan organizations in America. Since January 2011,RISLA has RISLA has ranked third,third, behind Sallie Mae and Navient. In 2010, RISLA received $1.8 billion in revenue.

Rhode Island Student Loan Association

Rhode Island Student Loan Association (RISLA) was founded in 1973after the after the passage of Public Law 94-100, known as the Higher Education Act of 1965. RISLA’s mission is to serve students, parents, and families who want to pursue higher education by providing financial aid programs, information services, advocacy, and educational outreach. RISLA provides over $85 million annually in grants, loans, and scholarships to eligible students attending college in Rhode Island. RISLA offers financial assistance to approximately 27,000 students each year,year, including undergraduate, graduate, adult, parent, dependent, and independent student borrowers. RISLA serves both public and private institutions of higher learning. RISLA provides awards in three categories: need-basedneed-based, merit-basedmerit-based, andneed-based merit-based need-based merit-based scholarships. Need-basedNeed-based scholarships provide funding for those whose family income places them below established eligibility guidelines. Merit-basedMerit-based scholarship awards are given out according to academic achievement and demonstrated leadership potential. Both need-basedneed-based and merit-basedmerit-based scholarships may be awarded for tuition and fees only, or for specified costs such as books and supplies. In addition, RISLA awardsneed-based and merit-based need-based and merit-based scholarships that cover additional living expenses. RISLA also offers Pell Grants as well aswork study work study opportunities under its Financial Assistance Program.

Students receiving federal financial assistance from RISLA are eligibleeligible to receive various loan repayment options and have the option of deferring payments until they leave school. There are four different payment plans offered to RISLA borrowers: standard, graduated, extended, and deferred. Standard plans require full repayment within ten years of graduation.A graduated A graduated plan requires 12%, 15%, or 20% of discretionary income paid back over five years.The extended The extended plan requires a 30% payment rate over 10 years.The deferred The deferred plan requires no interest for 5 years followed by 2%, 4%, 6%, 8%, or 10% of discretionary income paid over five years.

Upon graduating, RISLA grants are converted to Federal Direct Loans and become payable upon completion of enrollment at a participating institution. These loans are made directly by the U.S. Department of Education and do not require repayment until six months after graduation unless the borrower defaults.

RISLA staff meets monthly with lenders to review application status and discuss payment options. If necessary, staff informs borrowers about their debt load, repayment terms, and credit history. Staff members work closely with borrowers to determine the total cost of attendance and ensure that borrowers understand the terms and conditions associated with any program.

While visiting colleges and universities is highly encouraged, RISLA doesn’t recommend that applicants contact schools before applying for financial aid. RISLA recommends first contacting the admissions office to find out if schools participate in the financial aid selection process. RISLA’s website contains useful information regarding financial aid and how to apply to RISLA.

Rhode Island Student Loan Association

Rhode Island Student Loan Association (RISLA)

The RISLA loan is offered under the National Direct Student Loans Program administered by Nelnet Inc., based out of Irvine, California. The program is sponsored by Sallie Mae, and loans are given out at the state level by the respective state’sstate’s department of education. These loans have a variable interest rate of 4.65%-5.32-5.32%, depending on the borrower’s credit history.

How does RISLA work?

RISLA is designed to help students afford college costs, whether they’re attending public institutions, private colleges, technical schools, trade schools, community colleges, etc. Students choose their school first, then apply for financial aid. After applying, if approved, the student receives the funds directly deposited intointo his or her bank account. Once a student begins paying down his or her debt, the student borrows money from RISLA at lower rates than what theythey would pay from a traditional lender. Once the student completes his or her coursework, he or she pays off the remaining balance(s).

Where can I find more information about RISLA?

What do I need to know before signing up for RISLA?

http: //www.rifinaloan.org/apply/what-you-need-to-know/http: //www.rifinaloan.org/apply/what-you-need-to-know/

Why should I sign up for RISLA?

RISLA offers competitive interest rates—8.00rates—8.00% APR for undergraduate borrowers and 6.49% APR for graduate borrowers. RISLA also offers flexible repayment options for those who qualify, including graduated payments and extended repayment plans.

RISLA offers low origination fees—nofees—no application fee, no prepaymentprepayment penalty, and no minimum loan amount.

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