Repayment terms and options
Only RISLA student loans with deferred repayment have a grace period. The first bill for all immediate repayment loans will be issued 15 days after the loan is disbursed, while the deferred repayment plan gives borrowers six months after leaving school to begin making payments. All RISLA parent student loans have immediate repayment.
Deferred student loans have a 180-month term, while the term for immediate repayment loans is 120 months. Student loans taken out by parents also have a 120-month term. Borrowers refinancing loans can choose a five-, 10- or 15-year term.
RISLA offers in-school deferment for borrowers who go back to grad school and forbearance for borrowers experiencing financial hardship, for a total of 24 months over the life of the loan.
How to apply for a loan with RISLA
To apply for a student loan through RISLA, you’ll need to provide the following:
- A copy of your ID.
- Your address and other contact details.
- Your social security number.
- Proof of employment (if applicable).
- Bank account details and asset information.
The application process can take between five to 10 minutes to complete and can be done 100 percent online. If you’re applying with a co-signer, they will also need to provide all of the information listed above.
Once you submit this information, RISLA will conduct a credit check to determine if you qualify. The credit check will reveal your credit score, previous loan history and debt-to-income ratio. RISLA may also request a pay stub or tax return to verify that your annual income is at least $40,000.
If you meet RISLA’s requirements, you’ll get a confirmation letter over email, which will include all of your loan’s details.