Fixed Rate

RISLA Private Student Loan

Fixed Rate Non-Federal Education Loan

The RISLA Student Loan is fixed rate non-federal education loan for undergraduate and graduate students. It is recommended that students use the Federal Direct subsidized and unsubsidized student loans to fund their education before considering Private student loans.

Benefits of the RISLA Student Loan:

  • Low Fixed Interest Rate – you don’t have to worry about your monthly payments ever changing if the market rates continue to rise
  • Choose your Repayment Option – immediate repayment is the lowest cost option but there is also a deferred option if you need more time before entering repayment
  • Zero origination fees
  • Easy Online Application with instant credit pre-approval
  • No Pre-Payment Penalties
  • Cosigner release option on RISLA Student Loan if upon entering repayment, the first 24 payments are made on time and student borrower meets underwriting criteria
  • 0.25% interest rate reduction for making automatic electronic payments
  • Borrower protections for when things don’t go as planned

 

Eligibility:

  • Undergraduate and graduate students may apply
  • Borrowers must pass a credit check and meet other eligibility requirements
  • Student MUST complete and return Self-Certification form to lender.

2021/22 Rates & Fees

Borrowers can save thousands of dollars in finance charges by choosing an immediate repayment option. 

Student Loan Immediate Repay

Rhode Island Advantage Rate¹

Student Loan Immediate Repay

Student Loan Deferred Repay

Parent Loan Immediate Repay

Borrowers

Student & Cosigner

Student & Cosigner

Student & Cosigner

Parent

Fixed Interest Rate²

w/Auto-Pay

2.99%

(3.24% w/o auto-pay)

3.74%

(3.99  w/o auto-pay)

4.74%

(4.99 w/o auto-pay)

4.54%

(4.79% w/o auto-pay)

APR³ 

w/Auto Pay

2.99%

(3.24% w/o auto-pay)

3.74%

(3.99% w/o auto-pay)

4.61%

(4.86% w/o auto-pay

4.54%

(4.79% w/o auto-pay)

Origination Fees

None

None

None

None

Standard Repayment Term

120 Months

120 Months

180 Months

120 Months

Estimated Monthly Payment per  $10K borrowed

$97

$101

$86

$105

Repayment Start

15 days after disbursement

15 days after disbursement

6 Months after student leaves school

15 Days after disbursement

Advantages

Shorter term, lowest interest rate with Rhode Island Advantage 

Shorter term, lower cost of total loan

No payment required while student is in 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

Payment required while student is attending school

Higher overall cost due to term length

Higher interest rate than fixed rate immediate repayment option with student as the primary borrower

Terms & Conditions

1.    RHODE ISLAND ADVANTAGE applies to any Rhode Island Students attending school in any state or Non-Rhode Island Students attending a school in Rhode Island who select an Immediate Repayment loan.

2.    INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2021 for the 2021/22 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. 

3.    APR:  The Annual Percentage Rate (APR) reflects the estimated total cost of the loan, including  origination fees ($0), accruing interest, and the effect of capitalized interest. Interest begins accruing after each loan disbursement.  Rate shown includes the 0.25% 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.

4.    ASSUMPTIONS FOR DEFERRED 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.


All rates and terms are subject to change without notice. AAA arranges but does not make loans. All loans are subject to the lender’s receipt and approval of a completed loan application. The APR applicable to your loan will depend on several factors, including the repayment options you select and your credit history. See the lenders web site for details, terms and conditions. Loans are made by Rhode Island Student Loan Authority. AAA encourages prospective borrowers to apply for and use federal financial aid before considering a private student loan. AAA may be compensated for the referral of a loan.

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