RISLA Loan

<sub>Terms & Conditions

1.    INTEREST RATES & APR: Rates are for loans first disbursed on or after July 1, 2018 for 2018/19 academic year loans and include 0.25% reduction for making automatic monthly payments (ACH). 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. Rates are subject to change at any time.  The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, and making equal payments over the term of the loan. ALL EXAMPLES: Equal disbursements of $5000 in September and January.  Minimum monthly payment is $50.00.  IMMEDIATE REPAYMENT RISLA STUDENT LOAN and RISLA PARENT LOAN OPTIONS:  Loan enters repayment 15 days after the final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. DEFERRED REPAYMENT RISLA STUDENT LOAN OPTION :  Fifty-four (54) months pass (48 months in-school and 6 months grace) for undergraduate students or thirty (30) months pass (24 months in-school and 6 months grace) for graduate students at which time accrued interest is capitalized and a 180 month repayment term begins.</sub>
 

_{2.    REPAYMENT TERMS: Repayment begins six (6) months after the student leaves school, not to exceed 78 months for undergraduates (72 months in school and 6 months grace) or 42 months for graduate students (36 months in school and 6 months grace). Borrowers are entitled to only one 6-month grace period per loan. Graduate students must be enrolled at least half-time to qualify for deferment.}
 

_{3.    COSIGNER RELEASE:  Cosigner release is only available on the RISLA Student Loan. If upon entering repayment, the first 24 normally amortizing payments (payments made under IBR do not qualify) are made on time (within 10 days of due date) and the student borrower meets the minimum income, credit and other eligibility criteria, the co-signer may be released from the loan upon written request. If the borrower utilizes forbearance time during the first 24 months of repayment, the 24 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.}
 

_{4. BORROWER PROTECTIONS: FORBEARANCE: RISLA borrowers may apply for up to 12 months of forbearance. Interest continues to accrue during the forbearance period and is capitalized on to the principal balance at the end of the forbearance period. Forbearance is awarded in 3-month increments. INCOME-BASED REPAYMENT: RISLA offers an income-based repayment program to help borrowers who are experiencing financial hardship. For full details and eligibility requirements, please visit www.risla.com/ibr. LOAN FORGIVENESS: In the unfortunate circumstance the student who benefited from the loan dies or becomes permanently disabled, the remaining balance on the loan may be forgiven. Documentation will be required by RISLA to verify death or disability. Forgiven loan amount may be considered taxable income for the borrower or cosigner on the account. Please consult your tax adviser.}