Moving Onward and Upward for the 20/21 Academic Year
What a year 2020 has been to date with so many changes and unknowns now a part of our daily lives due to the coronavirus pandemic. But one thing that hasn’t changed is needing options to help pay for college.
We are pleased to offer our low fixed rates for the 2020/20201 academic year. With RISLA, the rate you see is the rate you get!
Remember to limit the amount you borrow! For every dollar you take out, you will have to pay back more than that dollar with interest.
- Subsidized federal student loans are a great to start when you have exhausted your grant and scholarships options and determined how much of your resources you can put into the college bill. On a subsidized loan, the government covers your interest while you are in school at least half-time. They also offer options for repayment flexibility and low fixed rates.
- Federal student loans also come in an unsubsidized option. Make sure you understand which you have been awarded in your financial aid award letters. You may be awarded a portion of both. You are responsible for all interest charges on unsubsidized loans, but you will still get repayment flexibility options and low fixed rates.
- Federal student loans - both subsidized and unsubsidized - have annual borrowing limits and few families find that these limits are enough to cover their entire college costs.
- If you seek a private student loan with a variable rate, keep in mind your rate and required monthly payment can change. Choosing a fixed rate loan offers you consistency and the ability to accurately plan your student loan budget with no surprises.
Before you borrow, always ask the lender:
- What is the interest rate? And what is the corresponding Annual Percentage Rate (APR)?
- Is the interest rate fixed or variable? (Variable rates can change monthly or annually until your loan is paid off.)
- Is the rate I receive based on my credit?
- What are the possible fees? (repayment fees, origination fees, default fees, late payment fees, etc.)
- What is the loan term?
- What would my monthly payment be if I borrowed $X,XXX?
- When would my first payment be due?
- How are loan funds disbursed? (to you or the school?)
- What steps do I need to take to complete an application?
- How long does it take to process an application?
- Are there loan limits? Annual? Aggregate?
- Who is eligible for this loan?
- Do I need a cosigner?
- What deferment options are available to me?
- If times get tough for me, are there income based repayment options?
For additional information visit risla.com or call us at 800-468-4267. Our experienced customer service team is available Monday through Friday, 8:00 AM to 5:30 PM.
For additional information on options for paying for college, download our free Borrowing Guide.