At RISLA, we have some exciting news to share with our community. Last week, Forbes Advisor ranked RISLA in the Top 3 of the Best Private Student Loan Lenders for 2020.
According to Brianna McGurran, Forbes Advisor’s Loans Analyst, the publication ranked private student loan options based on the overall cost of the loan – including interest rates and fees – and what help the lender can provide, if the student has trouble affording the monthly payments. Especially important during this pandemic.
McGurran, notes that “Private student loans should be a last resort for families after they have maxed out grants, scholarships, work-study, federal subsidized and unsubsidized student loans and potentially federal PLUS loans, if they make sense for a family's individual situation.” For an undergraduate student's first year, the maximum amount for a federal loan is $5,500.
We couldn’t agree more that students and families should always borrow responsibly and compare loan options carefully to be sure they are finding the best education financing option for their family. As a non-profit lender, we offer several resources to guide people to responsible borrowing:
- Calculators: Loan Payment Calculator and How Much Can I Afford to Borrow?
- Guides: Borrowing for College, Student Loan Refinancing and Adulting
- Free services of the College Planning Center staffed with experts to answer questions
“We’re grateful to receive this national distinction from such a well-regarded business publication such as Forbes,” said Charles Kelley, Executive Director of RISLA. “It’s particularly gratifying when you consider nearly all of the top recipients are national companies, operating in multiple states. This is a credit to our enormously talented and dedicated staff and how well RISLA is regarded in the bond market which allows us to borrow at very low rates and pass those savings on to students and families."