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Change is on the horizon for many borrowers in repayment on their federal student loans.  Here are some helpful tips to help you prepare for the federal loan servicer changes.

Student loan forgiveness has certainly had no shortage of attention in the news given the pandemic and several legislative proposals. But what we know to date is that the Department of Education has issued the Public Service Loan Forgiveness Limited Waiver Opportunity, effective October 6, 2021.

The “new normal”.  Hopefully the new normal includes seeing many more students, safely back on campus, enjoying the higher education journey. With that being said, we are happy to announce that this year, RISLA is offering our lowest student loan rates in our history of offering non-federal, private student loans for students attending school.

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.

Sounds like a crazy theory, right? I bet your thinking “If I had the money, I wouldn’t have needed a loan!” Well, let’s break it down a bit and it may not be that crazy after all. Just paying back a little could make a big difference.

How low did we go?

The cost of college tuition, fees, room, and board can put a financial strain on pretty much any family budget. But college costs are not limited to those you have to pay directly to the school. Living expenses - like off-campus housing, gasoline, travel expenses, food, and other miscellaneous costs - can easily add up to thousands of dollars.

There are so many decisions to make during the college planning process; it's easy to get overwhelmed. By the time you need to finance your own or your child's education, you may have reached decision fatigue. All too often, decision fatigue leads to inaction, analysis paralysis, or a hastily-made choice - none of which are likely to result in the best of outcomes. 

Choosing your student loan lender is a big deal. This is an organization you are likely to work with over the next 5 - 20 years of your life. Conventional wisdom may inspire you to simply compare rates, choose the lowest, and get the whole process over with quickly. Or maybe you just plan to go to your bank to keep all of your finances in one place. But there can be some major differences in the rates, fees, level of service, and benefits student loan providers offer, so doing a more thorough comparison is a wise move.

Don't be one of the many borrowers filled with regret about their choice of lender. We've put together the below guide to help you select a student loan provider that you'll be happy with. It may take a little bit more of your time, but it will be well worth your effort in the long run.