Student Loans

A college education is invaluable, and expensive. Navigant Credit Union is proud to partner with Rhode Island Student Loan Authority (RISLA) to provide low-cost education loans.

State-based college loans for the 2019/2020 academic year are available through the Rhode Island Student Loan Authority

Three in-school loan options are available:

RISLA STUDENT LOAN – IMMEDIATE REPAYMENT

  • Low fixed rates
  • Cosigner release program (1)
  • Rewards for nurses (2) & interns (3)
  • 0.25% rate reduction for automatic electronic payments
  • No origination or other upfront fees
  • Instant credit decisions
  • No prepayment penalties

RISLA STUDENT LOAN – DEFERRED REPAYMENT

  • Payments deferred until student graduates or leaves school (4)
  • Low fixed rates
  • 0.25% rate reduction for automatic electronic payments
  • No origination or other upfront fees
  • Rewards for nurses (2) & interns (3)
  • Cosigner release program (1)
  • Instant credit decisions

RISLA PARENT LOAN – IMMEDIATE REPAYMENT

  • Assist your child with paying for college with the RISLA Parent Loan
  • Pay off early without penalty
  • Instant credit decision
  • 0.25% interest rate reduction for making monthly payments by auto-debit.
  • No origination or other upfront fees
  • Low fixed rates

2019/2020 Rates and Fees

  RISLA STUDENT LOAN IMMEDIATE REPAYMENT RISLA STUDENT LOAN DEFERRED REPAYMENT RISLA PARENT LOAN IMMEDIATE REPAYMENT
Borrower Student and Cosigner Student and Cosigner Parent (and cosigner, if required)
Interest Rate with ACH (5) 3.64% 5.64% 4.64%
Fixed or Variable Fixed Fixed Fixed
APR with ACH (6) 3.64% 5.46% 4.64%
Origination Fees None None None
Standard Repayment Term 120 months 180 months 120 months
Est. Monthly Repayment per $10k Borrowed $101 $94 or $103 $106
Repayment Start 15 days after final disbursement 6 months after student leaves school (3) 15 days after final disbursement

Student Loan Refinancing

Navigant Credit Union also works with Rhode Island Student Loan Authority (RISLA) to provide students and parents with options for refinancing existing student loans.

Benefits of refinancing:

  • Reduce your interest rate, monthly payment amount, or both
  • Simplify life by combining your education loans into one easy-to-manage monthly payment
  • No origination or other upfront fees
  • Receive a 0.25% interest rate reduction for making monthly payments by auto-debit
  • Pay off your loan early without any penalties
  • Get a credit decision in just a few minutes
  • Refinance between $7,500 and $250,000 (max amount depends on highest degree earned by student)

Loan Eligibility:

  • Eligible loans may have been used at a college located in any state
  • Borrower may reside in any state
  • Eligible loans must have been used for education purposes
  • Eligible loans may include private education loans, parent PLUS loans, Stafford loans, and subsidized and unsubsidized direct student loans
  • Refinancing borrower must be an obligated party on the loan(s) which is/are being refinanced
  • Borrowers must pass a credit check and meet other eligibility requirements
  • To qualify for a RISLA Refinance Loan, borrowers residing at the same address must make a combined income of at least $40,000 a year. For borrowers living at separate addresses, at least one of the borrowers must make $40,000 individually

Current Interest Rates

All rates listed below reflect 0.25% discount for enrolling in automatic electronic payments.

TERM 5-YEAR 10-YEAR 15-YEAR
Fixed Rate*
(with auto-pay)
3.49% - 6.64% 4.14% - 7.54% 4.49% - 8.14%
APR (7)
(with auto-pay)
3.49% - 6.64% 4.14% - 7.54% 4.49% - 8.14%
Number of Payments 60 120 180
Upfront Fees Zero Zero Zero
Monthly Payment Amount
(based on $10,000 loan)
$182 - $197 $102 - $119 $77 - $97
Total Interest Charges
(based on $10,000 loan)
$913 - $1,780 $2,230 - $4,270 $3,761 - $7,347

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  1. COSIGNER RELEASE: Cosigner release is only available on the RISLA Student Loan. If upon entering repayment, your 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 your 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.
  2. NURSING REWARDS: To qualify for the Nursing Reward Program: (a) Borrower must have a RISLA Student Loan with Rhode Island Student Loan Authority. (b) Loan must be issued for the academic years between 7/1/2011 and 6/30/2020. (c) Borrower must become a licensed registered nurse in Rhode Island. (d) Borrower must be employed by a licensed health care facility in Rhode Island and work a minimum of 20 hours per week with a responsibility of direct patient care. RISLA reserves the right to terminate this program at any time. For additional information, please go to www.risla.com/nursing-rewards.
  3. INTERNSHIP REWARDS: Students may receive $2,000 in loan forgiveness for completing a qualified on-transcript internship for college credit. Student must graduate from their program to qualify. Forgiveness is awarded to student after student graduates. Internship must be after 5/1/13, may be located in RI or out-of-state and may be paid or unpaid. Internship must be for 3 credits and be on transcript, validated and certified by an institution of higher education. Student must apply for loan forgiveness within one year of graduation date from college. Student must have a RISLA Student Loan with an outstanding balance at the time he/she becomes eligible for forgiveness. For the purpose of this program, internships, independent studies and practicums that are required for a particular major would not qualify.Loan forgiveness amount may be considered taxable income. Please consult your tax advisor. RISLA reserves the right to terminate this program at any time.
  4. DEFERRED 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. Interest accrues during deferment period and is capitalized (added to) principal balance at time loan enters repayment.
  5. Rates are for loans first disbursed on or after July 1, 2019 through June 30, 2020 and include 0.25% interest rate 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. lnterest 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.
  6. The Annual Percentage Rate (APR) reflects the 0.25% interest rate reduction for making automatic monthly payments (ACH), 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. IMMEDlATE REPAYMENT RISLA STUDENT LOAN and RISLA PARENT LOAN: 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 month 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.
  7. Rates are subject to change at any time. The rate you will receive will be based on the term of the loan, if the loan is cosigned, your credit score, your cosigner’s credit score (if applicable) and other factors. The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, and making equal payments over the term of the loan. Minimum monthly payment is $50.00.  Loan enters repayment at final disbursement. First payment will be due approximately 30 days after the loan is disbursed. 

Borrowing limits range from $100,000 – $250,000 and are based on the highest degree earned of the student who benefitted from the loan proceeds. To be eligible for the highest borrowing amounts, primary borrower on loan must be the student who benefitted from the loan proceeds.

Loans are made by the Rhode Island Student Loan Authority. Each repayment option is subject to fund availability and is awarded on a first-come, first-served basis. New funds may be subject to different rates and/or terms.