Borrowers can choose a graduated repayment plan, which provides a lower monthly payment to start that increases over time. We scored the company based on its co-signed credit-based student loan for undergraduates.Īscent stands out for its range of payment reduction and postponement options, rare among private lenders. Periods during which borrowers use income-based repayment do not qualify.Īscent offers both co-signed and non-co-signed student loans, which gives borrowers without co-signers more college funding options. Most undergraduate students will need a co-signer to qualify.įorbearance options: Forbearance available for up to 24 months.Ĭo-signer release policy: Available after 24 months of payments.
Loan amounts available: $1,500 to $45,000 per year ($150,000 aggregate per borrower)Įligibility: Applicants must show a minimum income of $40,000 per year and a minimum credit score of 680. RISLA was a winner of Forbes Advisor’s best private student loans of 2020 awards. Everyone who qualifies for each of the loan types gets the same rate, which makes it easy to compare RISLA loans with others you’ve qualified for.įor borrowers who struggle to afford their loan after graduating, RISLA is one of the only private lenders to offer an income-based repayment plan, which limits payments to 15% of income for a 25-year period. One loan requires immediate repayment, and one lets you defer payments until six months after you leave school. It offers two different loan types for undergraduate students, which each come with their own fixed interest rates. Rhode Island Student Loan Authority, known as RISLA, is a nonprofit based in Rhode Island that lends to students across the country.
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