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RISLA suspends some student loan repayment for those impacted by COVID-19

Coronavirus

WARWICK, R.I. (WPRI) — The Rhode Island Student Loan Authority (RISLA) announced Friday that they are offering some relief for its non-federal student loan borrowers who are experiencing financial hardship due to the coronavirus pandemic.

According to Executive Director of RISLA Charles Kelley, the non-federal education loan borrowers who have had their income severely affected can apply online, until further notice, to skip two months of payments.

RISLA Coronavirus Relief application »

“Unquestionably, during this pandemic, unemployment claims and temporary disability claims in the state are expected to rise dramatically,” Kelley said. “For that reason, we will do all that we possibly can to lessen the financial burden of repaying RISLA’s non-federal student loans and will monitor the federal and local situation closely.”

“Unfortunately, auto payments that have already been processed cannot be refunded. Interest will continue to accrue on the loans, but this program provides some immediate cash flow relief,” he continued.

Kelley said RISLA representatives will reach out to applicants if there are any issues with their request. There will be no walk-in clients accepted, though customer service will be open Monday to Friday from 8 a.m. to 5:30 p.m.

The College Planning Center will also be closed off to in-person visits.

Individuals who need help with financial aid matters can go to the College Planning website and book an appointment to have a counselor call them.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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