Lowest Fixed Interest Rates in RI Student Loan Authority History: Kelly on College Funding LIVE

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Monday, 28 June 2021

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Charles Kelly (right) has appeared on GoLocal LIVE.

Rhode Island Student Loan Authority COO Charles Kelly appeared on GoLocal LIVE to talk about the tools available to families – at the time of the lowest fixed interest rates in the organization’s history.

“RISLA has been around for 40 years, and I confess I’ve been there for about 30,” Kelly said. “Our mission has kind of grown over the years – before we only provided education loans, but we saw the need for financial literacy, college planning, aid in the form of financial aid.”

“So we created a college planning center at Warwick Mall that was virtual for the past year, but our mission is still to provide some of the lowest fixed education loans in the country, helping to lower the cost of tertiary education. for our students and families, ”he added.

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Lowest interest rates in RISLA history

“This is the lowest fixed interest rate in our history,” said Kelly. “So this year for a typical ten year loan, if someone pays through the automatic ACH, that’s 2.99% interest, which is basically a fixed rate loan for the entire duration of the loan, and we have deferred options, and we raise our money through the tax-free bond market, so we can borrow very inexpensively and pass those savings on to students and families. “

“Many families feel that they cannot afford to make payments while they are in school, so we have a so-called 15-year no benefit period until the student graduates from school, and for six months and then it returns after 15 years – and this is 4.7%, ”he added.

Post-pandemic planning

Kelly spoke with students who have returned to school full-time after the pandemic – and what that means for borrowers.

“If there is a rebirth – and I hope it doesn’t – we can adjust what they need to take for the second semester, if they are going to live from home and study remotely, they are not going to charge interest until the funds are available. actually spent, ”Kelly said of the borrowers.

“For many years we were even the only ones – besides the federal government – to offer income-based payments, so if difficulties arise due to unemployment, medical problems, etc., we can adjust a person’s monthly payment according to their income and status. ., “he added. “It has helped a lot during COVID nowadays.”

To learn more about RISLA and its programs – come here

RISLA came about as part of a paid content partnership.

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