WARWICK – The R.I. Student Loan Authority is offering borrowers with non-federal student loans the opportunity to apply for a two-month relief period during the ongoing COVID-19 pandemic.
The authority has announced that eligible borrowers who have lost income because due to the coronavirus outbreak can now apply online on RISLA’s website to skip two months of payments. RISLA Executive Director Charles P. Kelley said in a statement that the authority is implementing this new measure because unemployment and temporary-disability claims in the state are “expected to rise dramatically.”
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“We will do all that we possibly can to lessen the financial burden of repaying RISLA’s non-federal student loans,” Kelley said, “and will monitor the federal and local situation closely.”
When applications are approved, borrowers will see their automatic payments suspended for two months, Kelley said. However, Kelley said auto payments already processed cannot be refunded. He also noted that interest will continue to accrue on the loans, but this program “provides some immediate cash-flow relief.”
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.
