The RISLA Income-Based Repayment (IBR) plan is designed specifically for borrowers with non-federal RISLA student loans. This programme allows you to adjust your payments based on your current income and family size.

RISLA’s IBR plan stands out by capping payments at 15% of discretionary income and never exceeding the standard repayment plan amount. Loan balances are forgiven after 25 years of qualifying payments, adding a valuable end-of-term safety net for long-term borrowers.

Anyone applying must demonstrate financial hardship by showing their income and family size are less than 150% of the federal poverty line. Payments can fluctuate each year depending on updated income and household changes. To qualify, all your student loans must be non-federal RISLA loans, making it a focused and tailored solution for RISLA borrowers.

How to Apply: Step by Step

• Ensure all your student loans are RISLA non-federal loans.
• Use the IBR calculator to check if your income and family size qualify.
• Complete the IBR application form if you’re eligible.
• Upload your application and required documents to the secure RISLA portal.

Key Advantages

• Your monthly payments could be as low as 15% of your discretionary income, potentially reducing your immediate burden during financial hardship.

• After 25 years, any remaining loan balance is forgiven. Enrolling in IBR does not disqualify you from other RISLA loan forgiveness programmes, such as for nurses or interns.

Main Disadvantages

• Lowering your payments may increase the total interest paid over the life of the loan compared to a standard plan. Annual income verification is required.

• Any amount forgiven after 25 years may be considered taxable income, affecting your future tax bills if you receive forgiveness.

Verdict

RISLA’s Income-Based Repayment programme offers vital support when you truly need payment flexibility. If you meet the requirements, it can offer real relief, ultimately protecting you from overwhelming monthly dues and allowing for eventual debt forgiveness. However, it works best for borrowers certain they need this temporary financial relief rather than those looking for a long-term standard plan.