Rhode Island Code of Regulations Title 850 - Student Loan Authority
Rhode Island Code of Regulations Title 850 is dedicated to the Rhode Island Student Loan Authority (RISLA). RISLA is a quasi-public agency, a non-profit entity created by the state of Rhode Island to provide financial assistance for higher education.
The regulations within Title 850 outline the operational procedures, programs, and general rules by which RISLA functions to fulfill its mission. The primary purpose of RISLA, as reflected in these regulations, is to:
Provide financial assistance: Offer education loans (undergraduate, graduate, parent loans, certificate loans) to Rhode Island residents and students attending institutions in Rhode Island, and increasingly, nationwide.
Promote access to higher education: Make college more affordable and accessible through various loan programs and related services.
Manage student loan portfolios: Originate, service, and sometimes refinance student loans.
Offer borrower protections and flexible repayment options: A key distinguishing feature of RISLA is its provision of borrower benefits often associated with federal loans, such as income-based repayment plans and forbearance options, even for its private loans.
Support college planning and financial literacy: Provide resources, counseling, and scholarship information to students and families.
While the exact structure of Title 850 might evolve, based on typical regulatory codes and information about RISLA, you would expect to find regulations covering:
Part 1: Procurement Rules and Regulations (850-RICR-00-00-1): This part would detail the procedures and policies RISLA must follow for procuring goods and services, ensuring transparency and fairness in its business dealings.
Part 2: RISLA's Knowledge for College Scholarship (850-RICR-00-00-2): This part would outline the criteria, application process, and administration of the "Knowledge for College Scholarship" or similar scholarship programs offered by RISLA.
Beyond these specific listed parts, the broader functions of RISLA, which would be either directly covered by these regulations or indirectly informed by them, include:
Loan Eligibility and Application: Detailed rules on who qualifies for RISLA loans, credit requirements, income thresholds, and the application process.
Loan Terms and Conditions: Regulations regarding interest rates, repayment periods (e.g., 5, 10, 15 years), deferment, and forbearance options.
Borrower Benefits: Specific rules for programs like their income-based repayment plan, cosigner release, internship rewards, and nursing rewards (zero interest for qualifying nurses).
Refinancing Programs: Regulations for their student loan refinancing options, including eligibility and terms.
Loan Servicing: Guidelines for how RISLA services its loans, including communication with borrowers, payment processing, and handling of delinquencies.
Governance and Oversight: Rules related to the composition and duties of RISLA's Board of Directors, ensuring accountability as a quasi-public agency.
Reporting and Compliance: Requirements for RISLA to report on its financial status and program performance, and to comply with relevant state and federal laws related to student lending.
In essence, Rhode Island Code of Regulations Title 850 provides the regulatory framework that empowers the Rhode Island Student Loan Authority to operate as a vital resource for higher education financing, offering a unique blend of competitive loan products and borrower protections to students and families.
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