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RISLA Student Loan FAQ

Who is eligible to apply for the RISLA Student Loan?

  • The RISLA Student loan is available to RI residents attending eligible in or out of state schools and to students from outside of Rhode Island that are attending eligible Rhode Island colleges and universities.

What is the Interest Rate?

  • The RISLA Student loan is a fixed rate loan. The interest rate you receive depends on the repayment option you choose. View program interest rates.

What criteria are used to determine eligibility for the loan?

  • This is a credit-based loan.

What are the loan limits?

  • The minimum loan amount is $1,500. The maximum loan amount per year is $35,000. The aggregate limit is $125,000. This includes previous College Bound loans, other RISLA Student Loans and Rhode Island Family Education Loans in your name.

What Fees are assessed?

  • Immediate repayment loans made for the 2014/15 academic year automatically qualify for zero origination fees. Deferred loans made for the 2014/15 academic year also qualify for zero origination fees if you complete a RISLA-approved financial literacy course. Without the course, there is a 4% origination fee on deferred repayment loans. 

How can I apply?

What paperwork does this program require from the school?

  • Students are encouraged to apply online. The school is not required to submit any paperwork. Once approved for a loan, students will also need to accept the loan and complete the self-certification form. Schools will also need to certify your loan.

How does the school certify the loan?

Does interest accrue while the student is in school?

  • Interest accrues daily on the outstanding principal balance. Interest accrual commences at the time of the 1st disbursement and is capitalized onto principal upon repayment.

What is the term of the loan?

  • Deferred repayment: 180 months (15 years)
  • Immediate repayment: 120 months (10 years)

When does repayment begin?

  • Repayment on deferred repayment loans begins six (6) months after the student leaves school (not to exceed 54 months for undergraduate students or 42 months for graduate students). Repayment on immediate repayment loans begins 45 days after the final disbursement.

What is the minimum payment amount?

  • $50.00 is the minimum payment amount on the RISLA Student Loan. Your minimum monthly payment amount will most likely be greater than $50.00 per month, depending on the amount you borrowed. Loan must pay off within the original term of loan. 

Can interest be paid while the student is in school?

  • Yes, a statement of accruing interest will be mailed to borrowers. Borrower may choose to pay interest during this time. Paying interest while in school will decrease your total cost of borrowing.

Are there any incentives for this program?

  • If payments are made on time for the first 24 months of repayment, upon written request, RISLA will review the student's eligibility for co-borrower release. Once the review has been completed and the student is determined to meet RISLA's underwriting criteria, the co-borrower may be released from the obligation.
  • For 2014/15 RISLA loans, you can receive a 0.25% interest rate reduction for making monthly payments by auto-debit (ACH).

What options are available for deferment/forbearance?

  • If you choose the deferred repayment option, the loan is deferred while the student is in school, with a six-month grace period after separation (not to exceed 54 months for undergraduates and 42 months for graduate students). Forbearance for instances such as unemployment, disability and hardship may be available to you. Maximum forbearance over the life of the loan is 12 months.

How long will this current interest rates last?

  • Funds are awarded on a first-come, first-served basis. Apply now to ensure you have access to these low cost funds.

Apply for a RISLA Loan