inner 2

Fixed Rate Student Loans

State-Based College Loans

RISLA is happy to offer some of the lowest fixed interest rates on college loans in the country. Compare us to others and see for yourself why so many students and parents choose RISLA.

Benefits of this program

  • Student and parent sign together on the RISLA Student Loan. The student has an investment in their education and can build credit with the RISLA Student Loan. Co-borrowers can be released from a RISLA Student Loan after on-time payments, if the student qualifies. (1)
  • Options & flexibility. Start paying now or later. It’s your choice.
  • Low fixed interest rates. Starting at 4.99% APR. (2)
  • Pay no origination fees. Zero origination fees on all immediate repayment loans. Origination fee on deferred loan waived if student takes and passes RISLA online financial literacy course (3).
  • No prepayment penalties.
  • Instant credit decision.
  • Loan forgiveness for qualifying interns.(4) Learn more
  • Rewards for nurses. Nursing students may be eligible for RISLA's Nursing Rewards Program.
  • 0.25% interest rate reduction for making monthly automatic electronic payments (ACH).
  • Income Based Repayment program for borrowers who find themselves in financial hardship. More details.
  • Loan forgiveness in the unfortunate event the student becomes totally & permanently disabled or deceased. (5)
  • Interest you pay on this loan may be tax deductible. Consult your tax advisor.  

2014/15 Rates & Fees 

RISLA Student Loan
Immediate Repayment
RISLA Student Loan
Deferred Repayment
RISLA Parent Loan
Immediate Repayment
Borrower Student & Cosigner Student & Cosigner Parent
Interest Rate (6)
4.99% 6.74% 6.39%
Fixed or Variable Fixed Fixed Fixed
APR (2) 4.99% 6.49% - 6.86%
Origination Fees
None 0% or 4%
Standard Repayment Term 120 months 180 months 120 months
Est. Monthly Payment per $10k borrowed $108
$114 with 0% fee
$119 with 4% fee
Repayment Start
15 days after final disbursement 6 months after student leaves school (7) 15 days after final disbursement
How to apply

How to Apply

  1. Complete the online application by choosing one of the options above. You will receive an instant credit decision. 
  2. If your application is pre-approved, print your application and make sure to:
    • Have both the borrower and co-signer (if applicable) sign and date the application.
    • Include copies of required verification documents (see the list in your downloaded application). 
  3. Mail to  RISLA, 560 Jefferson Blvd, Suite 200, Warwick, RI 02886 as soon as possible but no more than 45 days after applying.
  4. Once your loan has been approved, you will receive a disclosure with instructions on how to accept your loan. You may do this online. The federal government requires you to accept your loan and your loan application cannot move forward until this step is completed.
  5. At this time, you will also need to complete a self-certification. The federal government requires that we obtain this from you before we send the funds to your school.
  6. Meanwhile, we will contact your school asking them to certify your loan. The school will provide us with a date on which they would like us to send them the funds.


  • Rhode Island residents attending eligible in-state schools or out-of-state schools and borrowers from outside of Rhode Island where the student is attending an eligible Rhode Island school
  • Undergraduate and graduate students may apply
  • Student may be full-time, half-time, less than half-time, matriculating or non-matriculating
  • Borrowers must pass a credit check and meet other eligibility requirements
  • International students may apply if they have a social security number and cosigner that is a US citizen

Borrow Responsibly

As a non-profit, it's our goal to help you borrow responsibly. RISLA offers financial literacy materials and in person support to help you make the best borrowing decisions and stay out of financial trouble. 
RISLA's loans are safe, fixed rate state-based education loans. A state-based education loan can help you meet the difference between your total cost of education and the financial aid you receive from your school. Before borrowing a state-based education loan, students should first 1) Pay what they can from salary and savings, 2) Exhaust scholarship and grant options, and 3) Maximize Federal Subsidized Stafford Loan limits.


*Please click here for additional information on the terms of the 2014/15 RISLA Student Loan program. Please click here for additional information on the terms of the 2014/15 RISLA Parent Loan program

  1. Cosigner release is for RISLA Student Loan only. If upon entering repayment the first 24 normally amortizing payments (payments made under IBR do not qualify) are made on time and the student borrower meets the underwriting criteria, the co-borrower may be released from the loan upon written request.
  2. The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, the origination fee, and making equal payments over the term of the loan. ALL EXAMPLES: Equal disbursements of $5000 in September and January.  Minimum monthly payment is $50.00.  IMMEDIATE REPAYMENT RISLA STUDENT LOAN AND RISLA PARENT LOAN OPTIONS:  Loan enters repayment 15 days after the final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. DEFERRED REPAYMENT RISLA STUDENT LOAN OPTION : A 4% origination fee (if applicable) is added at the time the loan proceeds are disbursed.  Fifty-four (54) months pass (48 month in-school and 6 months grace) at which time accrued interest is capitalized and a 180 month repayment term begins.  
  3. Customer must take and pass RISLA online financial literacy course or other approved financial literacy course before or during academic year this loan is for (by 6/30/2015) in order to qualify for zero origination fees on their eligible 2014/15 deferred repayment RISLA Student Loan. Approved financial literacy courses are determined at the sole discretion of Rhode Island Student Loan Authority.
  4. Students may receive $2,000 in loan forgiveness for completing a qualified on-transcript internship for college credit. Student must graduate from their program to qualify. Forgiveness is awarded to student after student graduates. Loan forgiveness amount may be considered taxable income. Please consult your tax advisor.
  5. In the case of student death or total & permanent disability, forgiven loan amount may be considered taxable income for the borrower or co-borrower on the account. Pleae consult your tax advisor.
  6. Rates are for loans first disbursed on or after July 1, 2014. Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. Interest begins accruing after each loan disbursement. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.
  7. Repayment begins six (6) months after the student leaves school not to exceed 54 months for undergraduates or 42 months for graduate students.