RISLA Student Loan

• Student and parent sign together. The student has an investment in their education and can build credit with the RISLA Student Loan. Co-borrowers can be released from the loan after on-time payments, if the student qualifies. (1)
  
• Start paying now or later. It’s your choice.(2)
• Low fixed interest rates.
  
• Zero origination fee options. 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). Take RISLA's course now.
• 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 on 2013/14 RISLA Student Loans for making monthly automatic electronic payments (ACH).
    

2013/14 Rates & Fees

To Apply, choose your loan term.

 RISLA Student Loan Eligibility:

• Rhode Island residents attending eligible in-state schools or out-of-state schools and students from outside of Rhode Island who are attending eligible Rhode Island schools
• 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

Read our frequently asked questions about this loan program

The RISLA Student Loan is a safe, fixed rate state-based education loan. A state-based education loan can help you meet the difference between your total cost of education and the financial aid you received 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.

RISLA Parent Loan

• Low fixed interest rates.
  
• Zero origination fees
• No prepayment penalties.
  
• Instant credit decision.
• Easy online application.
• 0.25% interest rate reduction on 2013/14 RISLA Student Loans for making monthly automatic electronic payments (ACH).
    

2013/14 RISLA Parent Loan Rates & Fees

 RISLA Parent Loan Eligibility:

• Benefiting student must be a Rhode Island resident or attend an eligible Rhode Island school
• Borrowers must pass a credit check and meet other eligibility requirements

The RISLA Parent Loan is a safe, fixed rate state-based education loan. A state-based education loan can help you meet the difference between your total cost of education and the financial aid you received 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 2013/14 RISLA Student Loan program. Please click here for additional information on the terms of the 2013/14 RISLA Parent Loan program

1. If upon entering repayment the first 24 payments 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. Each repayment option is subject to fund availability and is awarded on a first-come, first-served basis. For immediate repayment loans, repayment begins 45 days after final disbursement. For deferred loans, repayment begins six (6) months after the student leaves school not to exceed 54 months for undergraduates or 42 months for graduate students.
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 6/30/2014) in order to qualify for zero origination fees on their eligible 2013/14 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. 2013/14 rates are for loans first disbursed on or after July 1, 2013. 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.
6. 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 OPTION:  Loan enters repayment 45 days after the final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. DEFERRED REPAYMENT 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.
7. Origination fees are added to your total loan balance for the RISLA Student Loan,if applicable. Fees for the Federal PLUS Loan are deducted from the amount disbursed to the school. 
8. Assumes fifty-four (54) months pass (48 months in-school and 6 months grace) at which time accrued interest is capitalized and a 120 month repayment term begins.