RISLA's Fixed Rate College Loans

1. Exhaust scholarship and grant options.
2. Maximize Federal Stafford Loan limits (and Perkins loans, if you qualify). To apply for a Federal Stafford Loan, complete the FAFSA and contact the school's financial aid office.

Immediate Repayment

• Great option for parents! A safe alternative to the Federal PLUS Loan. You may be released as co-borrower if you and the student meet the criteria after 24 months of repayment.
• Safe, fixed interest rate of 6.39% (6.39% APR). Rates are lower than those on the Federal PLUS Loan and your monthly payments are stable.
  
• Zero origination fees on 2012/13 loans. 
• No application fees.
• Rewards for nurses. Nursing students who get a RI Family Education Loan may be eligible for RISLA's RIFEL Nursing Rewards Program

  Immediate Repayment Rates & Fees

Deferred Repayment

• No payments due until student graduates or leaves school.No payments are required until the student graduates or leaves school. No pre-payment penalties if you choose to start paying early. (4)
  
• Safe, fixed interest rate of 7.49% (7.18 - 7.56% APR).
  
• Stable monthly payments.
• Zero origination fee option on 2012/13 loans. You may qualify for zero origination fees on your 2012/13 deferred repayment loan by completing a RISLA-approved financial literacy course. (5) Take RISLA's financial literacy course now!
  
• No application fees.
• Rewards for nurses. Nursing students who get a RI Family Education Loan may be eligible for our RIFEL Nursing Rewards Program

Deferred Repayment Rates & Fees

Financial Literacy 101

Take RISLA financial literacy course and get zero origination fees on your qualifying 2012/13 deferred repayment Rhode Island Family Education Loan. Also, learn about:

• Budgeting
• Financing Higher Education
• Identity Theft
• Understanding Credit

Please note it will take you from 15 minutes to one hour to complete this course. You can complete it in sections and do not have to finish it prior to submitting your loan application. You can always come back and log in to move on to the next section.

Eligibility for the Rhode Island Family Education Loan:

• 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
• Borrowers must pass a credit check and meet other eligibility requirements
• Student may be full-time, half-time, less than half-time, matriculating or non-matriculating.

 Read our frequenly asked questions about this loan program

1. 2011/12 rates are for loans first disbursed between July 1, 2011 and June 30, 2012. 2012/13 rates are for loans first disbursed on or after July 1, 2012. 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. 
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. Assumptions for 2012/13 APR:  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 WITH ZERO ORIGINATION FEES: 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.DEFERRED REPAYMENT EXAMPLE WITH 4% FEE: 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. Assumptions for 2011/12 APR:  IMMEDIATE REPAYMENT EXAMPLE: Equal disbursements of $5,000 in September and January. A 4% origination fee is added at the time loan proceeds are disbursed. Loan enters repayment 45 days after final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. UNDERGRADUATE DEFERRED REPAYMENT EXAMPLE: Equal disbursements of $5,000 in September and January. A 4% origination fee is added at the time loan proceeds are disbursed. Fifty-four months pass after 1st disbursement (48 months in-school and 6 months of grace) before outstanding interest is capitalized and a 180 month repayment term begins.
   
3. Origination fees are added to your total loan balance for the Rhode Island Family Education Loan,if applicable. Fees for the Federal PLUS Loan are deducted from the amount disbursed to the school. 
4. Repayment begins six (6) months after the student leaves school not to exceed 54 months for undergraduates or 42 months for graduate students.
5. 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 6/30/2013) in order to qualify for zero origination fees on their eligible 2012/13 deferred repayment Rhode Island Family Education Loan. Approved financial literacy courses are determined at the sole discretion of Rhode Island Student Loan Authority.
6. Assumes 48 months in school and 6 months in grace.