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Fixed Rate Student Loans

State-Based College Loans

Rhode Island Student Loan Authority is a non-profit state authority focused on providing low cost college loans and higher education solutions to students and parents.
Low fixed rates. For the 2014/15 academic year, RISLA is offering a 10-year RISLA Student Loan with a fixed rate of 4.99%! Other options are available to help students and parents fund tuition, fees and other college expenses. 
Your future is our future. 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. 
Options & flexibility. You can borrow in the student or parent name with RISLA. A cosigner release option is available on the RISLA Student Loan for qualifying borrowers after 2 years of repayment. (1) 
Pay less in fees. Get rewarded with zero origination fees when you choose an immediate repayment option. If you need a deferred loan, take RISLA's financial literacy course online (2) and have all of your origination fees waived on your RISLA loans this year. 

Additional Benefits

  • No prepayment penalties.
  • Instant credit decision.
  • Loan forgiveness for qualifying interns.(3) Learn more
  • Rewards for nurses & nurse educators. Learn more.
  • 0.25% interest rate reduction for making monthly payments by auto-debit. 
  • Income based repayment program for qualifying borrowers. 
  • Loan forgiveness in the unfortunate event of student death. (4)
  • 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 (5)
4.99% 6.74% 6.39%
Fixed or Variable Fixed Fixed Fixed
APR (6) 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


Still need a loan for 2013/14?



  • 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

Read our frequently asked questions about this loan program

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. 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. 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.
  3. 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.
  4. In the case of student death, forgiven loan amount may be considered taxable income for the borrower or co-borrower on the account. Pleae consult your tax advisor.
  5. 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.
  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 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.  
  7. Repayment begins six (6) months after the student leaves school not to exceed 54 months for undergraduates or 42 months for graduate students.