RISLA's Fixed Rate Student Loans

The Rhode Island Family Education Loan is RISLA's safe, fixed rate state-based education loan for undergraduate and graduate students. See how the our low fixed rate loan compares.

Benefits of the Rhode Island Family Education Loan:

Safe, fixed interest rate
Eligible for our RIFEL Nursing Rewards Program
Choose your repayment option - immediate repayment is the lowest cost option but there is also a deferred option if you need more time before entering repayment
No teaser rates - your rate is based on the repayment option you choose, not on your credit
Easy online application with instant credit pre-approval
No pre-payment penalties
Student is the primary borrower - cosigner release option if upon entering repayment, first 24 payments are made on time and student borrower meets underwriting criteria
Home mortgage option for potential tax savings (1)

Rates for the 2011/12 academic year:

Repayment Option	Fixed Interest Rate⁽²⁾	APR ⁽³⁾	Repayment Term	Estimated monthly payment per $10,000 borrowed
Immediate Repayment 10-year	6.39%	7.23%	120 months	$120
Deferred Repayment for Undergrads ⁽⁴⁾ 15-year	7.49%	7.56%	180 months	$128
Deferred Repayment for Grad Students ⁽⁴⁾ 15-year	7.49%	7.87%	180 months	$113

Fees: All repayment options have a 4% origination fee. Fees are added to your total loan balance.

Immediate repayment - Start paying on your loan this year and you can save up to thousands of dollars in finance charges. Payments on your loan start 45 days after your loan is fully disbursed to your school for the current academic year.

Read our frequenly asked questions about this loan program

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
Borrowers must pass a credit check and meet other eligibility requirements
A cosigner is required for students under the age of 24 and for students who do not meet our credit criteria

Repayment:

10 or 15-year repayment term, depending on the repayment option you choose

*Please click here for additional information on the terms of this loan program. Rhode Island Student Loan Authority, the lender for the Rhode Island Family Education Loan, may withdraw this interest rate offer at any time.

(1) We recommend that you consult your tax advisor to determine how this option will benefit your individual tax situation.
(2) Rates are for loans first disbursed on or after July 1, 2011. 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.
(3) 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. APR is calculated using the following assumptions. 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. GRADUATE 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. Thirty months pass after 1st disbursement (24 months in-school and 6 months of grace) before outstanding interest is capitalized and a 180 month repayment term begins. Minimum monthly payment on all repayment options is $50.
(4) Repayment begins six (6) months after the student leaves school not to exceed 54 months for undergraduates or 42 months for graduate students.