Forbes Advisor ranked RISLA as having one of the best education loan programs in the country. Recognizing that for twenty-eight (29) years RISLA’s fixed rate education loan programs are among the most affordable of any in the nation.
$1,500 - $45,000 per year, This can not exceed the total Cost of Attendance (COA) minus other financial aid received.
Deferred and immediate repayment options.
No prepayment penalties.
Interest you pay on this loan may be tax deductible. Consult your tax advisor.
All RISLA Loans are credit-based with additional eligibility requirements, such as a minimum income requirement of $40,000, debt-to-income, and liquidity requirements.
Attend a Title IV Degree Granting School.
Eligible Public or Non-Profit Institution of Higher Education.
Available to Non-Matriculating Students.
RISLA has programs to assist when times get tough for borrowers with options for a temporary pause, monthly payment restructure or forgiveness due to unfortunate events.
Designed to reduce monthly payments to help borrowers make student loan debt manageable.
If you are a member of the military you may be entitled to SCRA Benefits on your RISLA Loan.
Can suspend or lower student loan payments temporarily, during times of financial stress.
This forgiveness benefit is applicable upon permanent disability or death of student.
Your application can be completed online. It will approximately take 5-10 minutes involving the following:
Once approved, you can upload supporting documentation through our secure portal using a computer or mobile device, including:
Instructions will be sent to your email address. In order to complete your loan application process, you must confirm the following:
We are here to help every step of the way. Programs for Undergrads, Graduate, Certificate students and more. Download one of our e-brochures for an overview of how we can help.
RISLA's online e-brochures are free and easy to download.
Crunch the numbers with one of our helpful calculators to assist with estimates for the important decisions to be made on how you will pay for college.
Free and easy to use. Know before you owe!
Excellent communication each step of the way. Phone calls answered by a friendly, real person with real information and assistance. Seamless, easy-to-use, efficient application process. Great interest rates. Zero complaints or concerns. Would do business with RISLA again in a heartbeat.
The Process was extremely simple and straightforward. The loan details are clear and easy to understand. There were no hidden fees or surprises. We will continue to use RISLA for our future education loan needs.
Very simple, easy to fill out questionnaire. Also very quick from application to disbursement. Percentages are LOWER than federal financial aid! Recommend without reservations.
1. ASSUMPTIONS FOR DEFERRED EXAMPLE: Calculations are based on equal disbursements in September and January. 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. Interest accrues during deferment period and is capitalized (added to) principal balance at time loan enters repayment. The maximum deferment time is 72 months.
2. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2022 for the 2022/23 academic year and include 0.25% reduction for making automatic monthly payments (auto-pay feature). Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.
3. RHODE ISLAND ADVANTAGE applies to any Rhode Island Students attending school in any state or Non-Rhode Island Students attending a school in Rhode Island who select an Immediate or Deferred Repayment loan.
4. APR: The Annual Percentage Rate (APR) reflects the estimated total cost of the loan, including origination fees ($0), accruing interest, and the effect of capitalized interest. Interest begins accruing after each loan disbursement. Rate shown includes the 0.25% interest rate reduction for using the auto-pay feature. If monthly payment is calculated to be less than $50 per month for full term, lowest payment is $50 per month with term reduced.
5. THE COSIGNER RELEASE PROGRAM: is not offered to residents of Colorado, Connecticut, or Maine.
2021 Award from Forbes Advisor, ©2021 Forbes Marketplace Operations, Inc.