• Save money
  • Choose your repayment option
  • Renew your loan yearly

As a non-profit state-based agency, we work hard to offer some of the lowest fixed rates on graduate school loans in the country. We assist graduate students and professionals, like you, finance a graduate degree for a more affordable price. At RISLA, it’s our goal to help you borrow responsibly. That's why we offer financial literacy tools and in person support to help you make the best borrowing decisions and stay out of financial trouble. 

Fixed rate student loans with zero upfront fees

4.74% - 6.67% APR (1)
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Looking to refinance your existing student loans? 

Learn more and apply for our fixed rate RISLA Refinance Program


Benefits of Choosing RISLA for your Graduate School Loans

When you choose RISLA, you get first class customer service and access to some of the lowest fixed rates on student loans in the country. 

With RISLA, you will also get these great benefits:

  • New! Easy renewable application - Fill out the application just once, and simply make a loan request for future years of higher education. (2)
  • Low fixed rates - Lock in your yearly fixed rate and your monthly payment won’t change if market rates rise.  
  • Choose when you start to repay your loan - Choose to start repayment now, which will save you the most, or delay payments until the student leaves school (3). 
  • Simple online payments - By enrolling in auto-debit (ACH), you simplify repayment of your loans and earn a 0.25% interest rate reduction.
  • Save up to hundreds on fees - No application, origination, or upfront fees of any kind. 
  • Get access to RISLA's borrower protections - If times get tough, you can apply for Income-Based Repayment which can help make payments more affordable. Or you can delay your payments for up to one year with RISLA's forbearance program. In the unfortunate event the student dies or becomes permanently disabled, we will forgive your remaining loan balance (4). 
  • Instant credit decision - Know instantly after application if you are pre-approved. 


Call 800-758-7562 to speak to a loan counselor or email customerservice@risla.com

Additional Loan Features

  • You can borrow up to $40,000 a year.
  • You won't be penalized for paying your loan off early. In fact, it is encouraged, as it will save you more in the long run.
  • You recieve a 0.25% rate reduction when you make your monthly payments by automatic debit.
  • Students who complete an eligible internship can recieve $2,000 in loan forgiveness. Nurses & nurse educators are also eligible for rewards through RISLA.

Loan Eligibility

  • Student must be a Rhode Island resident or attend a college or university in Rhode Island.
  • Student may be full-time, half-time or less than half-time.
  • Student may be matriculating or non-matriculating.
  • Borrowers and co-signers must pass a credit check and meet other eligibility requirements.

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) look into the Federal Direct Unsubsidized Student Loan for graduate students. 



How to Apply

Apply online

Simply complete the online application  in about 5-10 minutes.



Upload your documents

Upon approval, you can upload your supporting documentation through our secure website. 


E-sign your loan 

Follow the instructions you receive in your email to accept your loan, self-certify, and e-sign your application.

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2017/18 Rates & Fees

To apply for the 2017/18 academic year or 2017 Summer session, click here:  RISLA Graduate & Professional Loans

RISLA Student Loan
Immediate Repayment
RISLA Student Loan
Deferred Repayment


$106 $103
INTEREST RATE 4.74% 6.74%
APR (1)



Refinancing Guide

Do you have loans from your undergraduate education that you want to restructure? Find out if refinancing your student loans is right for you. Learn how much you can save, how to compare refi loans and more in our refinancing guide! 

Download Guide




See our most frequently asked questions about financing a college education with RISLA. 

View FAQ

Application Disclosures

Student Loan

Terms & Conditions

  1. INTEREST RATES & APR: Rates are for loans first disbursed on or after July 1, 2017 for 2017/18 academic year loans. 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.Rates are subject to change at any time.  The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, 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 OPTION:  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 :  Fifty-four (54) months pass (48 months in-school and 6 months grace) for undergraduate students or thirty (30) months pass (24 months in-school and 6 months grace) for graduate students at which time accrued interest is capitalized and a 180 month repayment term begins.  
  2. RENEWABLE LOAN TERMS: To access funds in future years under our renewable loan program, borrowers must remain qualified and satisfy all income, credit and other eligibility criteria. We reserve the right to discontinue the renewable loan program at any time. Please refer to your promissory note for complete terms and conditions of your loan.
  3. REPAYMENT TERMS: Repayment begins six (6) months after the student leaves school, not to exceed 78 months for undergraduates (72 months in school and 6 months grace) or 42 months for graduate students (36 months in school and 6 months grace). Borrowers are entitled to only one 6-month grace period per loan. Graduate students must be enrolled at least half-time to qualify for deferment.
  4. STUDENT DEATH & DISABILITY:  Documentation will be required by RISLA to verify death or disability. Forgiven loan amount may be considered taxable income for the borrower or co-signer on the account. Please consult your tax adviser. 
  5. COSIGNER RELEASE:  Cosigner release is only available on the RISLA Student Loan. If upon entering repayment, the first 24 normally amortizing payments (payments made under IBR do not qualify) are made on time (within 10 days of due date) and the student borrower meets the minimum income, credit and other eligibility criteria, the co-signer may be released from the loan upon written request. If the borrower utilizes forbearance time during the first 24 months of repayment, the 24 month monitoring period for on-time payments will begin from the time the borrower exits forbearance. Complete eligibility requirements can be found on the Cosigner Release Application.