PARENT LOANS

Our rates speak for themselves.

* Requesting a rate will not impact your credit score.

PEACE OF MIND
PEACE OF MIND

A convenient multi-year solution for bridging the financial gap.

RATE DISCOUNT
AUTO-PAY RATE DISCOUNT

With auto-pay receive a rate reduction of 0.25% with monthly payments.

ZERO UP-FRONT FEES
ZERO UP-FRONT FEES

No application, origination, or upfront fees of any kind.

REWARDS
REWARDS

Internships can earn $2,000 in student loan forgiveness. Nurses can pay zero interest on student loan up to 4 years.

EDUCATION LOANS FOR
PARENTS
Lending for parents made easy.

The RISLA parent loan is an alternative option to the Federal PLUS loan with no origination fees, which can offer you a savings right from the start.  Your student is not obligated for repayment on this loan.  This loan begins repayment 30 days after funds are disbursed.

For parents who are interested in having their student obligated on the loan, they should consider our Immediate Repay Student loan with parent as cosigner.  Immediate repay student loans offer the lowest rates offered by RISLA.

EDUCATION LOAN OPTIONS

2023 - 2024 ACADEMIC YEAR
IMMEDIATE REPAY
STUDENT & COSIGNER
DEFERRED REPAY2
STUDENT & COSIGNER 
PARENTS
PARENT ONLY
Student Loan Limits & Eligibility

LOAN LIMITS

$1,500 - $50,000 per year. This can not exceed the total Cost of Attendance (COA) minus other financial aid received.

  • Minimum:  $1,500 - per year

  • Maximum:  $50,000 per year

  • Loan amount can not exceed the total Cost of Attendance (COA) minus other financial aid received.

LOAN ELIGIBILITY

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 and others.

  • Attend a Title IV Degree Granting School

  • Eligible Public or Non-Profit Institutions of Higher Education

  • Available to Non-Matriculating Students 

  • Student must be a US citizen or permanent resident
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RISLA EDUCATION LOANS
START YOUR APPLICATION TODAY!

* Requesting a rate will not impact your credit score.

WE'VE GOT YOU COVERED.

RISLA has programs to assist when times get tough for borrowers with options for a temporary pause, monthly payment restructures, or forgiveness due to unfortunate events.

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HOW TO APPLY

The easiest and fastest way to apply for an education loan.

* Requesting a rate will not impact your credit score.

NUMBER 1
APPLY ONLINE
Quick

Your application can be completed online. It will approximately take 5-10 minutes involving the following:

  • Credit Report Inquiry
  • Application can not be processed if a freeze is active on your credit file
  • Note:  We have to pull your credit report for the full application.
NUMBER 2
UPLOAD DOCUMENTS
Safe

Once approved, you can upload supporting documentation through our secure portal using a computer or mobile device, including:

  • Valid Identification
  • Social Security Number
  • Employment & Income Verification
  • Bank Account & Asset Information
NUMBER 3
E-SIGN LOAN
Secure

Instructions will be sent to your email address. In order to complete your loan application process, you must confirm the following:

  • Received Confirmation Email
  • Accept Your Loan
  • Self-Certify
  • E-Signature to complete loan application
  • Congratulations! You Did It!

FEDERAL UPDATE

IMPORTANT INFORMATION FOR FEDERAL STUDENT LOANS

As a State-based, non-profit private lender, RISLA loans are not eligible for the recently announced federal student loan forgiveness or updated COVID-19 loan payment pause program.  To learn more about the Biden Administration's federal student loan forgiveness or COVID-19 student loan payment pause program please click on the links below.

TOOLS & RESOURCES

E-GUIDES

Learn more about our products and services with our educational guides to walk you through preparing, planning, and paying for college.

RISLA's online e-guides are free and easy to download.

E-BROCHURES

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.

COLLEGE SAVINGS CALCULATORS

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!

HAVE A QUESTION?

You are not alone. Many students and families have questions when preparing for college. We are here help answer those questions.

KEEP UP WITH
RISLA NEWS!
Learn more on how to plan, prepare, and pay for college.

SIGN-UP FOR OUR RISLA BLOG

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Awesome Experience

I have a 1st-time college student this year and was at a complete loss. This was the easiest process for me. It took away all of my stress from start to finish. They were also super fast!!

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Tonya
RISLA Customer
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Great, Stress-Free Experience

It could not have been an easier or better experience, especially for a first time user of education loans. The loan application process was easy and my questions were answered promptly and completely. My initial stress levels were alleviated as soon as I began the application process. Thank you!

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Erik H.
RISLA Customer
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Great to Work With

For my first time sending a child off to college, there was a lot of anxiety and confusion around how to help my child pay for college. I did a lot of research and found that RISLA seemed to be the best option for me. They made the process simple to understand, easy to complete, and best of all every time I called I spoke with a live person. They typically responded in a very short time to questions that I had. Thank you RISLA team for your professionalism through the loan process.

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Parent
RISLA Customer
RISLA PRODUCTS & SERVICES
COLLEGE PLANNING CENTER

Students and families can be overwhelmed with planning and how to pay for college.  We have experienced counselors that offer one on one assistance helping families understand all their options start to finish.

EDUCATION LOANS

We have been offering low cost, fix rate education loans for almost 30 years.  Helping students and families borrower responsibly to help achieve their higher education dreams.

REFINANCE

Refinancing may help you simplify and save when repaying student loans.  Combining outstanding balances, and securing a low interest rate with RISLA may reduce your overall repayment amount and possibly your monthly payment.

EMPLOYER REPAY

Employer Student Loan Repayment assistance is a tax-free benefit allowing employers to contribute towards the repayment of employee student loans.  This newest in-demand employee benefit helps reduce financial stress for employees while increasing retention and loyalty to employers.

Application DisclosuresFixed Rate Student Loan  |  Parent Loan
TERMS & CONDITIONS

1. RHODE ISLAND ADVANTAGE applies to any Rhode Island resident students attending school, in any state, or Non-Rhode Island resident students attending a school in Rhode Island.

2. 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.  For graduate students, calculations are based on thirty months deferment (24 month in-school and 6 months grace) with a maximum deferment time of 36 months.

3. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2023, for the 2023/24 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. 

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.  The 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 Colorado, Connecticut, or Maine residents.