PARENT PLUS REFINANCING

Your interest rate will be determined after your pre-qualification and will be based on several factors, including:

• The repayment term you choose
• The credit score of the borrower and cosigner (if applicable)
• Whether you live, work, or went to school in Rhode Island

Use our Get My Rate feature to see what rate you would qualify for by providing some initial information.  Finding out your rate will not negatively impact your credit score.

No. This loan has no application, origination, disbursement, or repayment fees. The only times you may be charged a fee(s)  is if you default on your loan.

Cosigners are not required if you can qualify for the loan on your own. However, having a cosigner who qualifies will help you get a lower interest rate.

No, as long as you meet the other loan qualifications, you are not required to meet any minimum degree level. However, your degree level may affect your maximum loan limit.

No, residents from any state may apply for this loan and receive a great low-interest rate. However, you may be eligible for an even lower interest rate if you live, work, or attend Rhode Island college or university.

You will receive an instant pre-approval as soon as your application is submitted. (In rare cases, if we cannot pull your credit, it could take another business day). You can verify the information you entered. Once you receive final approval, typically within 1-2 business days after your supporting application materials have been sent to RISLA.

Documents may be sent to RISLA through our secure site.

You may choose a 5-year, 10-year, or 15-year repayment term when applying.   If you are interested in a shorter loan term, you can select any longer-term loan and pay more than the minimum required amount to pay the balance faster.  Additional funds received are applied toward the principal with no prepayment fee.

• If you have selected an immediate repayment loan, you will enter repayment 30 days after the funds have been disbursed.
• If you have selected a deferred repayment loan, you will enter repayment six months after the student leaves school.

Your minimum monthly payment is calculated based on the amount of principal borrowed, the interest rate, and the term of the loan.  There are no fees included in calculating the minimum payment amount.  If the calculation to pay the full amount of principal and interest over the loan's full term is below $50.00, then $50.00 is the minimum payment amount, and the term will be reduced accordingly.

No, you may pay off your loan early without any penalty.

After applying and being pre-approved, you must verify the information you input into the Refinance Loan application. The documents you will need to send in are:

• Most recent billing statements for each loan you wish to refinance (existing RISLA loans are exempt)

• Most recent billing statement for all loans you are refinancing (existing RISLA loans are exempt)

• Paystubs or other income verification

• W2s

• Documents verifying liquid assets 

• Additional information, such as promissory notes, may be requested.

A detailed list will be included in your pre-approval package. Documents may be sent to RISLA through our secure site.

Forbearance for instances such as unemployment, disability, and hardship may be available to you.  Loans disbursed on or after July 1, 2021, are eligible for up to 24 months of forbearance time.  Forbearance eligibility for loans first disbursed before July 1, 2021, is in accordance with the Promissory Note.

Yes, however, you must be enrolled at least half-time in a graduate degree-granting program and must notify us of enrollment.  Also, you must make at least one payment before a deferment can be granted.  The maximum deferment time is 36 months for graduate students.  RISLA Refinance Loans are not eligible for a grace period. 

Funds are awarded on a first-come, first-served basis. Apply now to ensure you have access to these low-cost funds. Once approved for your loan, your interest rate will be fixed at the rate in your disclosures until your loan is paid in full.