REFINANCE LOANS

REFINANCE, SIMPLIFY, AND SAVE.

Why pay back more than you have to?

REPAYMENT OPTIONS
REPAYMENT OPTIONS

IMMEDIATE or DEFERRED refinancing is for students in-school, out of school, or parents.

RATE DISCOUNT
RATE DISCOUNT

0.25% Interest rate reduction when you make automatic monthly payments.

ZERO UP-FRONT FEES
ZERO UP-FRONT FEES

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

BORROWER PROTECTIONS
BORROWER PROTECTIONS

When things don't go as planned, RISLA has your back.

REFINANCE LOANS FOR
STUDENTS & PARENTS
Finding a better way to repay.

Whether you are an enrolled student still in school, a former student, or a parent, there are multiple benefits from refinancing your loans.  By combining multiple loans into one refinanced loan, you may be able to lower your interest rate, lower your total required monthly payment, add/remove a cosigner, and/or make only one monthly payment to one servicer!  Simplify AND Save!

IMPORTANT REMINDER

Before you refinance any federal loans, please carefully consider the possibility of up to $20K in one-time Federal Student Loan Forgiveness, the Income Driven Repayment Program, your eligibility for the Public Service Loan Forgiveness Program and current temporary suspension of interest and payments issued by the federal government.  This pause has been extended for at least 60 days after the courts allow the Department of Education to implement the cancellation program or until 60 days after June 30, 2023, whichever is sooner.  Additional information links listed below.

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.

STUDENT DEBT RELIEF PLAN
ONE-TIME DEBT RELIEF
PAUSE PAYMENT EXTENDED
INCOME DRIVEN ACCOUNT ADJUSTMENT
PROTECT YOURSELF FROM SCAMS
FEDERAL STUDENT LOAN FORGIVENESS UPDATES

Refinancing Education Loans

RISLA has two options, pay now or pay later.

 
IMMEDIATE REFINANCING
Are you Ready to Get Your Rate?
Rate Requests will have no impact on credit score.
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IMMEDIATE REFINANCING
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Online application is quick, easy and secure.
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DEFERRED REFINANCING
Are you Ready to Get Your Rate?
Rate Requests will have no impact on credit score.
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DEFERRED REFINANCING
Start Your Application Today
Online application is quick, easy and secure.
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RISLA-SocialMedia-Avatar_WHITE_CLOSEUPREFINANCE LOAN OPTIONS

 

For Students

IMMEDIATE REFINANCING

You can begin repayment now, why not with a lower interest rate and possibly save thousands with an affordable monthly payment that fits your budget.

DEFERRED REFINANCING (IN-SCHOOL)

You can lower your student loan interest rates while still in school and no payments are due until 6 months after leaving school.

For Parents

IMMEDIATE REFINANCING

Parents have the opportunity to lower interest rates and possibly save thousands by refinancing high cost Federal PLUS and/or private loans currently in repayment. The immediate repay refinance has the option to add your student to the loan obligation, but it is not required.

DEFERRED REFINANCING (IN-SCHOOL)

Students must be obligated on the loan. As a parent cosigning for this refinancing loan, both you and your student share the debt obligation and do not begin repayment until 6 months after the student leaves school.

NATIONAL RECOGNITION

Forbes Advisor ranked RISLA as having one of the best education loan programs in the country. Recognizing that for decades, RISLA’s fixed rate education loan programs are among the most affordable of any in the nation.

REFINANCING OPTIONS

IMMEDIATE REPAY
IMMEDIATE REFINANCE 
INTEREST RATE & APR
INTEREST RATE & APR2

WITH AUTO-PAY

5.29% - 7.74% 

5.29% - 7.74% APR

 

UP-FRONT FEES
UP-FRONT FEES

NONE

STANDARD REPAY TERM
STANDARD REPAY TERM

5, 10, OR 15 YEARS

COSIGNER REQUIRED
COSIGNER REQUIRED

NO

RECOMMENDED TO OBTAIN LOWER INTEREST RATE.

REPAYMENT START
REPAYMENT START

30 DAYS

AFTER FUNDS HAVE BEEN DISBURSED.

ADVANTAGES
ADVANTAGES

REPAYMENT TERM FLEXIBILITY

REDUCING RATE AND/OR TERM CAN POSSIBLY SAVE THOUSANDS ON THE OVERALL COST OF THE LOAN AND REDUCE YOUR MONTHLY PAYMENT.

DISADVANTAGES
DISADVANTAGES

IMMEDIATE REPAYMENT REQUIRED.

DEFERRED REPAY1
IN-SCHOOL REFINANCE 
INTEREST RATE & APR
INTEREST RATE & APR3

WITH AUTO-PAY

7.74% - 8.09%

7.39% - 7.70% APR

 

UP-FRONT FEES
UP-FRONT FEES

NONE

STANDARD REPAY TERM
STANDARD REPAY TERM

15 YEARS

COSIGNER REQUIRED
COSIGNER REQUIRED

NO

STUDENT MUST BE OBLIGATED TO THE LOAN.

REPAYMENT START
REPAYMENT START

6 MONTHS

AFTER STUDENT LEAVES SCHOOL.

ADVANTAGES
ADVANTAGES

LOCK IN LOWER RATE NOW

FOR LOWER PAYMENTS LATER.

DISADVANTAGES
DISADVANTAGES

HIGHER OVERALL COST OF LOAN DUE TO DEFERMENT.

Student Loan Limits & Eligibility

LOAN LIMITS

Loan limits for refinancing educational loans must meet the following requirements.

  • Minimum:  $7,500 - per year

  • Maximum: Up to  $250,000 (based upon level and discipline of degree)

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.

This loan program is available to undergrad and graduate students, as well as parent borrowers. Educational loans must have been used for attendance at eligible Title IV degree-granting (for-profit schools excluded) institutions in the United States. 

Institutional Loans (loans originated by a college or university) are not eligible to be refinanced with RISLA.

 

 

  • Student must be a US citizen or permanent resident

  • Pass a credit check.

  • Meet additional credit-related eligibility requirements.

noun-question-1276590-FFFFFF
QUESTIONS ABOUT REFINANCING?

Learn more about refinancing your student loans.

LEARN MORE

WE GOT YOU COVERED.

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.

GET READY TO REFINANCE WITH THESE EASY STEPS
NUMBER 1

APPLY ONLINE

Quick

Your application can be completed online.

  • Takes 5-10 Minutes to Complete Application
  • Requires Credit Check for Application Processing
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 YOUR 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
  • E-Signature to complete loan application
  • Congratulations! You Did It!
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Consolidating
Student Loans

My son applied to consolidate his college loans! The ease of applying and quickness of response is outstanding! Your rates were far better than most which allow him to pay off his loan in 5 years versus 15 saving over $30,000 in interest! I would highly recommend RILSA. Thank you for such a wonderful experience!

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Sharon M.
RISLA Customer
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Best Deal Out There

The loan process was quick and easy and communications were timely with frequent updates to keep us informed. Best rates out there and we looked at a lot of lenders.

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John V.
RISLA Customer
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Excellent Experience

We tried to refinance student loans several times with other lenders. Even with excellent credit and payment history, they made the process so cumbersome, that we gave up. RISLAs process was easy, straightforward, and without any issues. Very pleased. Thank you!

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Stacia B.
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.

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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.

LEARN MORE
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.

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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.

LEARN MORE
TERMS & CONDITIONS | Immediate Refinance Disclosure | Deferred Refinance Disclosure

1. ASSUMPTIONS FOR UNDERGRAD DEFERRED EXAMPLE: Rates for graduate students differ from the rates shown.

2. THE ANNUAL PERCENTAGE RATE (APR) IMMEDIATE REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest ($0). Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for the full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 5.29% – 7.74% APR with auto-pay) is based on the term of the loan, if the loan is cosigned (which lowers your rate), if you are a Rhode Island resident (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 5-year term. The first payment will be due approximately 30 days after the loan is disbursed. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms. 

3. THE ANNUAL PERCENTAGE RATE (APR) DEFERRED REPAY: Reflects the estimated total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest.  Interest begins accruing after each loan disbursement. Rates shown include the 0.25% interest rate reduction for using the auto-pay feature. If the monthly payment is calculated to be less than $50 per month for a full term, the lowest payment is $50 per month with the term reduced. Not all borrowers qualify for the lowest rate. The rate you will receive (ranging from 7.39% - 7.70% APR with auto-pay) is based on the term of the loan, if you are a Rhode Island resident or go to school in Rhode Island (which lowers your rate), your credit score & financial history, your cosigner's credit score (if applicable), and other factors. The rate shown is for a 15-year term. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.

2022 recognition from Forbes Advisor, ©2022 Forbes Media LLC.