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Refinancing Student Loans While Still in School 


We offer a pay-later student loan refinance option that defers your repayment until after you graduate.  Repayment begins six months after you have left school.  At RISLA, you can refinance while still attending school to help lower the cost of accruing interest while current loans are deferred.

Fixed Rates Starting at

7.64% / 7.30 APR1


Why Consider Refinancing?

  • No Fees
  • Consolidate Multiple Loans
  • Reduce Interest Accrual
  • Lock in a Lower Rate
  • Savings on Interest Expense
  • Pay Lower Payments Later

Important Note:  To refinance while still in school, the benefiting student must be obligated on the loan. Parent(s) cosigning for this refinancing loan share the debt obligation and do not begin repayment until six months after the student leaves school.

 Call Us Today 866-268-9419

How to Apply

Refinancing your student loans can be a quick and easy process. Follow these simple steps to get started.

Speak with our refinance specialist to answer your questions  at 866-268-9419

Get Pre-Qualified

Getting your rate is quick and easy without impacting your credit score!

Confirm Your Rate & Term

Choose a loan that fits your budget by comparing rates and terms. This may lower your monthly payment or reduce the total interest paid over time.

E-Sign Your Loan

Confirm your acceptance of the loan by completing your e-signature. After completing this process, the loan will be approved.

Ready to refinance your student loans?
Start your application today!

* Requesting a rate will not impact your credit score.


Should you refinance your student loans?

Our refinance calculator can help you find out how much you can save with a lower interest rate or shorter loan terms when consolidating your student loans.


Refinancing Your Student Loans

Learn more about the pros and cons of refinancing student loans and how to compare your loan options to find the best options for you.





I had zero issues or obstacles working with RISLA. Refinancing my loans has been very emotional for me and I am so grateful that the process was easy!

Brielle N.



Good interest rate, call center answered quickly and was helpful, information that was asked for was applicable and explained well

Nicole G.



Easy to navigate through questions. I needed more time to get statements after explaining why. I was given the time needed to do so.

Still Have Questions?

Here are some frequently asked questions that may address your concerns about refinancing your student loans.

What will my interest rate be?

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.

Are there any fees to apply?

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.

Do I need a cosigner?

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.

Do I or my cosigner need a bachelor's degree to apply?

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.

What are the qualifications for the loan?

Borrowers who reside in any state may apply for this loan program. 

Borrowers and cosigners (if applicable) will be required to pass a credit check, meet a minimum income requirement, meet liquidity requirements (savings), and meet debt-to-income needs. Eligible loans include private student loans, Federal Stafford Loans, Federal PLUS Loans, and Federal Unsubsidized and Subsidized Loans used to attend a Title IV school. 

Borrowers residing at the same address must make a combined household income of at least $40,000 annually. For borrowers living at separate addresses, at least one must earn $40,000 annually.


Do I have to be a Rhode Island resident to apply?

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.

When will I find out if I am approved?

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.

What are the loan limits?

The amount you are eligible to borrow is dependent upon:

  • Whether the primary borrower is the student who benefited from the loan proceeds being refinanced and the highest degree earned by that borrower

  • The minimum amount you can borrow is $7,500. The maximum amount you are eligible to borrow will be between $100,000 and $250,000


What is the term of the loan?

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.

When does repayment begin?
  • If you have selected an immediate repayment loan, you will enter repayment 30 days after the funds have been disbursed.
  • If you have selected deferred repayment loan, you will enter repayment six months after the student leaves school or exceeds the maximum deferment time of 72 months for an undergraduate student or 36 months for a graduate student.


What is the minimum payment amount?

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.

Are there any prepayment penalties?

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

What supporting documents are required?

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.

What options are available for forbearance?

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.

Can I defer my loan if I go back to school?

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. 

How long will current interest rates last?

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.


RISLA is here to help answer your questions.
Speak with our Refinancing Specialist
We'd be delighted to help you with your application process and find ways for you to save by refinancing your student loans.
Application Disclosures | Deferred Refinance Disclosure

1. THE ANNUAL PERCENTAGE RATE (APR) DEFERRED REPAY (UNDERGRADUATE): 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 7.30% - 8.52% 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. APR for Graduate student loan refinancing may differ. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.