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  • RI Customer Service is Here to Help

As a non-profit state-based agency, we work hard to offer some of the lowest fixed rates on education loans in the country. We help families like yours finance college 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. 

4.49% - 6.42% APR (1)
with autopay

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Benefits of Choosing RISLA

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 college. (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). 
  • Borrow in the student or parent name - It's your choice (parent loan only available in immediate repayment option)
  • Simple online payments - By enrolling in auto-debit (ACH), you simplify repayment of your loans and earn a 0.25% interest rate reduction (reflected in rates above & below).
  • 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. 
  • Loan forgiveness for qualifying interns - $2,000 for eligible borrowers. Learn more.


Call 800-758-7562 to speak to a loan counselor or email

Additional Loan Features

  • Loan limits: $1500 -$40,000 per year: borrow for tuition & fees, room & board, books and living expenses. 
  • No pre-payment penalties.
  • Cosigner release is available on the RISLA Student Loan to qualifying students after 2 years of on-time payments. Other eligibility requirements apply. (5)
  • Rewards for nurses & nurse educators
  • Interest you pay on this loan may be tax deductible. Consult your tax adviser. 

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.
  • Minimum income requirement for loan: $40,000/yr.
  • 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) maximize federal subsidized loan limits.



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.

2017/18 Rates & Fees

To apply for the 2016/17 academic year or 2017 Summer session, click here:  RISLA Student Loan |   RISLA Parent Loan

RISLA Student Loan
RISLA Parent Loan
Immediate Repayment
Deferred Repayment
Immediate Repayment
Fixed Interest Rate (with auto-pay) (1)




APR (with auto-pay) (1)


6.25% - 6.42%


Upfront Fees None None None 
Standard Repayment Term 120 months 180 months  120 months
Estimated Monthly Payment per $10k borrowed


$101 - $112

Repayment Start 15 days after final disbursement 6 months after student leaves school (3)  15 days after final disbursement



Guide to College Borrowing

Not sure what you should be looking for in an education loan? Learn about the types, how to compare and more in our borrowing guide. 

Download Guide




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

View FAQ

Application Disclosures

Student Loan  |  Parent 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 and include 0.25% reduction for making automatic monthly payments (ACH). 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 and RISLA PARENT LOAN OPTIONS:  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 grade 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.