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iStock_000024181212_XXXLarge-571876-edited.jpgIf you are looking for a student loan for the 2017/18 academic year, click here

The RISLA Student Loan is our most popular education financing product, providing low fixed rates, repayment flexibility, and no upfront fees.  

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. 

Loan Benefits

  • Fixed rates starting at 4.24% APR (3.99% with auto-pay) (1)! Pay less in the long run and protect yourself from monthly payment increases with a low fixed rate loan. 
  • Save even more with automatic monthly payments. 0.25% interest rate reduction for making monthly payments by auto-debit (ACH).
  • No origination, disbursement or guarantee fees.
  • You won’t be penalized for paying your loan off early. In fact, it is encouraged, as it will save you more in the long run. 
  • Instant credit decision. Know instantly if you are pre-approved. 
  • Cosigner release program after 2 years of on-time payments. (2)
  • Loan forgiveness for qualifying interns. Learn more.
  • Rewards for nurses & nurse educators.

Additional Loan Features

  • Maximum Loan Amount: $40,000 per year
  • Minimum Loan Amount: $1,500 per year
  • Typically a co-signer is required unless the student can meet the credit criteria and minimum income requirement on his/her own.  
  • Income based repayment program for qualifying borrowers. 
  • Loan forgiveness in the unfortunate event of student death. (3)
  • Interest you pay on this loan may be tax deductible. Consult your tax adviser.   

Eligibility

  • Student must be a Rhode Island resident or attend college 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.

2016/17 Rates & Fees 

 

Immediate Repayment

Deferred Repayment

Fixed Interest Rate (4)

4.24%

(3.99% with auto payments (ACH))

5.99%

(5.74% with auto payments (ACH))

APR (1)

4.24%

5.79%-5.93%

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

$104

$97 - $107

Repayment Start 15 days after final disbursement 6 months after student leaves school (5)

 

 Application Disclosures

 

 


 

 

  1. 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. COSIGNER RELEASE: If upon entering repayment the first 24 normally amortizing payments (payments made under IBR do not qualify) are made on time 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.
  3. In the case of student death, forgiven loan amount may be considered taxable income for the borrower or co-signer on the account. Please consult your tax adviser.
  4. Rates are for loans first disbursed on or after July 1, 2016 for 2016/17 loans . 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.
  5. Repayment begins six (6) months after the student leaves school. Graduate students must be enrolled at least half-time to qualify for deferment. Maximum deferment time for undergraduates is 72 months. Maximum deferment time for graduate students is 36 months. Borrowers are eligible for only one six month grace period. 
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