Student Loans

Fixed interest rates from
3.99% - 6.24%
APR (1) with auto-pay
 
ApplyNow
 
Not ready to apply?
Get pre-qualified! It won't affect your credit score. 

Need help covering college tuition, fees, room & board, and living expenses? As a non-profit state-based agency, RISLA offers no upfront fees and competitive interest rates to help you fund your college education at a more affordable price. 

Our goal is to help you borrow responsibly. Take advantage of our financial literacy tools, borrowing guide, and in person support to help you make the best borrowing decisions for your family. 

Benefits of RISLA Loans

The RISLA Advantage

  • Easy online application, with quick pre-qualification. 
  • Multi-year approval - Qualifying borrowers can receive loan approval for multiple years of college with a single application (3)
  • Choose when you start to repay your loan - Choose immediate repayment for lower finance charges or delay payments until the student leaves school. (5) 
  • Borrow in the student or parent name - It's your choice.
  • No application, origination, or upfront fees of any kind. 
  • Borrower protections - If times get tough, you can apply for Income-Based Repayment (8) 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. (6) 
  • Cosigner release is available on the RISLA Student Loan to qualifying students after the first 24 months of consecutive, on-time payments. Other eligibility requirements apply. (7)

 

Rewards

  • 0.25% interest rate reduction for automatic monthly payments. (reflected in rates above & below)
  • $2,000 in loan forgiveness for qualifying interns. Learn more.
  • Rewards for nurses.
  • Interest you pay on this loan may be tax deductible. Consult your tax adviser.  

Loan Limits

  • Minimum Loan Amount: $1,500/yr
  • Maximum Loan Amount: $40,000/yr

 A non-federal 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 non-federal 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.

Loan Eligibility

Fixed rate loan options

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 cosigners must pass a credit check and meet other eligibility requirements.

 

Variable rate loan

No residency requirement. 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 cosigners must pass a credit check and meet other eligibility requirements.

2018/19 Rates & Fees

 
 
RISLA Student Loan
Immediate Repayment
RISLA Student Loan
Deferred
RISLA Parent Loan
RISLA Variable Rate Loan (4)
Rate Type Fixed Fixed Fixed Variable
Repayment Type Immediate Repayment Deferred Repayment Immediate Repayment Immediate Repayment
Borrower(s) Student & Cosigner Student & Cosigner Parent Student & Cosigner
Interest Rate (with auto-pay) (2)
3.99%
(4.24% without auto-pay)
6.24%
(6.49% without auto-pay)
5.24%
(5.49% without auto-pay)
4.34% - 6.59%
(4.59% - 6.84% without auto-pay)
APR (with auto-pay) (1)
3.99%
(4.24% without auto-pay)
6.02% or 6.18%
(6.25% - 6.42% without auto-pay)
5.24%
(5.49% without auto-pay)
4.34% - 6.59%
(4.59% - 6.84% without auto-pay)
Upfront Fees None None None  None  
Standard Repayment Term 120 months 180 months  120 months 60 months  
Estimated Monthly Payment per $10k borrowed
$103
($104 without auto-pay)
$99 or $109
($101  or $112 without auto-pay)
 $109
($110 without auto-pay)
$188 - $199
($189 - $201 without auto-pay) 
Repayment Start 15 days after final disbursement 6 months after student leaves school (5)  15 days after final disbursement 15 days after final disbursement  
 
ApplyNow
 
Not ready to apply?
Get pre-qualified! It won't affect your credit score. 

 

 

Which loan is right for my situation?

Watch a two minute video on comparing your options and making smart borrowing decisions

 
 
RISLA Student Loan
Immediate Repayment
RISLA Student Loan
Deferred Repayment
RISLA Parent Loan
Immediate Repayment
RISLA Variable Rate Loan
Immediate Repayment (4)
Advantages
Lowest fixed rate
 
Fixed rates mean predictable monthly payments
 
Student is the primary borrower and cosigner release is available for qualifying students (7)
 You don't have to make payments until the student leaves school (5)
 
Fixed rates mean predictable monthly payments
 
Student is the primary borrower and cosigner release is available for qualifying students (7)
Student is not obligated on the loan  - great if you are trying to reduce your child's debt levels
 
Fixed rates mean predictable monthly payments 
Shortest repayment term which typically means lower total finance charges over the life of the loan
 
 Disadvantages
You are required to start repaying your loan immediately, so it is not the right option if you want to delay payments until after school
Interest still accrues while the student is in school and is capitalized on to your principal balance at repayment
 
These loans have a higher interest rate since they are more costly to fund due to the period of non-payment
 
Over the life of the loan, this is a more costly option, due to the deferment period, longer repayment term, and higher interest rate
Higher interest rate than fixed rate immediate repayment option with student as the primary borrower 
 
You are required to start repaying your loan immediately, so it is not the right option if you want to delay payments until after school
Rate can change monthly which will also change your monthly payment; you should have considerable wiggle room in your budget if you want to pursue this option
 
Shortest repayment term which leads to higher monthly payments
 
You are required to start repaying your loan immediately, so it is not the right option if you want to delay payments until after school
 

 

 
ApplyNow
 
Not ready to apply?
Get pre-qualified! It won't affect your credit score. 

 

 

How to Apply

Step1-217910-edited.gif

 

Apply online

Complete your application which should take about 5-10 minutes (note, we have to pull your credit report for the full application). Not ready? Get pre-qualified without affecting your credit score and then move on to complete the full application later. 

 

Step2-228935-edited.gif

 

Upload your documents

Upon approval, you can upload your supporting documentation through our secure website on your computer or via your mobile device.

Step3-237523-edited.gif

 

E-sign your loan 

Follow the instructions you receive in your email to accept your loan, self-certify, and e-sign your application.

iStock-639515476-081815-edited.jpg

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

 

iStock-590622902-964785-edited.jpg

FAQ

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

View FAQ

Application Disclosures

Fixed Rate Student Loan  |  Variable Rate Student Loan |  Parent Loan

Terms & Conditions

  1. APR:  The Annual Percentage Rate (APR) reflects the total cost of the loan, including upfront fees ($0), accruing interest, and the effect of capitalized interest. Interest begins accruing after each loan disbursement. APR Assumptions: ALL EXAMPLES: Equal disbursements of $5000 in September and January. Minimum monthly payment is $50.00. Assumes borrower makes equal payments over the term of the loan. IMMEDIATE REPAYMENT 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 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. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2018 for the 2018/19 academic year 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. 
  3. MULTI-YEAR APPROVAL: Borrowers approved for the multi-year approval option must make loan requests for future years to receive additional funding. Your credit score will be monitored periodically, or as you make additional loan requests, to verify continued eligibility. RISLA reserves the right to deny future funding requests or to require a new credit report and additional documentation due to adverse changes in your credit or a change of employment. The multi-year approval option is limited to co-signed loans. RISLA reserves the right to discontinue this program at any time. Please refer to your promissory note for complete terms and conditions of your loan.
  4. VARIABLE RATE:   Variable rates in chart are estimates based on current 1-month London Interbank Offered Rate (LIBOR) of 2.34% as of November 20, 2018 and reflect a 0.25% discount for making payments via ACH. Rates range from LIBOR + 2.25% - LIBOR + 4.59% based on your cosigner’s credit score or your credit score if no cosigner. Your variable interest rate may increase or decrease based on LIBOR monthly changes. Your monthly payment amount will be recalculated monthly.
  5. DEFERRED 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 grace period per loan. Graduate students must be enrolled at least half-time to qualify for deferment. Interest accrues during deferment period and is capitalized (added to) principal balance at time loan enters repayment. 
  6. 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 cosigner on the account. Please consult your tax adviser. 
  7. COSIGNER RELEASE:  Cosigner release is only available on the RISLA Student Loan. If upon entering repayment, your 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 cosigner may be released from the loan upon written request. If the borrower utilizes forbearance time during your 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.
  8. IBR: See full program detail and eligibility requirements at  https://www.risla.com/ibr