Undergraduate Student Loans

Multi-Year Peace of Mind

Most college degrees aren't achieved after just one year. So when you need to borrow for more than one year of school, we've got you covered. All the work is done with your first application. For year two and beyond, it is as easy as telling us the amount needed for each subsequent year.

Year 1

Initial application submitted and approved. We will notify you if you qualify for the Multi-Year Loan Program.

Year 2 & Beyond

As long as you and your cosigner's income, credit scores, and other key credit eligibility requirements remain consistent or improve, you remain qualified. Multi-Year qualification is not guaranteed and cannot be extended if using a different cosigner. Note: per borrower limit ($150,000) and per family limit ($175,000) still apply.

Just tell us the amount needed and repayment term option you prefer (deferred or immediate repayment) and we'll do the rest. It's that easy!

Done

Easy to Understand Rates

There are no hidden rate hikes after you apply based on your major or your parent’s credit score. There are also no changes to your rate after your loan is disbursed, when financial market activity results in interest rate changes. Choosing a fixed rate loan offers you consistency and the ability to accurately plan your student loan budget with no surprises.

 Rate Discount

Set It
Set up your monthly student loan repayment amount with auto-pay from your checking or savings account.

Forget It
After the initial setup for auto-pay, your monthly student loan repayment to RISLA is now automatic, providing you with maximum ease and convenience. This option is helpful towards your cosigner release.

Save
Interest rate reduced by 0.25%.

Please note: (1) Auto-pay must be set up in your RISLA loan account for monthly withdrawal.  Scheduled payments from personal online banking will not qualify borrower for the rate reduction. (2)  If your auto-pay function fails, it is automatically turned off so that you do not continue to get charged returned check fees.

No Origination Fees

At RISLA, we do not charge any application fees,  interest fees, services fees, or any upfront fees at all. The only fees we ever charge are late payment fees, returned check fees, and default-related fees. As such, the APR (annual percentage rate) for our immediate repayment loans is the same as our low interest rate.  For deferred repayment loans, the APR is typically lower than the interest rate, but varies based on the amount of time deferred until repayment begins.

Non-federal lenders are required to disclose the APR, which includes finance charges, to provide you an accurate understanding of the cost of borrowing from that lender. Direct PLUS Loans, on the other hand, do not disclose the APR  which would factor in the origination fees charged. The APR on Federal PLUS loans is higher than the effective interest rate that is advertised. 

Borrower Protections

Income-Based Repayment
Income-Based Repayment (IBR) is designed to reduce monthly payments to help borrowers make student loan debt manageable. See full program detail and eligibility requirements at risla.com/ibr.

Total and Permanent Disability Discharge
In the unfortunate event that the benefiting student is unable to engage in any substantial gainful activity of employment by reason of a medically determinable physical or mental impairment, loan forgiveness benefits are available through RISLA upon submission of required medical documentation.

Military Benefits
If you are a member of the military you may be entitled to SCRA Benefits on your RISLA loan. SCRA benefits entitle you to a 6% interest rate cap on all of your RISLA loans while on Active Duty. In addition, Active Duty Military Members deployed to war or in support of war may be eligible for a deferment on their RISLA loans.

Loan Forgiveness for Student Death
RISLA will forgive the outstanding balance on any non-federal RISLA student loan, parent loan, or refinance loan upon the unfortunate incident of the benefiting student's death. 

 Cosigner Release

Most student borrowers need to start off with a cosigner.  After the first twenty-four consecutive monthly payments have been made on-time, you may be eligible to release your cosigner.

• Cosigner release is only available on RISLA's Immediate or Deferred Repayment Student Loans.
• If after entering repayment, your first twenty-four normally amortizing payments are made on-time (within ten 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. Loans that have been in an IBR Plan do not qualify.
• If the borrower utilizes forbearance time during the first twenty-four months of repayment, the twenty-four 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.

Rewards

Loan Forgiveness for Internships
Earn $2,000 in student loan forgiveness on your non-federal RISLA loans for completing either a one, 3 credit internship or three, 1 credit internships. See full program detail and eligibility requirements risla.com/college-interns. 

Nursing Rewards
Pay zero interest on your loan for up to four years when you are a new nurse working in RI. See full program detail and eligibility requirements at risla.com/nursing-rewards.