Undergraduate Student Loans

Apply for a Loan 2021/22


Your RISLA Loan Offers These Great Benefits:

Multi-Year Peace of Mind

Peace of Mind

A convenient multi-year solution for bridging the financial gap left when grant and aid does not cover the complete balance due.
Easy to Understand Rates
The rate you see is the rate you get.

0.25% Interest rate reduction with automatic payments (auto-pay).

No Upfront Fees
No application, or upfront fees of any kind.

When things don't go as planned, RISLA has your back.

Cosigner Release 

Available for qualifying student borrowers.

Rewards for Interns and Nurses 

Rewards available for interns and nurses.

2021/22 Rates & Fees


Student Loan

Immediate Repay


Rhode Island Advantage Rate¹


Student Loan

Immediate Repay




Student Loan

Deferred Repay




Parent Loan

Immediate Repay





Student & Cosigner

Student & Cosigner

Student & Cosigner


Fixed Interest Rate²



(3.24% w/o auto-pay)


(3.99  w/o auto-pay)


(4.99 w/o auto-pay)


(4.79% w/o auto-pay)


w/Auto Pay


(3.24% w/o auto-pay)


(3.99% w/o auto-pay)


(4.86% w/o auto-pay)


(4.79% w/o auto-pay)

Origination Fees





Standard Repayment Term 

120 Months

120 Months

180 Months

120 Months

Estimated Monthly Payment per  $10K borrowed





Repayment Start

15 days after disbursement

15 days after disbursement

6 Months after student leaves school

15 Days after disbursement


Shorter term, lowest interest rate with Rhode Island Advantage 

Shorter term, lower cost of total loan

No payment required while student is in school

Student is not obligated on the loan, great if you are trying to reduce student’s debt


Payment required while student is attending school

Payment required while student is attending school

Higher overall cost due to term length

Higher interest rate than fixed rate immediate repayment option with student as the primary borrower
Apply for a Loan 2021/22

Loan Eligibility

Fixed rate loan options

Student may be full-time, half-time, or less than half-time. Minimum income requirement for loan: $40,000/yr. Borrowers and cosigners must pass a credit check and meet other eligibility requirements.


Loan Limits

Minimum Loan Amount: $1,500/yr
Maximum Loan Amount: $45,000/yr


Multi-Year Peace of Mind

Bridging the Financial Gap for College Year 1 through Done

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!




Easy to Understand Rates

The Rate You See is the Rate You Get

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 Rate Discount

Set It, Forget It, and Save!

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.

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 Upfront 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 Cosigner Release

It Pays Off to Pay On-Time

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.



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.


How to Apply

Step 1


Apply online

Complete your application which should take about 5-10 minutes (note, we have to pull your credit report for the full application). 

Step 2


Upload your documents

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

Step 3


E-sign your loan 

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

Apply for a Loan 2021/22
College Borrowing Guide

College Borrowing Guide

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



Asian Mom and Daughter


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

View FAQ

Application Disclosures

Fixed Rate Student Loan  |  Parent Loan

Terms & Conditions

  1. RHODE ISLAND ADVANTAGE applies to any Rhode Island Students attending school in any state or Non-Rhode Island Students attending a school in Rhode Island who select an Immediate Repayment loan.
  2. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2021 for the 2021/22 academic year and include 0.25% reduction for making automatic monthly payments (auto-pay feature). 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. APR:  The Annual Percentage Rate (APR) reflects the estimated total cost of the loan, including  origination fees ($0), accruing interest, and the effect of capitalized interest. Interest begins accruing after each loan disbursement.  Rate shown includes the 0.25% interest rate reduction for using the auto-pay feature. If monthly payment is calculated to be less than $50 per month for full term, lowest payment is $50 per month with term reduced.
  4. Assumptions for Deferred Example: Equal disbursements in September and January. Fifty-four (54) months pass (48 month in-school and 6 months grace) at which time accrued interest is capitalized and a 180-month repayment term begins. Interest accrues during deferment period and is capitalized (added to) principal balance at time loan enters repayment.


2021 Award from Forbes Advisor, ©2021 Forbes Marketplace Operations, Inc.