As a State-based, non-profit private lender, RISLA loans are not eligible for the recently announced federal student loan forgiveness or updated COVID-19 loan payment pause program. To learn more about the Biden Administration's federal student loan forgiveness or COVID-19 student loan payment pause program please click on the links below.
Forbes Advisor ranked RISLA as having one of the best education loan programs in the country. Recognizing that for decades RISLA’s fixed rate education loan programs are among the most affordable of any in the nation.
$1,500 - $45,000 per year, This can not exceed the total Cost of Attendance (COA) minus other financial aid received.
Minimum: $1,500 - per year
Maximum: $45,000 per year
Loan amount can not exceed the total Cost of Attendance (COA) minus other financial aid received.
All RISLA Loans are credit-based with additional eligibility requirements, such as a minimum income requirement of $40,000, debt-to-income, and liquidity requirements and others.
Attend a Title IV Degree Granting School
Eligible Public or Non-Profit Institution of Higher Education
Available to Non-Matriculating Students
RISLA has programs to assist when times get tough for borrowers with options for a temporary pause, monthly payment restructure or forgiveness due to unfortunate events.
Designed to reduce monthly payments to help borrowers make student loan debt manageable.
If you are a member of the military you may be entitled to SCRA Benefits on your RISLA Loan.
Can suspend or lower student loan payments temporarily, during times of financial stress.
This forgiveness benefit is is applicable upon permanent disability or death of student.
Your application can be completed online. It will approximately take 5-10 minutes involving the following:
Once approved, you can upload supporting documentation through our secure portal using a computer or mobile device, including:
Instructions will be sent to your email address. In order to complete your loan application process, you must confirm the following:
We are here to help every step of the way. Programs for Undergrads, Graduate, Certificate students and more. Download one of our e-brochures for an overview of how we can help.
RISLA's online e-brochures are free and easy to download.
Crunch the numbers with one of our helpful calculators to assist with estimates for the important decisions to be made on how you will pay for college.
Free and easy to use. Know before you owe!
This is my 4th loan with RISLA for my daughter’s education. They help make a difficult process easier. They have always been helpful answering questions in a timely manner. I am very happy with their service.
The Process was extremely simple and straightforward. The loan details are clear and easy to understand. There were no hidden fees or surprises. We will continue to use RISLA for our future education loan needs.
Very simple, easy to fill out questionnaire. Also very quick from application to disbursement. Percentages are LOWER than federal financial aid! Recommend without reservations.
1. ASSUMPTIONS FOR DEFERRED EXAMPLE: Calculations are based on 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. The maximum deferment time is 72 months.
2. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2022 for the 2022/23 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. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.
3. 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 or Deferred Repayment loan.
4. 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.
5. THE COSIGNER RELEASE PROGRAM: is not offered to residents of Colorado, Connecticut, or Maine.
2022 recognition from Forbes Advisor, ©2022 Forbes Media LLC.