The Rhode Island Student Loan Authority, known as RISLA, is a nonprofit state-based agency that refinances student loans and makes loans to undergrads, graduate students and parents.
Refinancing is available nationwide, but in-school loans are available only to Rhode Island residents and those who go to school there.
Here we review RISLA’s refinance loan; you’ll find a review of its private student loan below.
Review of RISLA’s private student loan
RISLA student loan refinancing
Bottom line: Best for borrowers who want payment flexibility should they run into financial trouble.
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Reviewed loan | Student loan refinancing |
Interest rates | Fixed: 3.49% - 8.14% Includes autopay discount of 0.25% |
Loan terms | 5, 10 or 15 years |
Loan amounts | $7,500 to $250,000, depending on the highest degree earned |
Co-signer release available | No |
Can transfer a parent loan to the child | No |
Pros & Cons
PROS
- Income-based repayment plan available, with forgiveness after 25 years.
CONS
- No co-signer release available.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
- Students cannot refinance a parent PLUS loan in their name.
Full Review
RISLA offers refinancing customers a rare option: an income-based repayment plan if they experience extended financial hardship. Other aspects of the product are less flexible: Loans are available at fixed interest rates only, and borrowers cannot release co-signers from the loan after a period of time.
RISLA student loan refinancing at a glance
- Generous repayment flexibility for struggling borrowers.
- Borrowers without a degree can refinance.
- Does not offer personalized rate estimates via a soft credit check.
How RISLA could improve
RISLA could improve its student loan refinance product by offering:
- Personalized rate estimates via a soft credit check.
- More than 12 months of forbearance.
- A co-signer release program.
How much can refinancing save?
RISLA student loan refinancing details
How to refinance with RISLA
You can apply for a RISLA refinanced student loan on its website. Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer borrowers who are struggling to make payments.
RISLA private student loan
Bottom line: Best for Rhode Island students who may need wiggle room on payments in the future.
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Type of loan | Private student loan |
Loan terms | 10 years for immediate repayment plan 15 years for deferred repayment plan |
Loan amounts | $1,500 to $45,000 |
Grace period | 6 months for undergraduates |
Co-signer release available | Yes, after 24 on-time payments |
Related products | Graduate student loans, parent loans |
Pros & Cons
PROS
- Income-based repayment plan available, with forgiveness after 25 years.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.
CONS
- Loans available only to Rhode Island residents or those who attend school there.
Full Review
RISLA’s private student loan is available only to Rhode Island residents or those who attend school there, but it’s a good option for those borrowers — especially if they value payment flexibility. RISLA offers an income-based repayment plan that caps payments at 15% of income and forgives any remaining balance after 25 years, similar to the federal government’s income-driven repayment plans. RISLA also forgives up to $2,000 for borrowers who complete eligible internships and covers interest costs for up to 48 months for qualifying nurses.
RISLA private student loan at a glance
- Rare repayment flexibility and forgiveness options.
- Personalized rate estimates via a soft credit check.
- Co-signer release after 24 on-time payments.
How RISLA could improve
RISLA could improve its private student loans by:
- Offering more than 12 months of forbearance.
- Allowing students with a visa to take out loans.
RISLA private student loan details
How to apply for a RISLA student loan
Before taking out a RISLA student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
STUDENT LOANS RATINGS METHODOLOGY
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution