RISLA Private Student Loans: 2026 Review
RISLA offers undergraduate, graduate and parent loans, along with student loan refinancing. It has income-based repayment during hardship, which is rare among private lenders.
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The Rhode Island Student Loan Authority, known as RISLA, is a nonprofit state-based agency that makes loans nationwide. It stands out for having more borrower protections than other private lenders. However, qualifying without a co-signer is likely to be more difficult compared to some other lenders.
RISLA Private Student Loan review
Pros
- Income-based repayment plan available, with possible forgiveness after 25 years.
- You can see if you’ll qualify and an estimated rate without a hard credit check.
- Offers co-signer release after 24 months.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- No application, origination, prepayment or late fees.
- Offers multi-year loans, with no annual hard credit check for borrowers meeting certain credit standards.
Cons
- Fewer repayment terms than other lenders.
- Most applicants will need a co-signer.
- A six-month grace period is shorter than what’s offered by some other lenders.
Best for students who may need wiggle room on payments in the future.
Full RISLA student loan review
The Rhode Island Student Loan Authority (RISLA) is a nonprofit state-based agency that makes loans nationwide. It offers private student loans for undergraduates, graduate students and parents. It also offers refinancing of student loans.
Among private lenders, RISLA is unique in the number of borrower protections it offers — including income-based repayment (IBR) during extended financial hardship, with the possibility of forgiveness after 25 years. It also has up to 24 months of hardship forbearance and loan discharge in the event of a primary borrower’s death or permanent disability.
RISLA’s student loan refinancing product has these same IBR, forbearance and discharge protections. RISLA also refinances for a wider range of borrowers than many lenders — including students with an associate degree, with no degree or still in school.
Although RISLA loans are available to students and parents outside of Rhode Island (RI), its RI Advantage program offers lower interest rates if you live or go to college in the state. Some RISLA borrowers working in RI may have access to other benefits. For example, RISLA covers 48 months of interest costs for a limited number of qualifying nurses who work in RI.
In our comparison of private student loan lenders, RISLA stands out for being borrower-friendly. Along with borrower protections, its loans have features supporting flexible and faster repayment. These include three repayment plans, automatic greater-than-minimum payments and extra payments applied to principal first.
More about RISLA
Loan and borrower requirements
Loan terms: 5 or 10 years for immediate repayment plan; 15 years for interest-only and deferred repayment plans.
Loan amounts: $1,500 up to the school-certified cost of attendance. No annual limits.
Minimum credit score: Upper-600s.
Minimum income: $45,000.
Maximum debt-to-income (DTI) ratio: Does not disclose.
Time requirement after filing for bankruptcy: Applicants can qualify five years after filing for bankruptcy.
Co-signer: Requires a co-signer for most borrowers. Approximately 98% of approved borrowers have a co-signer. For refinance loans, that percentage drops to 70%.
Payment and repayment
Allows greater-than-minimum payments via autopay: Yes.
Allows bi-weekly payments via autopay: No.
Grace period following graduation: 6 months.
In-school repayment options: Immediate principal and interest payment; interest-only payment; and fully deferred.
Post-school repayment options: Temporary income-based payments; residency deferment; administrative forbearance; natural disaster forbearance; military deferment; income-based repayment program with forgiveness potential.
Customer experience
Customer service: Has in-house customer service representatives, but borrowers aren’t assigned a dedicated advisor. Also has someone committed to handling customer concerns. Customer service can be reached by phone, email, mail and in-person visits.
Time for application approval: Less than five minutes for most borrowers.
Loan servicer: RISLA.
RISLA extras
Rewards for internships program. Provides $2,000 of loan forgiveness for qualifying internships. Borrowers must apply and be a RI resident or attend a college in RI. The internship can be in any state.
Rewards for nurses program. Offers 0% interest for 48 months for nurses employed in RI. The interest waiver applies to the first four years of employment for licensed registered nurses. An application is required and the number of students accepted is limited.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Sallie Mae's website | 1.95-17.49% | Mid-600s | 3.75-16.95% | Check Rate on Sallie Mae's website |
 Check Rate on College Ave's website | 1.94-17.99% | Mid-600s | 3.89-17.99% | Check Rate on College Ave's website |
 Read Review on NerdWallet | 2.45-15.99% | Does not disclose | 4.39-15.99% | Read Review on NerdWallet |
 Check Rate on Earnest's website | 1.99-16.24% | 650 | 4.74-16.60% | Check Rate on Earnest's website |
RISLA Graduate Student Loan review
Pros
- Income-based repayment plan available, with possible forgiveness after 25 years.
- You can see if you’ll qualify and an estimated rate without a hard credit check.
- Offers co-signer release after 24 months.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- No application, origination, prepayment or late fees.
- Offers multi-year loans, with no annual hard credit check for borrowers meeting certain credit standards.
Cons
- Fewer repayment terms than other lenders.
- A six-month grace period for graduate loans is shorter than some other lenders.
- Most applicants will need a co-signer.
RISLA graduate student loans
RISLA offers these graduate school loans
Medical | MBA |
Dental | Nursing |
Veterinary | Law |
Health professions |
RISLA Student Loan Refinance review
Pros
- Income-based repayment plan available, with possible forgiveness after 25 years.
- You can see if you’ll qualify and an estimated rate without a hard credit check.
- Will refinance for students with an associate degree, with no degree or still in school.
- Offers a 0.25-percentage-point rate discount with automatic payments.
- No application, origination, prepayment or late fees.
- Refinances federal PLUS loans.
Cons
- Fewer repayment terms than other lenders.
Best for borrowers who want payment flexibility should they run into financial trouble.
Before applying 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. Beyond interest rates, look at lenders’ repayment options and the flexibility they offer to borrowers who struggle to make payments.
If you aren’t eligible for a RISLA student loan
If RISLA denies your student loan application, the lender will tell you why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or those that specialize in bad or no credit student loans.
Frequently asked questions
Is RISLA good for student loans?
RISLA is a 4.5 star lender based on NerdWallet's student loan rating system. Our ratings prioritize borrower-friendly features, affordability and flexible repayment options that enable borrowers to repay loans faster.
Do you have to live in Rhode Island for a RISLA loan?
No. RISLA lends to students in all 50 states, Washington, D.C. and all U.S. territories. However, Rhode Island residents or those attending school in RI may qualify for lower rates or other benefits.