Find the Best Student Loans for You
RISLA offers student loan options for all levels of education, including:
Complete a student loan application online, after which RISLA will pull a full credit report. Track your application status, and upon approval upload supporting documentation through the secure website or via your mobile device. Complete the process by accepting the loan, self-certifying and e-signing the application.
Student loans range from $1,500 to a maximum of $45,000 per year. The aggregate limit per borrower is $150,000, or $175,000 per family, and includes previous RISLA and Rhode Island Family Education Loans in the borrower’s name. Terms of five, 10 or 15 years are available.
Refinancing is available in five-, 10- or 15-year terms with amounts from $7,500 to $250,000. RISLA charges no application or origination fees.
RISLA offers a 0.25-point rate discount to borrowers who set up automatic payments.
In addition, borrowers may earn $2,000 in student loan forgiveness on a nonfederal RISLA loan for completing an eligible internship for credit, and new nurses working in Rhode Island may qualify to pay zero interest on their student loan for up to four years.
Borrowers of RISLA student loans or parent loans must either be a Rhode Island resident or attend a college or university in Rhode Island.
Students can be enrolled full time or half time. A minimum income of $40,000 per year is required, as well as a credit check for all borrowers and co-signers. Other eligibility requirements must be met as well, including debt-to-income and liquidity.
Refinance loans are available to borrowers regardless of state and are subject to the same $40,000 minimum annual income requirement.
What Credit Score Do You Need?
RISLA does not disclose the minimum credit score needed to qualify for a student loan, nor the specific debt-to-income ratio or liquidity requirement. A minimum annual income of $40,000 is needed.
RISLA undergraduate and graduate loans are available to Rhode Island residents and students attending a qualified college or university in Rhode Island. However, refinancing with RISLA is available for eligible loans in any state.
RISLA has a rating of 4.9 out of 5 stars with Trustpilot, based on more than 2,900 reviews, and the Consumer Financial Protection Bureau received no student loan complaints in 2021 about RISLA.
In U.S. News’ ratings of student loan lenders, RISLA received 4.4 out of 5 stars overall, 5.0 for affordability, 3.8 for eligibility and 4.7 for customer service. The median overall rating for student loan lenders by U.S. News is 4.4.
For questions about a new loan, call 800-758-7562 to speak to a loan officer or email email@example.com. For help with student loan refinancing, contact 866-268-9419.
Borrowers can manage all aspects of the loan from the RISLA website, including application, document upload and monthly payment. The website also includes college planning tools and calculators, financial education and scholarship information.
RISLA student loans do not charge a prepayment penalty fee, so students can pay off the loan early. All loans, including parent and variable-rate loans, require payments to start within 15 days of final disbursement. The only exception is the RISLA Deferred Student Loan option, which offers a six-month grace period once the student graduates or leaves school.
Borrowers who experience financial hardship such as unemployment or disability can apply for forbearance. There is a maximum of 24 months’ forbearance over the life of a loan disbursed on or after July 1, 2021.
In the case of student disability or death, RISLA may forgive the remaining loan balance. However, the forgiven amount could be considered taxable income for the borrower or co-signer.
Co-signer release is only available on the RISLA student loan when the first 24 payments are made on time and in full; payments made under income-based repayment don’t qualify. The student borrower must also have:.
- A minimum FICO score of 680.
- No negative information on an Experian credit report.
- A bank balance that will cover at least one month of monthly obligations and has been on deposit for 30 or more days.
- Monthly debt that does not exceed 50% of monthly income.
- No previous enrollment in income-based repayment.
The Cosigner Release Program is not offered to residents of Colorado, Connecticut, or Maine.
- Residents of Rhode Island.
- Students at qualifying Rhode Island schools.
- Borrowers who want flexible repayment options.