Rhode Island Student Loan Authority - Review

It can be hard to know where to start when thinking about funding your education. This review will explore the Rhode Island Student Loan Authority so that you can decide whether it’s the right choice for your situation.

Low Rates Best for
4 /5
$ /mo
Starting Price
Visit Site
Table of Contents

    Rhode Island Student Loan Authority, or RISLA, has been around since 1981, providing affordable solutions to people’s financial problems relating to higher education. It’s based in Rhode Island, but provides financial aid nationwide.

    Why get a student loan from Rhode Island Student Loan Authority?

    It has some fairly affordable loans that are available to undergrads, graduate students, and even parents. One appealing draw of these loans is that they’ll be forgiven after 25 years if you still can't make the payments.

    What student loans does Rhode Island Student Loan Authority offer?

    At RISLA, you can either take out a private student loan, or you may refinance a current one if you’ve decided your present provider isn't offering you the best possible rates.

    Student loan refinancing information

    There’s no option for a variable rate on a loan refinancing, as it has income-based repayment, and you’ll need a minimum credit score of 680 to be eligible.

    Fixed rates from:

    3.49% - 8.14%
    Variable rates from:  None
    Loan repayment terms:   5, 10, or 15 (Years)
    Loan amount:         $7,500 to $250,000

    Private student loans

    Once again, the private student loans here don't have variable rates, but the fixed APR can be quite affordable. The loans are income-based, meaning that if your university degree hasn’t led you into a well-paying job then you won't have to pay it back so quickly, and the loan will actually be forgiven after 25 years. There are also options for loan and interest forgiveness for those who qualify, such as certain nursing qualifications.

    More about rates and fees of Rhode Island Student Loan Authority’s loan options

    Below are the details of the terms and fees:

    Fixed rates from:

    Variable rates from:Not Available
    Application fee:    None
    Origination fee: None
    Disbursement fee:   None
    Late fee:  6% of late payment amount
    Returned payment fee:  Not stated
    Prepayment penalty:          None

    Rhode Island Student Loan Authority pros and cons


    • Loan forgiveness after 25 years
    • Forgiveness options for certain individuals


    • You’ll need to perform a hard credit check to know exactly what rate you’ll be offered

    How to apply for a Rhode Island Student Loan Authority student loan

    You have to use the online forms to apply for your loan.


    There are some decent options on loans with Rhode Island Student Loan Authority, the best aspect being that your rate is based on your interest, allowing for very fair repayments. This will work well for you if you’re not confident of your employment after graduation.

    However, most graduates will expect to be working soon after leaving, and you likely won’t make it to 25 years to have it forgiven. Therefore, a better option for you might be CommonBond or Credible. Both of these lenders offer variable rates, along with their fixed APRs, which allow you to pay off larger sums sooner, and can save you money on interest in the long term.