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|
|Late fee:||6% of late payment amount|
|Returned payment fee:||Not stated|