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About Rhode Island Student Loan Authority (RISLA) student loans

Quick overview

  • 5, 10 and 15 years
  • Competitive fixed rates with a 1.0% discount available with added co-signer
  • RISLA now offers student loan refinancing to borrowers in all states.
  • Eligible graduates looking to refinance private/non-federal or PLUS loans


The Rhode Island Student Loan Authority (RISLA), established in 1981, is a provider of higher education loans as a non-profit state authority. RISLA offers a variety of services including, but not limited to: providing financial assistance throughout the college application process, financing student loans, helping students find internships, and being an educator of financial literacy.

RISLA aims to make attending college a reality for students, while priding itself on accountability and transparency as well as its various product offerings. RISLA guides students through the entire process, from their initial college application to choosing the right refinancing offer post-graduation. As a part of their demonstrated commitment to students, RISLA provides financial literacy education to teach the importance of borrowing responsibly, understanding credit, and how to manage finances altogether. Ultimately, RISLA strives to set students up for success by handling all student loan related needs and encouraging responsible financial borrowing.

Product offerings (valid as of Feb. 26, 2016)

RISLA can refinance private, non-federal loans, and PLUS loans. All of their loan options have a fixed interest rate that will not change over the life of the loan.

Fixed term with cosigner

Term Fixed *
5 year  4.24%
10 year  5.14%
15 year  5.74%

*Rates include auto-debit reduction

Fixed term without cosigner

Term Fixed *
5 year  5.49%
10 year  6.39%
15 year  6.99%

*Rates include auto-debit reduction


The RISLA Refinancing Loan gives graduates the opportunity to refinance (or consolidate) their private/non federal and PLUS loans into one loan. Borrowers therefore make only one convenient, low rate, monthly payment. Borrowers can apply online and may receive an instant credit decision. Like all educational loans, there are no pre-payment penalties. For this product, loan repayment will begin 30 days after disbursement.


The most significant benefit of the RISLA Refinancing Loan is that borrowers may be eligible for fixed low-rate student loans, with the added benefit of having only one monthly payment. Also, RISLA offers an interest rate deduction for borrowers who choose to add a qualified and creditworthy co-signer to their applications, as well as an additional 0.25% interest rate deduction for borrowers who set up auto-pay.

Who should explore RISLA?                    

RISLA refinancing loans, formerly available only to Rhode Island residents and graduates of Rhode Island Universities, are now available to borrowers in all states. Eligible students who are looking for loans with a fixed interest rate would benefit from applying for the RISLA Refinancing Loan.

RISLA Review

The lender and product have yet to be extensively reviewed. Although not accredited by the Better Business Bureau, RISLA has an A+ rating from the BBB’s Eastern Massachusetts, Maine, Rhode Island and Vermont chapter. As more RISLA refinancing reviews become available, they will be included here.

If you are interested in refinancing with RISLA or exploring other refinancing options from other great lenders, visit Credible to see what options may be available to you.