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RISLA Student Loan Refinancing Review

RISLA student loan refinancing offers competitive rates and income-based repayment for borrowers facing financial hardships.

Matt Carter Matt Carter Updated December 18, 2019

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Best for:

  • Refinancing federal loans with a safety net (income-based repayment if you lose your job)
  • Workers who are thinking about going back to grad school

The Rhode Island Student Loan Authority (RISLA) stands out from the crowd by offering a safety net to borrowers who refinance their student loans in the form of income-based repayment. Although based in Rhode Island, RISLA offers student loan refinancing to borrowers in all 50 states.

In this post:

  • RISLA interest rates and loan details
  • RISLA student loan refinancing review
  • How RISLA compares to other lenders
  • How to refinance student loans with RISLA

RISLA interest rates and loan details

As a nonprofit state student loan authority, RISLA offers student loan refinancing rates that can be very competitive. You’ll need a credit score of at least 680 and a minimum of $40,000 in annual income. While you have a choice of a five, 10, or 15-year repayment term, RISLA only offers fixed-rate loans — there’s no option to refinance into a variable-rate loan.

Fixed rates3.19%+
Loan amounts$7,500 up to $250,000
(depending on highest degree earned)
Loan terms5, 10, 15 years
Loan typesPrivate and federal student loans
(including parent PLUS loans)
Min. credit score680
Min. income$40,000
ResidencyResident of any U.S. state
Transfer parent loan to child?No
Cosigner releaseNot offered
Death discharge availableYes
Fees
  • No application, origination, or disbursement fees

  • Late fee equal to 6% of late payment amount
Prepayment penaltyNone
Key benefits
  • 0.25% autopay discount

  • Income-based repayment available for borrowers demonstrating financial hardship

  • Defer payments for up to 36 months if you go back to graduate school
EducationDegree not required
Loan servicerRISLA
Best for
  • Refinancing with a safety net

  • Graduate school might be in your future

All APRs reflect autopay and loyalty discounts where available

RISLA student loan refinancing review

If you’ve been thinking about refinancing your federal student loans but were reluctant to give up certain borrower benefits, RISLA is an interesting option.

RISLA offers three special borrower benefits:

  • Income-based repayment (IBR): If you refinance private or federal student loans and later run into financial hardship, RISLA offers IBR. As with some federal income-driven repayment programs, your monthly payments are capped at 15% of your discretionary income (or yours and your cosigner’s). Your repayment term will automatically be stretched out to as long as 25 years if you qualify. If you still haven’t paid off your loan in that time, the balance is forgiven.
  • Defer payments if you return to grad school: You can apply to defer your payments for up to 36 months if you decide you want to go back to graduate school after refinancing. However, interest will still rack up on your loans while your payments are on hold.
  • Death or disability discharge: RISLA will also forgive the balance of your loan if you die or become totally and permanently disabled, using the same standards that the U.S. Department of Education applies to federal loans.

How to qualify

RISLA will refinance private and federal student loans, including PLUS loans, for borrowers nationwide. But to qualify to refinance student loans with RISLA, you’ll need to be the one responsible for the loan(s) — you can’t transfer PLUS loans taken out by your parents into your own name, for example.

If you don’t meet RISLA’s minimum 680 credit score and $40,000 income requirements, you can apply with a cosigner. The rate you’ll be offered will be based on factors that include the repayment term of the loan, whether you’re applying with a cosigner, and your credit score and financial history.

Repayment

When refinancing your student loans with RISLA, you can choose a repayment term of five, 10, or 15 years. The shorter the repayment term, the lower the interest rate you’ll qualify for. But shorter loan terms also mean larger monthly payments.

If you agree to have payments automatically withdrawn from your bank account each month, you’ll qualify for a 0.25% rate reduction. You can also use a website provided by University Accounting Service to make payments, view statements, and manage your RISLA account.

Learn More: Student Loan Repayment Calculator

How RISLA compares to other lenders

risla student loan refinancing reviewcollege ave student loan refinancing reviewcitizens bank student loan refinancing review
Rates from (APR)Fixed:
3.19%+

Variable:
N/A
Fixed:
3.34%+2

Variable:
3.24%+2
Fixed:
2.97%+¹

Variable:
1.99%+¹
Loan repayment terms (Years)5, 10, 155 to 20 years5, 7, 10, 15, 20
Loan amount$7,500 to $250,000$5,000 to $300,000$10,000 to $500,000
(depending on level of education)
Cosigner release?NoNot offered for refinancingYes, applications accepted after 36 months of consecutive payments
Transfer parent loan to child?NoNoNo
Loan servicerRISLAUniversity Account Service (UAS)Firstmark Services
Best forBorrowers who are worried about their job securityGraduates seeking flexible loan termsRefinancing large loan balances

All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures

Learn More: How to Pay Off Student Loans

How to refinance student loans with RISLA

As a nonprofit state student loan authority, RISLA offers competitive rates and a good lineup of. But because many lenders compete to refinance student loans, it’s a good idea to compare the rates, terms, and features offered by several lenders. Credible lets you request personalized rates in minutes from some of the best companies to refinance your student loans.

Find out if refinancing is right for you

  • Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders with no impact on your credit score
  • Won’t impact credit score – Checking rates on Credible takes about 2 minutes and won’t impact your credit score
  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

See Your Refinancing Options
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How RISLA can improve

RISLA offers several borrower benefits that some private lenders can’t match. But it could improve by:

  • Providing variable-rate loans
  • Being willing to approve higher loan limits
  • Offering cosigner release once borrowers are able to qualify on their own

Find Out: How Long Will It Take to Pay Back My Student Loans?

Compare Rates Now

 
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.