If you’re interested in refinancing your student loans to adjust your interest rate and terms, the Rhode Island Student Loan Authority (RISLA) has been a good fit for many borrowers.
Don’t let the name throw you. Although some of RISLA’s offerings are only available to Rhode Island residents, students from all 50 states can apply to refinance their loans with RISLA.
Here’s what you need to know about refinancing student loans with RISLA.
RISLA student loan refinancing overview
Once you start repaying your student loans, it’s natural to wonder if you could somehow lower your monthly payment, reduce your interest rate, or be done paying your loans sooner. Thousands of borrowers have accomplished some or all of these goals by refinancing their student loan debt.
RISLA only offers fixed-rate loans, making it a good choice for those who know they don’t want a variable-rate loan.
Borrowers refinancing student loans with RISLA can also enjoy these borrower perks:
|Loan amounts||$7,500 and $250,000 (max amounts vary by highest degree earned)|
|Loan terms||5, 10, or 15 year|
|Loan qualifications||State-based, private, PLUS, and Stafford loans|
|Discounts:||0.25% discount with auto debit|
|Income:||Borrowers residing at the same address must make a combined income of at least $40,000 a year. For borrowers living at separate addresses, at least one of the borrowers must make $40,000 individually|
|Education||Associates, Bachelors, Masters, Doctorate from every two year and four year Title IV school|
|Citizenship/Residency:||Borrowers who reside in any state may apply|
How to refinance with RISLA
RISLA can be a good match for many borrowers who are looking into refinancing, particularly those seeking fixed-rate loans. But keep in mind that the rates and terms lenders offer to borrowers will depend on their unique circumstances. That’s why no matter what type of loan you’re looking for, it’s a good idea to request actual rates from multiple lenders.
Credible makes it easy to request actual rates from RISLA and other lenders that offer student loan refinancing. You fill out a single form, and your credit score isn’t affected because there’s only a soft credit inquiry. Your personal information isn’t shared with lenders unless you see an option you like.
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.