What can I use a RISLA student loan for?

You can use your RISLA student loan to fund the cost of education at an eligible institution. Based on your needs, you can receive funding for undergraduate, graduate or nursing studies. Parents may also take loans to finance a student’s education.

What credit score do I need for a RISLA student loan?

There is no disclosure of the minimum credit score requirement for a RISLA student loan. However, having a good credit rating raises the chance of getting your loan approved and may eliminate the need for a co-signer.

How long does RISLA take to approve a student loan?

Once you submit your application, it receives approval as soon as the lender completes the credit check and eligibility review. However, the disbursement of funds depends on the time taken by your school to certify your enrollment and academic progress.

Does RISLA have a mobile app?

RISLA has an online portal that borrowers can use to manage their loans. However, the lender does not specify whether there is a downloadable app.

What is the maximum amount I can borrow from RISLA?

With RISLA, you can borrow up to $45,000 per year or $150,000 per individual. The minimum student loan amount is $1,500.

Will applying for a RISLA student loan affect my credit score?

RISLA conducts an initial soft credit inquiry with no effect on your credit score.

Does RISLA accept co-signers on student loans?

Yes, RISLA allows you to have a co-signer on your loan. Co-signer release is available after 24 months of consistent and timely payments.

Can I use RISLA student loans at my college?

Yes, you can use your RISLA loan to cover the cost of study at any eligible institution that provides graduate or undergraduate programs.

2023 RISLA Student Loans Review

RISLA offers between $1,500 and $45,000 per year student loan amounts to eligible individuals. MoneyGeek’s RISLA student loan review outlines the requirements, loan terms and perks to help you determine whether the lender works for your needs to finance your education.

At a Glance: RISLA Student Loans

Risla
- 2.99%–4.74%Fixed APR Range
- Not availableVariable APR Range
- $1,500–$150,000Loan Amounts
- 15 days to six monthsGrace Period
- Not required if borrower meets qualificationsCo-signer
The Rhode Island Student Loan Authority or RISLA was established in 1981, initially operating in Rhode Island before expanding to other states.
The company provides loans to students and parents at affordable interest rates. For example, for immediate repayment, 10-year loans, the rate is from 2.99% to 4.74%, with an automatic payment discount of 0.25%.
RISLA offers loans between $1,500 and $45,000 per year, and the repayment period varies between 120 months and 180 months, depending on the loan. If you choose the immediate repayment loan, you start repaying the loan 15 days after disbursement. The deferred repayment loan does not require payments while in school — your first payment is six months after leaving school.
RISLA provides various benefits and perks to student borrowers, including income-based repayment plans and forbearance for those undergoing financial hardship due to a medical or mental challenge.
If you come from a military background, you may also receive SCRA benefits on your loan, which entitles you to a 6% interest rate reduction while on active duty.
RISLA is an excellent lender for students looking to finance the cost of their education but only need a maximum of $45,000 per year. If you need a higher amount, you may need to explore other options.
Pros
No application or origination fees
0.25% interest rate reduction with automatic payments
Income-based repayment plan
Loan forgiveness upon disability or student death
Co-signer release after two years of consistent loan payments

Cons
6% late payment fee
Maximum student loan limit is $45,000
High income requirement
Lender only offers immediate and deferred payment options, which may be limiting to students
Co-signer release program unavailable in some states
Fixed APR Range: 2.99%–4.74%
Variable APR Range: Not available
Loan Amounts: $1,500–$45,000 per year to a maximum of $150,000 per borrower
Grace Period: 15 days after disbursement for immediate repayment and six months after leaving school for deferred repayment
Co-signer: Not required if borrower meets qualifications
on Risla Website

OUR REVIEW: A DEEPER DIVE INTO RISLA

RISLA Student Loan Details
Is RISLA the Right Choice for You?
How to Apply for a RISLA Student Loan
What to Do if You’re Rejected From RISLA
Frequently Asked Questions About RISLA Student Loans

MoneyGeek Breakdown: RISLA Student Loan Details and Requirements

RISLA Details


Fixed APR	2.99%–4.74%
Variable APR	N/A
Loan Types	Undergraduate, Graduate, Nursing and Parent
Loan Amounts	$1,500–$45,000 per year to a maximum of $150,000 per borrower.
Repayment Terms	10 years for immediate repayment; 15 years for deferred repayment.
Grace Period	15 days for immediate repayment; six months after leaving school for deferred repayment.
Co-signer Required	Not required if you can meet the loan qualifications on your own.
Time to Receive Funds	It depends on the time taken by the student’s school to certify their enrollment.
Late Fees	6% of the payment amount
Prepayment Penalty Fees	None
Perks	0.25% interest rate deduction for automatic payments $2,000 loan forgiveness for internship completion Nursing rewards program allows a reduction of interest to 0% for 48 months for qualified nurses Loan forgiveness in case of student death Income-based repayment Total and permanent disability discharge SCRA benefits for military members
Mobile Application	Unclear

RISLA Student Loan Application Requirements

A student must be a U.S. citizen, permanent resident or visa holder to apply for a RISLA loan.

Open to Rhode Island students attending school in any state or non-Rhode Island students attending school in Rhode Island who select the immediate repayment loan option.

An annual income of at least $40,000 is necessary for the borrower or co-signer.

The student must be full-time, half-time or less than half-time to qualify.

Borrowers and co-signers must pass a credit check.

Is RISLA Right for You?

The best student loan depends on individual needs. Reviewing the fees, rates and repayment terms across lenders can help you secure the right option. Before settling on a student loan, you need to be sure that it can meet your education cost needs. MoneyGeek conducted a RISLA student loan review to ensure you understand what the lender has to offer.

Type of Student RISLA Is Perfect For

RISLA is excellent for individuals seeking a student loan with a longer repayment period and lower interest rate with a minimum income of $40,000 or a co-signer with qualifying income. RISLA is also well-suited for parents who wish to finance their student’s education.

If you need a lender that allows you to defer payments to six months after graduation, RISLA may be ideal. You may also refinance your current student loans to a maximum of $150,000 through RISLA and potentially obtain a lower interest rate.

Who Should Not Choose RISLA

If you choose the immediate repayment loan option from RISLA, you start making payments 15 days after funds disbursement. If you do not wish to make payments immediately, you can choose the deferred repayment option, but it comes with a higher interest rate.

RISLA loans are repayable in 10 or 15 years. If you need a longer term, you may need to get another lender. You also receive a maximum of $45,000 per year, with a cumulative maximum of $150,000. If that’s not enough to cover your yearly or total education expenses, you may need to consider another lender.

How to Apply for a RISLA Student Loan

Before getting a student loan from RISLA, you need to submit an application and wait for approval. MoneyGeek outlines the steps you need to take when applying for a RISLA student loan.

Prequalify

Use the RISLA student loan calculator to determine the interest and repayment term. You also need to confirm that both you and your co-signer (if applicable) meet the eligibility requirements.

Fill Out Application Form

Visit the application page on the RISLA website to complete the form. You provide the following information.

Specify whether you are a student, parent or co-signer
School information, including the name, state and program of study
Loan amount
Whether you have an existing student loan

You then need to agree to the consent to use electronic communications and electronic signatures, the privacy policy and verification of the borrower’s identity documents before submitting your application.

Wait for Approval

After submitting your application, RISLA conducts a credit check and determines whether you meet the other requirements before approving your loan.

Review Loan Agreement

After your loan gets approved, you need to accept the terms and complete a self-certification form. You also need to upload the supporting documents through the RISLA website.

Sign Loan Agreement

Once you are sure that you understand the loan details, follow the instructions you receive via email to sign your application. Your school also needs to certify your loan before disbursement by verifying your academic details and enrollment status.

Receive or Direct Funds

After your school responds, RISLA schedules when to send the funds to your school. How soon you receive the funds depends on the duration the school takes to certify your loan.

Make Payments

With a RISLA student loan, you may decide to start making payments immediately or defer them until after graduation.

An immediate repayment loan features a lower interest rate with a shorter repayment period of 120 months. However, you need to start payments 15 days after loan disbursement.

Deferred repayment loans feature a higher interest rate but have a longer repayment duration. If you choose this option, you start repaying your loan six months after leaving school.

What to Do if You Are Rejected From RISLA

RISLA may deny your student loan application for various reasons, including inaccurate information, insufficient income or lack of approval from your school. If this happens, you need to find out why you were denied the loan.

Before applying for another loan, it is best to get all the necessary documents and information in place based on the feedback you receive from RISLA.

You may also need to consult your school’s financial aid advisor or visit the relevant office for additional resources and information. If you do not meet RISLA’s requirements, consider adding a co-signer to your application. You may also compare other lenders to RISLA and choose one that fits your situation.

Frequently Asked Questions About Student Loans

MoneyGeek responded to the frequently asked questions about RISLA student loans in our review to ensure you have the information you need about the lender. The intention of our RISLA student loan review is to help you determine whether the lender can meet your education expense needs.

sources

RISLA. "RISLA Student Loans 2021/2022." Accessed March 25, 2022.
RISLA. "Disclosure." Accessed March 25, 2022.
RISLA. "RISLA Student Loan FAQ." Accessed March 25, 2022.
RISLA. "RISLA Loans." Accessed March 25, 2022.
RISLA. "RISLA Student Loan Rates Now Available." Accessed March 25, 2022.
RISLA. "Parent Loan." Accessed April 19, 2022.

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