Rhode Island Student Loan Authority

• Prequalify with No Impact to Your Credit Score
• Income-Based Repayment Program
• No Fees
• Low Fixed Rates
• Helpful Tools and Calculators

Prequalify with No Impact to Your Credit Score

To check your rates with RISLA, you can prequalify with no impact to your credit score. If you choose to accept your offer, a hard credit check will be performed as part of the loan process.

Income-Based Repayment Program

One unique service provided by RISLA is Income-Based Repayment (IBR), which provides struggling borrowers with repayment flexibility.

The program is designed to reduce monthly payments and make student debt more manageable by providing borrowers with an extended loan term up to 25 years and allowing them to pay based on what they earn.

Enrolling in IBR doesn't disqualify you from RISLA's loan forgiveness programs, providing even greater flexibility to borrowers who need increased assistance and flexibility in their loan repayments.

One downside of IBR is the fact that you may pay more interest overall because your loan term will be extended.

IBR is available to borrowers and cosigners who can demonstrate that they are experiencing financial hardship based on their current wages and/or family size.

No Fees

RISLA doesn't charge any upfront fees including an application fee, origination fee, interest fee, or service fee. But, the company does charge a late payment fee, check fee, and default-related fee when necessary — a standard practice in the student debt industry.

The fact that RISLA doesn't charge an origination fee, in particular, is a unique benefit because most other student loan refinance lenders, or any other kind of loan lender, have an origination fee.

Low Fixed Rates

RISLA's refinancing fixed rates are competitively low, starting at 3.19 percent APR (with a 0.25 percent auto-pay discount).

In comparison to other lenders, this is a median rate offer, with other lenders offering starting rates as low as 2.99 percent and others as high as 3.99 percent.

However, RISLA's rates are competitive especially based on the fact that the company focuses on providing refinance options especially to borrowers with low credit.

Helpful Tools and Calculators

To assist borrowers in managing and paying down their student debt, RISLA provides helpful tools and resources including its blog, brochures, college planning and college financial aid assistance, and assistance in finding scholarships.

RISLA also has five helpful calculators:

• Estimate my EFC calculator — estimate eligibility for federal financial aid
• Paying for college calculator — input college costs and financial aid and determine how to meet the difference
• Budgeting calculator — create a personal spending plan
• How much can I afford to repay calculator — estimate maximum amount you should borrow
• Loan payment calculator — estimate your monthly student loan payment

• No Variable Rates
• Higher Minimum Income Requirement
• No 20-Year Term

No Variable Rates

Unfortunately, RISLA does not offer variable interest rates; its refinancing program only works with fixed interest rates. Most companies in the industry offer both fixed and variable interest rates.

Higher Minimum Income Requirement

RISLA requires that borrowers have an annual gross income of at least $40,000 in order to be eligible. This could be a difficult requirement for individuals just coming out of college to meet.

No 20-Year Term

Most companies in the industry offer a 20-year fixed term. RISLA's longest term is only 15 years. However, if you qualify for income-based repayment (IBR) you will be eligible for a 25-year fixed loan term.