Rhode Island Student Loan Authority does not work through automated phone lines. Instead, the company offers one-on-one customer service. Additionally, borrowers can schedule college planning appointments to talk through questions they may have about going to college.
RISLA provides convenient, helpful resources to students, including free college planning advice, online loan calculators, and financial literacy tutorials.
RISLA is unique in that it offers many loan reward programs. The organization's website explains these programs in detail. In addition to loan reward programs, RISLA also offers loan forgiveness programs and ways to reduce interest rates.
RISLA is transparent about its offerings and displays them in plain view on its website. This is convenient for borrowers because they will have an understanding of what the organization has available without having to dig or fill out an application.
RISLA's fixed rates, which range from 3.49 to 7.64 percent, are low for the industry. Additionally, the organization does not charge any origination fees.
Unfortunately, Rhode Island Student Loan Authority 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.
RISLA requires that borrowers have an annual gross income of at least $40,000 in order to be eligible. This could be difficult requirement for individuals just coming out of college to meet.
Most companies in the industry offer a 20-year fixed term. However, RISLA's longest term is only 15 years.