RISLA Refinancing and Private Student Loans: 2021 Exam

Full review

RISLA’s private student loan is a good option for borrowers who value flexibility in payments. RISLA offers an income-based repayment plan that caps payments at 15% of income and forfeits any remaining balances after 25 years, similar to federal government income-based repayment plans. RISLA also reimburses up to $ 2,000 for borrowers who complete qualifying internships and covers interest charges up to 48 months for qualifying nurses.

Previously, you had to live in Rhode Island or go to school there to qualify for a private student loan from RISLA. His school offerings are now available nationwide.

The RISLA private student loan at a glance

  • Few options for refund and discount flexibility.

  • Personalized rate estimates via a smooth credit check.

  • Release of the co-signer after 24 on-time payments.

How RISLA could improve

RISLA could improve its private student loans by:

  • Offering more than 12 months of abstention.

  • Allow students with a visa to take out loans.

RISLA private student loan details

  • Smooth credit check to qualify and see what rate you’ll get: Yes.

  • Loan conditions: 10 years for an immediate repayment plan; 15 years for the deferred repayment plan.

  • Loan amounts: $ 1,500 to $ 45,000.

  • Application or origin fees: No.

  • Late payment fee: Yes, 6% of the late payment amount.

Compare RISLA’s range of interest rates with others private student loan lenders. Your actual rate will depend on factors such as your credit history and financial situation or that of your co-signer. To see what price RISLA will offer you, apply on its website.


  • Minimum credit score: 680.

  • Typical credit score of approved borrowers or co-signers: 768.

  • Typical income of approved borrowers: not disclosed.

  • Maximum debt-to-income ratio: 50%.

  • May be eligible if you have declared bankruptcy: Yes, after five years.


  • Citizenship: Must be a US citizen or permanent resident.

  • Location: Available in all 50 US states.

  • Must be registered half-time or more: No.

  • Types of schools served: Any school authorized to receive federal aid.

  • Percentage of borrowers who have a co-signer: 90% +.

School reimbursement options

  • Immediate: Start making full monthly payments as soon as the loan is disbursed. This option will save you the most interest.

  • Deferred: You won’t be required to make payments until the end of your six-month grace period, but you can choose to make payments if you wish. Interest will accumulate while you are in school and will be capitalized or added to your principal balance at the end of your grace period.

Post-school reimbursement options

  • Grace period: 6 months, but only for the deferred repayment plan.

  • Postponement of school: Postpone payments if you return to school. Graduate students must attend at least part-time.

  • Military Deferral: Postpone payments if you are on active military service.

  • Forbearance: Defer payments for up to 12 months if you experience economic hardship.

  • Co-signer authorization: Yes, if the borrower makes the first 24 monthly payments on time and meets additional eligibility criteria.

  • Pardon for interns: Get $ 2,000 loan rebate if you do a three-credit internship and request a rebate within one year of graduation. The remitted amount is taxable as income.

  • Interest Discount for Nurses: RNs in Rhode Island can make 48 months of interest-free payments.

  • Income Based Refund: Pay a maximum of 15% of income per month if you are unable to pay your bill. The remaining balance will be returned after 25 years, although the amount returned will be taxed.

  • Death or disability: Yes.

  • Release of the loan if the co-signer dies or becomes disabled: No.

Refund preferences

  • Allow payments above the minimum via automatic payment: Yes.

  • Allows bi-weekly payments through automatic payment: No, but borrowers can make weekly payments.

  • Internal Customer Service Team: Yes.

  • Concern escalation process: Yes.

  • Borrowers are assigned a dedicated banker, advisor or representative: No.

  • Average time from request to approval: typically one business day.

Before applying for a RISLA student loan

Before taking out a RISLA student loan or any other private student loan, first exhaust your federal student loan options. Submit the Free Federal Student Aid Application, known as FAFSA, to apply.

Compare your private student loan options to make sure you get the best rate you qualify for. In addition to interest rates, consider lenders’ repayment alternatives and the flexibility they offer to borrowers who are struggling to make payments.

If you are not eligible for a RISLA student loan

If RISLA denies your student loan application, the lender will tell you why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.


NerdWallet believes that the best student loan is one that you can pay off at the lowest possible interest rate. That’s why NerdWallet’s student loan ratings reward lenders who offer a variety of loan terms, limit their fees and penalties, and give borrowers multiple options to avoid default. Points are also awarded for flexible credit checks, underwriting transparency, and other user-friendly features. Use these ratings as a guide, but we encourage you to research the lowest interest rate you can qualify for. NerdWallet does not receive any compensation for its reviews. Read our editorial guidelines

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