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
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.
STUDENT LOAN RATING METHODOLOGY
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