RISLA Review  

By loansmack

Key Features

  • Student loans for undergraduate and graduate.
  • Refinance student loans for former students.
  • Can apply with & without a cosigner; cosigner release offered.
  • 5, 10, 15 year repayment terms.
  • Undergraduate Rates: Fixed Rates – 4.49% – 6.42%. 
  • Graduate Rates: Fixed Rates – 4.74% – 6.67%. 
  • Refinance Rates: Fixed Rates – 3.49% – 7.64%. 
  • No origination fees or prepayment penalties.
  • Interest-rate reduction of 0.25% if you enroll in Auto Pay.


The Rhode Island Student Loan Authority (RISLA), established in 1981, allows students and parents to take out loans to pay for college, as well as refinance student loans for people that have already graduated.  To qualify for a loan with RISLA you need to be a resident of Rhode Island or attend a college in there.


  • Quick Application Process – You can apply in a few minutes.
  • Interest-rate reduction of 0.25% if you enroll in Auto Pay.
  • No origination fees or prepayment penalties.


  • Rates – Depending on your credit or your cosigner's credit, you may not get your desired rate.  

How to get started with RISLA

You can get started with RISLA through their online process.  Remember, when you get a rate estimate from a lender, this involves a 'soft credit' check, which will not affect your credit score.  When you decide to actually apply for a loan, the lender will do a hard credit pull which will slightly affect your credit score.

Documents you'll need for when applying to most lenders:

  • Government ID (passport, driver's license, green card).
  • Income verification (if applicable); this can include pay stubs, W-2's, etc.
  • Social Security number.