RISLA Private Student Loan
The RISLA Student Loan is fixed rate non-federal education loan for undergraduate and graduate students. Rhode Island residents attending eligible in-state schools or out-of-state schools and non-Rhode Island residents attending eligible Rhode Island schools may qualify. It is recommended that students use Federal student loans, such as the Stafford and Perkins loan, to fund their education before considering Private student loans.
Benefits of the RISLA Student Loan:
- Safe Fixed Interest Rate – you don’t have to worry about your monthly payments ever changing
- Choose your Repayment Option – immediate repayment is the lowest cost option but there is also a deferred option if you need more time before entering repayment
- Zero origination fees on all immediate repayment loans
- Zero origination fee option on deferred repayment loans
- Easy Online Application with instant credit pre-approval
- No Pre-Payment Penalties
- Cosigner release option if upon entering repayment, first 24 payments are made on time and student borrower meets underwriting criteria
- 0.25% interest rate reduction for making automatic electronic payments
| RISLA Student Loan | Fixed Interest Rate(1) | APR(2) | Repayment Term | Estimated monthly payment per $10,000 borrowed |
|---|---|---|---|---|
| Immediate Repayment 10-year | 5.39% | 5.39% | 120 months | $110 |
| Deferred Repayment for Undergrads 15-year (3) | 7.49% | 7.18% - 7.56% | 180 months | $123 - $128 |
Immediate repayment – Payments start 45 days after final disbursement. Borrowers can save thousands of dollars in finance charges by choosing an immediate repayment option.
Eligibility:
- Rhode Island residents attending eligible in- or out-of-state schools and non-Rhode Island residents attending eligible Rhode Island schools
- Undergraduate and graduate students may apply
- Borrowers must pass a credit check and meet other eligibility requirements
- Student MUST complete and return Self-Certification form to lender.
Learn More and Apply
Please click here for additional information on the terms of this loan program.
Loans and the AAA Student Lending Program offered through AAA Southern New England Bank. The lender for the RISLA Student Loan is the Rhode Island Student Loan Authority. Rates and terms are subject to change or termination without notice. Loans subject to satisfactory credit approval and eligibility requirements.
(1) Rates are for loans first disbursed on or after July 1, 2013. Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. Interest begins accruing after each loan disbursement. (2) The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, the origination fee (if applicable), and making equal payments over the term of the loan. APR is calculated using the following assumptions. Minimum monthly payment on all repayment options is $50. IMMEDIATE REPAYMENT EXAMPLE: Equal disbursements of $5,000 in September and January. Loan enters repayment 45 days after final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. UNDERGRADUATE DEFERRED REPAYMENT EXAMPLE: Equal disbursements of $5,000 in September and January. A 4% origination fee (if applicable) is added at the time loan proceeds are disbursed. Fifty-four months pass after 1st disbursement (48 months in-school and 6 months of grace) before outstanding interest is capitalized and a 180 month repayment term begins.
