4.4 _/5

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Private Student Loans

Offers income-based repayment plans
Special benefits for interns and nurses

One-size-fits-all term lengths
Limited live customer support
No cosigner release in some states

Rates (APR)	3.85% – 8.74% fixed (rates higher for non-RI residents and for not using autopay)
Loan amounts	$1,500 – $50,000
Repayment terms	10 or 15 years
Loans offered	Student, parent
In-school repayment options	Full, deferred
Min. credit score	Not disclosed
Min. income	$40,000
Cosigner release?	After 24 on-time payments. No cosigner release offered in Colorado, Connecticut, Maine, Nevada, and Washington, D.C.
Repayment assistance	Income-based repayment, forbearance, military benefits, permanent disability or death forgiveness
Grace period	6 months
State availability	All 50 states + D.C.
Customer reviews	Excellent

Refinance Student Loans

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Offers income-based repayment plans
RI residents and students can refinance while still in school

Limited live customer support
No cosigner release in some states

Rates (APR)	3.99% – 8.54% fixed (rates higher for non-RI residents and for not using autopay)
Refi amounts	$7,500 – $250,000
Repayment terms	5, 10, or 15 years
Min. income	Not disclosed
Cosigners available?	After 24 on-time payments. No cosigner release offered in Colorado, Connecticut, Maine, Nevada, and Washington, D.C.
Repayment assistance	Forbearance, deferment, income-based repayment
Enrollment status	Available to students still enrolled
State availability	All 50 states + D.C.
Customer reviews	Excellent

Table of Contents

RISLA student loans
RISLA student loan refinancing
What borrowers say
Best alternatives

RISLA—which stands for Rhode Island Student Loan Authority—is a nonprofit dedicated to helping students go to college.

It offers student loans with many borrower protections you don’t typically see with private lenders, including income-driven repayment plans. That’s a common benefit with federal student loans, but one that private lenders typically lack.

RISLA student loans have several downsides, though. For example, the best rates and benefits are only available to Rhode Island residents and students.

RISLA student loans

Students and parents living in any state are welcome to apply for RISLA student loans. And no matter where you live, you’ll be eligible for the income-based repayment plans that give RISLA a big advantage over other private student loan companies.

But if you’re a Rhode Island resident or studying at one of 12 colleges within the state, you’ll get more out of RISLA’s student loans.

Benefits for Rhode Island students

Interest rate discount: Rhode Island residents and students attending school in the state get cheaper rates—a discount called the RI Advantage. We’ve reported those rates here. Rates are higher for other students, but RISLA doesn’t say by how much.
Zero interest for nurses: Nurses employed at least half-time in Rhode Island won’t pay any interest on their RISLA student loans for four full years after graduating.
Loan forgiveness for interns: Complete a non-required internship for college credit and get up to $2,000 of your loan balance forgiven.

Income-based repayment

One of RISLA’s biggest advantages over other private student loan lenders is its income-based repayment (IBR) plan. If you’re facing a financial setback—like losing your job or dealing with reduced income—this plan can help lower your monthly payments for up to a year at a time.

To figure out your payment, RISLA looks at your income, your cosigner’s income, your household size, and the state you each live in. Then it compares those numbers to federal poverty guidelines. If the result is lower than your usual monthly payment, you’ll qualify for IBR for one year.

Your payment can go up or down each year based on any changes in income or family size. If you’re still struggling after the year is up, you can reapply by submitting updated info. But if things improve and you no longer qualify, your payment will go back to the standard amount in your original loan agreement.

One more benefit: If you stay on IBR long-term, your repayment term can stretch up to 25 years. And if any balance is left after that, RISLA will forgive it—no strings attached.

Standard repayment

While RISLA offers solid borrower protections—like income-based repayment, temporary forbearance, military benefits, and even forgiveness in cases of permanent disability or death—it’s not flexible when it comes to customizing loans.

You don’t get to choose your repayment term length: All RISLA student loans are either 10 years (if you start making payments right away) or 15 years (if you defer until after school).

RISLA student loan refinancing

RISLA offers more choices when it comes to its refinance loans. Borrowers can choose from three term length choices—5, 10, or 15 years— instead of one term choice, and you can even refinance while you’re still in school, unlike most other lenders.

Most of the really helpful borrower protections for regular RISLA student loans are still available for its refinance loans, too. The RI Advantage rate discount applies to Rhode Island residents and those who studied at in-state schools. In 2024, RISLA claimed this could lower refinance rates by up to 1.75%.

What borrowers say about RISLA

RISLA also offers college planning services, so it’s not always easy to get a clear picture from ratings overviews.

Looking closer at the written reviews, though, you can spot RISLA student loan trends. A common complaint is that people don’t meet the underwriting requirements for RISLA student loans.

On the other hand, many people praise its helpful customer service staff—when they can get ahold of it, that is. Its customer support hours end promptly each weekday at 5:30 p.m. Eastern, which might be a problem if you live on the West Coast.

Platform	Rating	Number of reviews
Google	3.7/5	41
Trustpilot	4.8/5	4,081

Reviews as of May 2025.

Best alternatives to RISLA

Company	What to know	Rating (0-5)
5.0 View Rates	Lowest rates	5.0 View Rates
3.9 View Rates	Income-based repayment but no refinance	3.9 View Rates

RISLA vs. College Ave: College Ave may not offer income-based repayment options like RISLA, but it has even lower starting interest rates on all its loans. Plus, those low rates aren’t limited to Rhode Island residents.
RISLA vs. Edly: Like RISLA, Edly also offers an income-based repayment plan, but it works differently. You’ll make payments based on a percentage of your income for seven years, once you’re earning more than $30,000 per year. But you’ll need to work around many rules and limitations, and it doesn’t offer refinance loans.

How we rated RISLA

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared RISLA to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Our rating
RISLA private student loans	4.4/5
RISLA student loan refinance	4.4/5