Loans Refinance Review

RISLA Student Loan Refinance Review 2024

RISLA Student Loan Refinance

Are you looking for an income-based repayment option to refinance your student loan? You can opt for RISLA student loan refinance, which is known for offering income-based repayment plans. For non-graduate borrowers who want a flexible way to refinance their student loans, this state-based student loan lender would be a better choice.

The Rhode Island Student Loan Authority, also known as RISLA, is known as a notable player in the field of student loan refinancing. It is a state-based non-profit organization that offers loans to parents, undergraduate students, and graduate students as well as refinancing student loans. For borrowers experiencing long-term financial hardship, RISLA offers an income-based repayment program.

Discover all the essential details about PenFed student loan refinancing to empower your decisions regarding your education loan.

This article explores the features, eligibility, and benefits of RISLA student loan refinance, and will also highlight how it may be the right option for those seeking relief from the burden of student loans.

Features of RISLA Student Loan Refinance

RISLA student loan refinance offers a competitive interest rate range of 5.79% to 8.49%, with the possibility of further reduction through auto-pay enrolment. There are no upfront fees, and borrowers can choose repayment terms of 5, 10, or 15 years, providing flexibility. 

RISLA does not offer a refinance loan cosigner release. Nevertheless, you can apply for a new refinance loan without a cosigner at any time.

RISLA offers flexible repayment options to accommodate students at different stages of their education journey, whether they are in school, out of school, or a parent seeking a refinancing solution. With the choice between immediate or deferred repayment, borrowers can tailor their loan structure to suit their financial circumstances.

Repayment begins 30 days after fund disbursement, allowing a short grace period. The advantage of the RISLA student loan refinance lies in the flexibility of its repayment period, but the need for immediate repayment stands out as a notable disadvantage. Still, the absence of an origination fee increases the overall attractiveness of this financing option.

Eligibility Requirements for RISLA Student Loan Refinance

To qualify for RISLA student loan refinancing, you must meet the following criteria:

  • Credit Score: Borrowers must have a minimum credit score of 680 to refinance student loans
  • Citizenship: You must be a US citizen or a permanent resident for loan refinancing.
  • Location Requirement: Refinancing is available to residents of any US state. However, your chances of qualifying for a lower interest rate may be higher if you live or attend school in Rhode Island.
  • Income Requirement: Steady employment is required to qualify for RISLA student loan refinancing. Applicants must have an annual income of at least $40,000.
  • Loan Amount: The minimum loan amount to refinance is $7,500, while the maximum loan amount to refinance is $250,000.
  • Credit Score Requirement: A strong credit score increases your chances of being eligible for loan refinancing. In terms of minimum credit score, RISLA did not disclose the same.
  • Graduation Requirement: To refinance, you do not need to have a graduation degree. Part-time students may also be eligible for RISLA student loan refinancing.

RISLA Loan Refinancing Options

  • Private student loans
  • Federal student loans
  • Private parent loans (in parent’s name only)
  • Federal Parent PLUS loans (in parent’s name only)

Repayment Options for RISLA Student Loan Refinance 

When refinancing student loans with RISLA student loan refinance, undergraduate students can choose between two repayment options offered by RISLA. These include:

  • Immediate Repayment: Immediate repayment is due 15 days after the disbursement of the loan. The repayment plan offers the lowest total cost and a repayment period of 5, 10, or 15 years.
  • Deferred Repayment: Deferred repayment has a repayment period of 15 years and starts 6 months after you graduate or leave your school. The total cost of this scheme exceeds the prompt repayment.

RISLA Student Loan Refinance Rates 

For traditional student refinance loans, RISLA offers fixed rates ranging from 5.79% to 8.49%. Student deferment rates for students with in-school deferments range from 7.74% to 8.34%. It should be noted that signing up for Autopay reduces the minimum rate of interest by 0.25%.  

For new regular student refinance loans, RISLA increased the lowest available fixed rate to 9.5% in 2023 (from 5.29% APR). The highest available fixed rate was also increased to 6.3% (from 7.99% APR). RISLA increased its minimum fixed rate to 96.7% and maximum fixed rate to 38.0% in 2022.

Immediate Repayment Refinance Loan Rates

  • Loan Term: 5, 10, and 15 Years
  • Fixed Rate: 5.79% to 8.49%

If you consider an immediate repayment refinance loan, you have the flexibility of choosing from 5, 10, or 15-year loan terms. The rates fixed for these options range from 5.79% to 8.49%. 

This means you can lock in a fixed interest rate over a chosen period of time, providing predictability in your monthly payments. The range from 5.79% to 8.49% allows you to tailor the loan to your financial preferences and goals.  

In-School Deferred Repayment Refinance Loan Rates

  • Loan Term: 15 Years
  • Fixed Rate: 7.74% to 8.34%

The in-school deferred repayment refinance loan comes with a fixed interest rate ranging from 7.74% to 8.34% over a 15-year term. This fixed rate structure ensures consistent monthly payments throughout the entire repayment period, providing borrowers with financial predictability. 

The 15-year period provides a reasonable time frame for repayment, promoting a balanced and structured approach.

Additional Fees

A lender may charge a variety of fees in addition to the interest rates for refinancing a loan. RISLA may or may not charge you some additional fees to refinance your student loans with RISLA student loan refinance. They are listed below:

  • Application Fee: None (application fee for rates and approval)
  • Disbursement Fee: None (a fee charged to lenders for allocating funds for repayment of refinanced loans)
  • Loan Origination Fee: None (fees for initiating a new loan)
  • Late Payment Fee: 6% of the overdue amount (fee associated with a late payment)
  • Collection Fee: Unspecified (fee of collection)
  • Prepayment Penalty: None (fee for making additional payments to reduce the balance of a refinance loan or to settle it ahead of schedule)
  • Returned Payment Fee: $10 (fee for a failed payment because there was not enough cash)

Pros and Cons of RISLA Student Loan Refinance 


  • Offers income-based repayment plan
  • Option for multi-year loans
  • No origination fee is required


  • Co-signer release program is not available
  • Does not offer variable interest rate loans 
  • Parent PLUS loans cannot be refinanced by students in their name.

Perks and Benefits Offered By RISLA 

RISLA provides many unique features as well as benefits for refinancing. You can get several benefits in RISLA student loan refinancing. Let’s find out:

  • Income-based Repayment (IBR) Option: With the income-based repayment option, eligible individuals can extend their loan tenure and make payments in proportion to their discretionary income. IBR’s minimum monthly payment is $10 rather than the standard $50. After completing 25 years of eligible IBR payments, borrowers can qualify for loan forgiveness.
  • Forbearance: RISLA offers a forbearance program to refinance borrowers facing financial challenges, offering a possible pause of up to 24 months on loan payments for those who qualify.
  • Graduate School Deferment: Opting for graduate school deferment allows you to delay loan payments for up to 36 months while you pursue a master’s or doctoral degree.

How to Apply for RISLA Student Loan Refinance

You can apply for RISLA Student Loan Refinance online. You can accomplish this by adhering to these steps:

  • Visit the official website of RISLA and access the student loan refinancing section.
  • If you don’t have an account, create an account that will be used to manage your loan application.
  • Begin the online application process by providing personal and financial details, such as valid identification, social security number, bank account details, income, and employment verification.
  • Upon completing the application, RISLA will conduct a thorough credit check to assess your eligibility, which could potentially result in a reduction in your credit score.
  • Upon approval, you will receive email instructions detailing the steps to get your loan accepted. Providing an electronic signature is required to complete the application.

RISLA Customer Support

There are several ways to contact RISLA, including different phone numbers for help depending on the type of student loan you have. However, the business claims to be open Monday through Friday, 8:30 a.m. to 5:30 p.m. EST, which is the time when you can contact a live support agent. is their email address, and 1-800-758-7562 is their main customer service number.

You can also send them an online message through the company’s contact form, and they also provide a page on their website where you can check the status of your application without speaking to anyone. Reviews of RISLA’s customer service are also excellent overall, with many customers appreciating the expertise and conduct of company representatives. Some Trustpilot customer reviews will help you determine what to expect from RISLA.


1. Is RISLA good for student loans?

RISLA can be a good option for student loans. It offers various repayment options, borrower perks, and competitive rates. According to NerdWallet’s student loan ranking system, RISLA has a rating of 4.5 stars. Low interest rates and flexible repayment plans that let borrowers repay the loan more quickly and stay away from default are given top priority in evaluation.

2. Is RISLA private or federal?

RISLA is a state-based non-profit organization that provides private loans. It differentiates itself from private student loan lenders by offering a comprehensive forbearance program and an income-based repayment plan designed to assist borrowers facing payment challenges.

3. What categories of student loans does RISLA provide?

RISLA offers student loan options for a variety of educational levels, including undergraduate loans, graduate loans, refinance loans, parent loans, and certificate loans.

4. What discounts does RISLA offer?

For borrowers who set up automatic payments, RISLA offers a 0.25-point rate discount. Borrowers who complete an internship approved for credit on a non-federal RISLA loan may be eligible for up to $2,000 in student loan forgiveness. Additionally, for a maximum of four years, newly licensed nurses in Rhode Island may be eligible to have their student loans paid off without any interest.


Because RISLA allows income-based repayment, it is an excellent option for borrowers who may need flexibility in the future. RISLA student loan refinancing program offers a viable solution for borrowers who want to manage their student loans more effectively. 

With competitive interest rates, flexible repayment terms, and a focus on customer support, RISLA stands as a reliable option for those looking to streamline their loan obligations. When you consider RISLA student loan refinancing, it is important to carefully evaluate your financial situation and goals to determine whether refinancing makes sense.

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