RISLA Student Loans: 2025 Review

New vs. refinance student loans with RISLA

RISLA offers three different tiers of rates for new loans based on immediate, deferred and parent payment options. The lowest new loan rates are offered for the lender’s immediate repayment program for a 10-year term, which means you’d be making payments while you’re enrolled in school.

The deferred program gives students a longer repayment term of 180 months but at higher minimum rates than the immediate repayment program. The parent-only program also features higher start rates than the immediate repayment program with a maximum repayment term of 10 years.

RISLA offers three repayment periods for its refinance program: 5,10 and 15 years. The lowest rates are for the shortest terms. One of the lender’s unique refinance options is its “pay later” plan, which allows students to defer payments on a completed refinance for six months after graduation.

New private student loans

RISLA offers start rates that are significantly lower than current federal student loan rates. Up to 100 percent of certified costs – including tuition, housing and supplies – may be included in the lender's $50,000 per school year maximum.  

The lender doesn't charge origination, late or insufficient funds fees. RISLA also offers repayment options commonly found only in federal student loans, including income-based repayment, forbearance and even forgiveness under its internship program. 

• Immediate repayment: Qualified borrowers will get the best rates if they can begin repayment while they are still enrolled in school.
• Deferred repayment: Although rates are slightly higher for this option, terms can be extended out to 180 months, giving students a slightly lower payment than the 10-year minimum term required on the immediate payment program.
• Parent only: Parent rates are slightly below the deferred repayment options, but only offer a 10-year repayment term.
• Income-based repayment: Borrowers dealing with financial hardship may qualify for help through RISLA's income-based repayment plan.
• Forbearance: Students may qualify for options that allow a temporary pause or lowering of payments if they are experiencing financial instability.
• Other payment perks: Nurses may be eligible for zero interest on student loans for up to four years. Students eligible for the lender's multi-year program can avoid the hassle of re-applying for a loan each school year.  

RISLA student loan refinancing

Borrowers can choose from four unique refinance programs with a variety of repayment terms between five and 15 years.  The lender doesn't charge any fees for any of its refinance options. 

Unlike most private student loan refinance options, the income-based payment option is also offered for refinance loans. Parent PLUS loans are also eligible for refinance and allow borrowers to combine multiple loans into one new RISLA refinance loan. 

The lender also offers a cosigner release program for eligible borrowers, and discounts for Rhode Island residents attending any out-of-state school and non-Rhode Island residents attending a school in Rhode Island.

RISLA's “Pay Later” program also allows students enrolled in school at least half-time with a 15-year refinance option, with payments deferred until 6 months after completing school. 

Where RISLA falls short

• Loan amount maximums may not cover yearly costs: RISLA's $50,000 cap may not be enough for tuition and housing at some expensive private universities.
• Lowest rates require immediate repayment: You'll need to start making payments right away if you want to get RISLA's lowest rates. Deferred payment options come with higher rates.
• You may not qualify for the lowest rates: You'll need to prove your creditworthiness to get the lowest offered rates. You're better off applying for federal student loans if you have bad credit or no credit scores.
• Maximum term is 15 years: If you need a longer term to afford your student loan payments, you may need to s

RISLA vs Earnest

RISLA outshines Earnest when it comes to hardship benefits. Although Earnest offers a 30-year repayment option for borrowers experiencing financial challenges, it can't match the income-based repayment plan offered by RISLA. RISLA also offers a deferred payment refinance product that Earnest doesn't have. 

Earnest's minimum new loan rates are slightly lower than RISLA and its 9-month deferment gives students an extra three months before repayment begins. Earnest also offers a price-match guarantee that separates it from RISLA and other student loan lenders. 

RISLA vs SoFi

RISLA's refinance rates are significantly lower than SoFi, making it a better choice if you're considering consolidating multiple federal student loans. You won't find income-based or forbearance flexibility at SoFi either, making RISLA a better option if you encounter money troubles as you're getting started in your career. 

SoFi offers a longer term option for refinancing, which could ease the strain on your budget if RISLA's 15-year maximum term payment is too high. SoFi also offers seven-day-a-week phone support if you need help on the weekends – you're limited to weekday phone support at RISLA.

Do you qualify for a loan with RISLA?

The rate and loan amount you're offered on a RISLA loan will depend on your credit score and evidence you can repay the loan. Standard requirements include:

• Proof of enrollment at a Title IV Degree granting school, or approved public or nonprofit higher education institution
• Credit score verification
• Income documentation
• Cosigner information (RISLA recommends for potentially lower rate)
• Proof you'll be 18 by the time loan is disbursed
• Proof of U.S. citizenship or permanent resident status with non-conditional green card

How Bankrate rates RISLA

Methodology

Bankrate uses two methodologies to score lenders that have new student loans and refinance products.

Negative reviews indicated frustration with uploading approval documents through the lenders portals, as well as excessive requests for additional documents. However, these complaints made up less than 1 percent of total reviews.