Rhode Island Student Loan Authority (RISLA) Guide & Review

What is RISLA? State Non-Profit Lending Excellence

The Rhode Island Student Loan Authority (RISLA) is a state-chartered, non-profit public authority established in 1981 to help students and families finance higher education. Unlike commercial private lenders, RISLA does not exist to maximize shareholder returns; its mission is educational access and consumer protection.

While based in Rhode Island, RISLA offers refinancing loans to borrowers nationwide, as well as in-school undergraduate and graduate financing for students attending eligible colleges.

The Groundbreaking RISLA Income-Based Repayment (IBR) for Private Loans

One of RISLA's most innovative features is that it offers a true Income-Based Repayment option for private education debt. While almost every private lender offers only temporary forbearance during financial distress, RISLA permits eligible borrowers who experience prolonged economic hardship to cap their monthly payments at 15% of discretionary income for up to 24 to 36 months.

Key RISLA Loan Offerings

• National Refinance Loan: Available to borrowers nationwide with fixed rates, no application or origination fees, and no prepayment penalties.
• College Planning Center: Free financial aid counseling and FAFSA completion assistance for high school and university students.
• Nursing Reward Program: Up to $20,000 in loan forgiveness for nurses who practice in Rhode Island healthcare facilities.

Test how RISLA's fixed refinance rates compare with your current debt using our Student Loan Refinance Savings Calculator.