Student loan refinancing with RISLA

RISLA stands for Rhode Island Student Loan Authority and irrespective of where you reside in the State, it helps to look at their student loan refinance program. When you refinance with this organization, there are chances of enjoying lower interest rates while saving money on debt

The nonprofit organization has offered programs that enable students to afford higher education. Their services include assistance for college planning, loans, and refinancing. Many of their programs are specific to Rhode Island students and residents who attend college there but the refinance program is available and open for all residing across the 50 states. 

Rates and terms

You can use RISLA to refinance your Stafford loan, private loans, subsided and unsubsidized direct loans, and Parent PLUS loans. There is a 5 year, 10 year or 15-year term on the loan with a fixed rate of interest. You will also get a .25% discount in case of automatic payments. The interest rate ranges from 3.49% to 8.14% APR depending on the term. Additionally, there are no upfront fees or prepayment fees. It is possible to refinance any amount between $7,500 to $250,000. 

The maximum amount will be based on the highest degree you have earned. You need to have a strong credit score and also earn at least $40,000 in a year. 

Those who do not meet the income requirement of the program can combine the income along with a consigner. You must have a consigner who lives at the same address and if you do not reside at the same address, either one of you should earn the minimum amount. The consigner should be aware of the fact that there is no consigner release program with RISLA. 

After you have refinanced with RISLA, it is possible to qualify for an income-based repayment plan. As per the plan, the monthly amount will be 15% of your and the consigner’s discretionary income, based on the family size and income. You must submit the necessary documentation and income every year to RISLA and they might adjust the payments based on the family size and changes in the income. 

Benefits and Drawbacks of refinancing through RISLA

Let us consider the pros and cons to refinance the loan with RISLA


  • Competitive rates– The interest rates offered by RISLA are fixed and if you have a consigner, you can enjoy lower rates.
  • Not restricted to the state– RISLA is not a state-specific refinancing program and it does not need you to be a Rhode Island resident. 
  • Income-based repayment– RISLA has an income-based repayment plan which will allow you to stay afloat if you are struggling financially. 


  • No release of cosigner– RISLA does not allow you to release the cosigner. 
  • High eligibility criteria– RISLA has a high standard and it requires an annual income of at least $40,000 to qualify. It also has a high credit score requirement, with or without a cosigner. 

How to apply for refinancing with RISLA

Apply online or call RISLA directly. You will have to provide the below-mentioned details in your application process:

  • Name and address,
  • Email address and phone number,
  • Driver’s license number,
  • Social Security number, citizenship, and birthdate,
  • Income information,
  • Housing costs,
  • Liquid assets.
  • Complete information about the loan you want to refinance, and details about the lender,
  • Loan term you desire. 

Once you complete the application, you will receive the pre-approval response in no time. If pre-approved, you have to send the below-mentioned documents to RISLA for verification. 

  • Latest billing statements for the loan that you wish to refinance,
  • W-2s from the past tax year,
  • 60-day payoff amount for the loan you are refinancing,
  • Pay stubs,
  • Statements verifying the liquid assets.

Those who meet the credit and income criteria should consider refinancing with RISLA. It can turn out to be an ideal option in the long run.

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