RISLA is a good student loan refinance option for nongraduate and in-school borrowers as well as those who want the option of debt relief (such as discretionary forbearance and an income-based repayment plan). RISLA is a nonprofit, state-affiliated educational lender. Applicants who live, work, or have loans from attending school in Rhode Island may be eligible for reduced APRs.
| Loan Limits | $7,500 – $250,000 |
| Fixed Rates | 3.99%* – 8.57% |
| Variable Rates | None |
| Terms | 5, 10 or 15 years |
| Min. Credit Score | Undisclosed |
| Apply | Link |
*Lowest rates always include the 0.25% interest reduction for enrolling in auto-pay.
Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ
| Private student loans | ✓ |
| Private parent loans | ✓ (in parent’s name only) |
| Federal student loans | ✓ |
| Federal Parent PLUS loans | ✓ (in parent’s name only) |
RISLA Refinance Rates & Fees
The Rhode Island Student Loan Authority (RISLA)’s fixed rates for traditional student refinance loans are between 3.99% and 8.29% while deferred payment refinance loans are available at 5.99% and 8.57%. Note that the lowest rate includes a 0.25% interest reduction for enrolling in auto-pay.
| Term | Fixed Rate |
|---|---|
| 5, 10 or 15 Years | 3.99% – 8.29% |
| Term | Fixed Rate |
|---|---|
| 15 Years | 5.99% – 8.57% |
Additional information about RISLA refinance rates:
- Checking your rate with RISLA will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
- There are no variable rates.
| Year End | Low | High |
|---|---|---|
| 2025 | 3.99% | 8.57% |
| 2024 | 6.34% | 8.54% |
| 2023 | 5.79% | 8.49% |
| 2022 | 5.29% | 7.99% |
| 2021 | 2.69% | 5.79% |
Additional Fees
Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that RISLA does or does not charge.
| Fee Type | Amount Charged |
|---|---|
| Application Fee | None |
| Loan Origination Fee | None |
| Disbursement Fee | None |
| Prepayment Penalty | None |
| Late Payment Fee | None |
| Returned Payment Fee | None |
| Collection Fee | Unspecified |
- Application fee – fee to apply for rates & approval.
- Loan origination fee – fee to create the new loan.
- Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
- Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
- Late payment fee – fee for making a late payment.
- Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
- Collection fee – fee for collection activity on a defaulted debt.
Current Promotions & Offers
RISLA offers a 0.25% interest reduction to borrowers who enroll in autopay. RISLA partners with some organizations, such as AAA Northeast, to supply special offers to their employees and members.
Finally, borrowers who live, work, or attended school in Rhode Island may be eligible for rate reductions.
RISLA Refinance Eligibility Requirements
To qualify for refinancing with RISLA, all borrowers must meet the criteria below.
- Citizenship Requirement: U.S. citizenship or permanent residence.
- Income Requirement: steady employment with a minimum annual household income of $40,000.
- Credit Score Requirement: undisclosed.
- Graduation Requirement: none; part-time students may also qualify for refinancing.
- Location Requirement: available in any U.S. state, though if you live, work, or attend(ed) school in Rhode Island, this may improve your chance to qualify for a lower rate.
Additional restrictions apply for specific individuals and loans.
- No past or current liens or bankruptcies.
- Only loans used to attend nonprofit Title IV institutions are eligible for refinancing.
- Additional undisclosed eligibility requirements apply.
RISLA Student Loan Repayment Options
Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. RISLA’s relief options are some of the industry’s most flexible.
Deferment & Forbearance
RISLA loans disbursed on or after July 1, 2021 are eligible for up to 24 months of forbearance. On loans disbursed before that, forbearance allowance is based on the promissory note.
Though RISLA does not disclose any conditions for deferment due to natural disaster, they were among the first private lenders to announce the suspension of loan payments due to COVID-19.[1]
See more about RISLA’s deferment and forbearance conditions below.
| Condition | Coverage |
|---|---|
| Returning to grad school (half- or full-time) | Deferment, up to 36 months |
| Disability rehabilitation | Forbearance, up to 24 months aggregate |
| Active military duty | Deferment |
| Involuntary unemployment | Forbearance, up to 24 months aggregate |
| Economic hardship | Forbearance, up to 24 months aggregate |
| Natural disaster | Undisclosed |
| Temporary hardship | Forbearance, up to 24 months aggregate |
Additional Options
RISLA may offer other opportunities for relief or contract modification.
- Co-signer release is not an option with a RISLA refinance loan.
- Death / disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.
- RISLA offers income-based repayment (IBR) plans based on the Department of Health and Human Services (HHS) Poverty Guidelines.
- The minimum monthly payment for an IBR is $10 instead of the standard $50.
- After borrowers make 25 years of qualifying IBR payments, their loans may be forgiven.
- IBR periods are limited to 12 months; in order to extend use of the program, borrowers must reapply each year.
RISLA Reviews, Complaints & Lawsuits
Beyond our own findings, our team also collected the most genuinely insightful customer experiences available, including any instances of legal action against the company in which the details became public.
RISLA Online Reviews
Below are 3 samples of RISLA customer reviews we found on public forums, included here for their value as unedited, uncensored, and unsolicited user experiences. While user profiles give us the impression that these are real people (vs. bots or paid reviewers), note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).
“I recommend RISLA (Rhode Island Student Loan Authority). They offer fixed rate refinance/consolidation loans for private loans and I had no issues with them at all when I consolidated/refinanced my Sallie Mae/Navient loans years ago. (People in any state are eligible, but if you live, work or went to school in Rhode Island you may qualify for a lower interest rate.) ” – crazycblake on reddit, 12/1/2024
“I just was approved and refied my sallie Mae loan with RISLA. i work full time, and have switched from being a full time student to a part time student. Hopefully this helps! If you have a full time job and are a part time student and make over 40k a year (and can prove with 2 years of documentation) then you should be fine” – Master-Atmosphere777 on reddit, 6/1/2023
“I would recommend RISLA for anyone looking to refinance student loans, they were very easy to work with and updated my documents needed section every day. I also received calls updating me on my status which was very helpful for me especially because my family did not have much experience in this.” – Olivia Kelly on Trustpilot, 5/3/2021
More (unfiltered) customer reviews of RISLA are available at TrustPilot.com (4.8 out of 5).
RISLA Consumer Complaints
As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of its mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.
Since June 9, 2012, consumers have submitted 44 complaints about Rhode Island Student Loan Authority (RISLA) to CFPB for an average of one (1) complaint every four (4) months; that is 60.4% slower than the average daily complaint rate among reviewed lenders.
Among the 18 complaints that include detailed narratives, at least two (2) or 11.1% directly reference refinancing.
Consumers filed two (2) complaints about RISLA in 2025, equivalent to:
- 61.8% of RISLA’s annual average number of complaints.
- one (1) complaint for every $19.255 million the year’s total operating revenues.
- one (1) complaint for every 22 employees.
- one (1) complaint for every $334 million in their student loan portfolio.
The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with RISLA, and may contain outdated information (about rates, bonus offers, etc.). Note that a lender with a large customer base is likely also to have a higher number of complaints when compared with smaller lenders. 
Complaint 14840870
7/23/2025
Florida
“Called Rhode Island Student Authority, to asked about the changes to my interest rates on my student loans. XXXX the current service provider, stated that XXXX authorized changing my interest rate from fixed to variable.”
Complaint 14124341
6/18/2025
Rhode Island
“I am submitting this formal complaint against the Rhode Island Student Loan Authority ( XXXX ) regarding their inconsistent response to my goodwill adjustment request for XXXX XXXX late payments reported on my student loan in XXXX. I have consistently made payments on this loan since XXXX. In XXXX, I enrolled in an Income-Based Repayment ( IBR ) plan, which I have followed responsibly since then. Despite this, XXXX reported XXXX XXXX late payments in XXXX and XXXX of XXXX. Both late payments occurred during a documented period of financial hardship. After noticing the negative impact on my credit, I contacted XXXX in good faith and requested that both late marks be removed as a goodwill adjustment. XXXX acknowledged my situation and removed the XX/XX/XXXX late payment. However, they refused to remove the XX/XX/XXXX late payment, citing a policy that allows only XXXX goodwill removal per loan. I believe this refusal is unfair and inconsistent because both late payments resulted from the same hardship period and were part of a single goodwill request. Removing XXXX but not the other creates a disproportionate negative impact on my credit report despite identical circumstances. I have documented all communications, including XXXX written responses to my goodwill adjustment requests. I can provide the full email correspondence if needed to support my case. I respectfully ask the CFPB to investigate this matter and assist with the removal of the XX/XX/XXXX late payment to correct my credit report fairly.”
Complaint 5890424
8/17/2022
Georgia
“I sent a letter on XX/XX/22 requesting verification of a late payment showing on my credit report for that account. The company did not send any reply within the 30 days allowed by law. They are now in violation of FCRA for failure to report accurate information.”
For a full list of complaints made against RISLA in the CFPB’s Consumer Complaint Database, click here.
RISLA Lawsuits
RISLA has not been subject to any major lawsuits in recent years. RISLA is at least partially financed by the State of Rhode Island, however. With taxpayer dollars on the line, such state-funded nonprofit lenders may be aggressive when it comes to pursuing delinquent borrowers.[2]
Frequently Asked Questions
These are the most common questions consumers have about student loan refinancing with RISLA.
- Is RISLA good for refinancing student loans?
RISLA may be a good refinance lender for borrowers who are financially stable, have established credit history, and have a student debt balance of at least $7,500.
- Does RISLA have a minimum credit score requirement to refinance student loans?
RISLA does not disclose a minimum credit score to qualify for student loan refinancing.
- Are RISLA loans federal?
RISLA loans are not federal. RISLA has no affiliation with the federal government or the U.S. Department of Education.
- Does RISLA charge a prepayment penalty?
There are no penalties for early payments or repaying a loan in full before its term is over.
- Does checking your rates with RISLA hurt your credit score?
For their prequalification process, RISLA performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, RISLA will perform a hard credit check that may affect your credit score.
- After I get my rates, how long do I have to decide if I want to refinance my student loans?
Once your refinance application is approved, RISLA will offer you loan terms that will be available to you for 45 days. After 45 days, you will be required to submit a new application if you still wish to refinance with RISLA.
- Is RISLA a bank?
No, RISLA is not a bank nor is it affiliated with any bank.
- Can I refinance a RISLA loan?
You can refinance a RISLA student loan or a student loan from another private lender. There is no limit to the number of times a borrower may refinance with RISLA. Note, however, that every new line of credit requires a hard credit check that may affect your FICO score.
- Can I refinance just some of my loans with RISLA?
Yes, you can refinance some, all, or just one of your qualifying student loans with RISLA. You may choose to refinance your private loans only or refinance private and federal loans together.
- Can I refinance loans that have already been refinanced?
Yes, you can refinance loans as many times as you want with RISLA. Note that each time you refinance, you will have to submit a new application; every application requires a hard credit check that may affect your credit score.
- Can my spouse and I refinance our loans together with RISLA?
No, spouses may not combine debts at RISLA. A spouse may act as co-signer on a refinance loan, however.
- How long does it take to refinance with RISLA?
Once you submit your application, you will be notified of your approval status within 1-2 business days. Any loan terms and/or rate offers are valid for 45 days. Upon acceptance, the first payment is due 30 days after disbursement.
- Who services RISLA refinance loans?
RISLA is its own loan servicer.
- Does RISLA offer a grace period?
No, RISLA does not offer a grace period. Student refinance loans enter repayment immediately after disbursement.
- Can I get any special rates or discounts with RISLA ?
RISLA offers a 0.25% interest rate reduction for setting up automatic electronic payments.
- What happens if I file for bankruptcy?
RISLA does not specify a course of action but does caution “[i]f you file for bankruptcy you may still be required to pay back this loan.”[3]
- Does RISLA partner with any major student refinance lender marketplaces?
RISLA partners with Credible as part of its multilender marketplace. INvestEd also advertises RISLA as a featured student refinance lender.
Compare Student Loan Refinance Reviews
| Lender | Rating |
|---|---|
| RISLA | A |
| Brazos | A- |
| ELFI | A- |
| Credible | A- |
| Advantage | B+ |
| Laurel Road | B+ |
| Splash Financial | B |
| LendKey | B |
| Panacea Financial | B |
| UW Credit Union | B |
| Purefy | B |
| SoFi | B- |
| INvestEd | B- |
| Mpower Financing | B- |
| Earnest | C+ |
| Yrefy | C+ |
| EDvestinU | C+ |
| SC Student Loan | C+ |
| Sparrow | C+ |
| Citizens Bank | C |
| College Ave | C |
| ISL | C |
| MEFA | C |
| SuperMoney | C |
| SELF Refi | C |
| CU Student Choice | C |
| iHelp | C |
| Navy Federal | C |
| BECU | C |
| First Tech Federal | C |
| PA Forward | C- |
| Nelnet Bank | C- |
Sources
- WPRI Channel 12 News, RISLA Suspends Some Student Loan Repayment for Those Impacted by COVID-19
- Boston Student Loan Lawyer, The Student Loan Lenders Most Likely to Sue You
- Rhode Island Student Loan Authority Application and Solicitation Disclosure RISLA Refinance Loan
- RISLA, Student Loan Refinancing
- Rhode Island Student Loan Authority Annual Report, Fiscal Year Ended June 30, 2020 And Dated December 31, 2020