RISLA Student Loan Refinancing Review
RISLA offers student loan refinance with features such as a soft credit check, income-based repayment for qualifying borrowers, and a co-signer release option available in most states. Borrowers may also benefit from autopay and Rhode Island resident discounts. However, co-signer release is not available in certain states, and the lender does not offer a live online chat option for customer support.
Table of Contents
Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances.
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Our Take
RISLA refinance loans are best for borrowers who could benefit from an income-based repayment plan, a feature rarely offered by other lenders. Rhode Island-based residents can benefit from the RI Advantage Discount and 0.25% AutoPay reduction. However, co-signer release isn’t available in certain states, and there isn’t a live online chat option for borrowers who may need help with questions.
Min. Credit Score:
680
Loan Amount:
$7,500 ~ $250,000
Fixed APR:
3.99 - 8.99% with autopay
Variable APR:
N/A
Loan Terms:
5, 10 and 15 years Years
Loan Types Offered:
Private student loans, Parent loans, Student loan refinance, Parent Plus loan refinance
Pros
- Offers an income-based repayment option for borrowers facing temporary hardship.
- Borrowers can refinance a loan while still attending school.
- Offers cosigner release after 24 consecutive on-time payments, which is longer than other lenders.
Cons
- Parents cannot transfer a loan to their child.
- Has only three repayment terms, less than some other lenders.
What is RISLA?
Rhode Island Student Loan Authority (RISLA) is a nonprofit, quasi-state organization founded in 1981 and headquartered in Warwick, Rhode Island.
RISLA offers fixed-rate student loans and refinancing options with no application, origination or prepayment fees.
This lender also provides an income-based repayment option for borrowers managing a temporary hardship, a stand-out feature when compared to other lenders.
Borrowers can select from three repayment terms and prequalify using a soft credit check before applying. A co-signer release is available after 24 consecutive on-time payments, except in five states where this feature is restricted by state laws.
Who would benefit the most from RISLA Student Loan Refinance?
- Rhode Island residents attending school in any state, or non-residents enrolled at a Rhode Island school. These groups are eligible for the RI Advantage Discount, which is an additional interest rate discount.
- Borrowers who want an income-based repayment option in the event of facing a temporary hardship.
How can RISLA Student Loan Refinance improve?
- Allow parents to transfer a loan to their child. Offering this feature allows parents the option to have their child officially become responsible for a loan they took out on the student’s behalf. Providing this option can help parents let go of the obligation if they run into any financial hardships and let children step in if they are able to do so.
- Add more online support tools. RISLA currently lacks a live chat feature that provides online support. Introducing real-time customer service options could help borrowers resolve application or repayment questions more efficiently.
Terms, fees and details
- Loan terms: Five, 10 and 15 years. Borrowers who defer loan payments with RISLA’s Pay Later feature only have a 15-year term option.
- Loan amounts: Minimum of $7,500, and up to $100,000 for bachelor degree students and a max of $350,000 for graduate and professional degree students like physicians and dentists.
- Soft credit check offered: Yes.
- Allows you to transfer a parent loan to a child: No.
- Application or origination fee: None.
- Prepayment penalty: None.
- Late fees: None.
Friendly Finly Advice
If possible pre-qualify with multiple lenders before committing to a loan offer. Pre-qualifying allows you to compare potential rates and terms to ensure you’re getting the lowest rate. Rates can depend on a variety of factors, including credit history and income.
Fixed APR:
6.99% - 13.99% with autopay
Variable APR:
6.99% - 13.99% with autopay
Min. Credit Score:
N/A
Max. Loan Amount:
$500,000
Fixed APR:
5.15% - 9.40% with autopay
Variable APR:
N/A
Min. Credit Score:
670
Max. Loan Amount:
$300,000
How do we select lenders?
About This Comparison:
We select three alternative refinance lenders that offer similar products to the lender featured in this review. These lenders are chosen based on their relevance to common borrower-related information—such as APR ranges, repayment terms, credit score requirements and loan amount options—their overall competitiveness in the refinance market, and their strong performance on our lender rating rubric. Our editorial team makes these selections independently to help borrowers easily compare key features and make an informed decision.
To help readers evaluate whether the featured lender is the right fit for their needs, we include a comparison section highlighting three alternative student loan refinance lenders. These lenders are selected using the following criteria:
1. Direct Relevance to Borrower Decision-Making
We choose lenders whose core offerings overlap with the featured lender—specifically in APR ranges, repayment terms, required credit scores and loan amount minimums/maximums. This ensures borrowers can make an apples-to-apples comparison of the factors most likely to influence their refinance decision.
2. Competitive Position in the Market
Alternative lenders are selected based on their market presence, competitive rates, and borrower-friendly features. We prioritize lenders that are commonly considered alongside the featured lender by refinance shoppers and industry experts.
3. Coverage of a Representative Spectrum of Options
We include lenders that together provide a balanced view of the refinance market, such as:
- A lender with low advertised APRs
- A lender with flexible or unique loan terms
- A lender with broad loan amount ranges or borrower eligibility criteria
- A lender with strong performance on our lender rating rubric
- A lender with minimum credit scores that fit borrowers who may visit the featured lender review.
This mix helps borrowers understand how the featured lender compares across different strengths.
4. Data Availability and Consistency
We only include lenders for which we have current, verifiable information on APRs, repayment options, loan amounts, and eligibility requirements. This ensures the comparison is accurate, transparent, and aligned with our editorial standards.
5. Editorial Independence
Alternative lenders are chosen by our editorial team based solely on borrower benefit and informational value. Lender partnerships or compensation agreements do not influence which lenders are selected or how they’re presented.
How to qualify for RISLA Student Loan Refinance
You’ll have to meet RISLA’s eligibility criteria to refinance your student loan. The company has various requirements for applicants to meet:
Financial criteria:
- Minimum credit score: 680
- Minimum income: Not publicly disclosed by the lender.
- Debt-to-Income ratio maximum: Up to 60%, depending on income.
- Allow applicants with bankruptcies to apply: Yes, but it has to have been at least five years ago.
- Average credit score for approved borrowers or co-signers: 771
- Average Income of approved borrowers or co-signers: Unknown
Location, citizenship and education criteria:
- Citizenship requirements: A United States citizen or permanent resident holding a non-conditional green card.
- Location restrictions: Available in all 50 states.
- Graduation criteria: No graduation requirement. Borrowers can refinance while still in school.
- School criteria: Borrowers must be enrolled at least half-time and attend a Title IV-accredited public school or non-profit institution of higher education.
- Percentage of borrowers with a co-signer: 70%
- Other restrictions: N/A
Friendly Finly Advice
RISLA, and other refinance lenders, may have additional criteria to determine eligibility for potential borrowers. Always check the lender’s website and reach out to them with any questions to confirm or inquire about criteria.
Repayment, deferment, forbearance and discharge options
- Pay Now (Immediate Refinance): Full principal and interest payments start approximately 30 days after loan disbursement. Borrowers can choose repayment terms of five, 10 or 15 years.
- Pay Later (Deferred Refinance): Available only to students still enrolled at least half-time. Payments are deferred while in school, and repayment begins six months after the borrower leaves school, with a default 15-year repayment term.
- Income-based Repayment: A short-term repayment option that sets payments based on a borrower’s income if they are facing a temporary financial hardship.
The APR range for the Pay Now option is lower than that of Pay Later. So, borrowers who select Pay Now could see a lower APR.
Related: How to Lower Private Student Loan Payments: A Guide
- Allows greater than minimum payments via autopay: Yes.
- Offers bi-weekly payments via autopay: No.
- In-school deferment: Must be enrolled at least half-time in a degree program.
- For Immediate Refinance (Pay Now) loans: Graduate students have a maximum deferment time of 36 months. These loans do not have a grace period after graduation.
- For Deferred Refinance (Pay Later) loans: Undergraduate students have a maximum deferment time of 48 months, while graduate students have a maximum time of 36 months. A six-month grace period after graduation applies before repayment begins.
- Unemployment: Yes, up to 24 months.
- Disability: Yes, up to 24 months.
- Hardship: Yes, up to 24 months.
- Death or disability discharge for borrower: Yes.
- Death or disability discharge for co-signer: No. If a co-signer dies, the primary borrower will be responsible for the balance on the loan.
- Co-signer release: Yes, after 24 consecutive months of on-time payments and meeting RISLA’s underwriting criteria. Not offered to residents of CO, CT, ME, NE or D.C. due to their state’s regulations.
The RISLA Student Loan Refinance customer service experience
- Loan servicer: RISLA
- Online chat support (Bot, live or both): RISLA does not offer any online chat support.
- Physical location or branch: Yes.
- In-house customer service representatives: Yes.
- FAQ experience: Available. RISLA answers 15 questions regarding eligibility, application and repayment.
- Provides borrowers a representative who works with them throughout the entire repayment process: Only during the application process.
- Offers a process for making and escalating complaints: Yes, complaints are escalated to management and reviewed by a compliance officer.
- Has tools that allow applicants to calculate potential monthly payments: Yes, they have a refinancing calculator.
- Typical time from loan approval to funding: 14 days.
- RISLA’s track record with customers:
RISLA has a score of 4.8 out of five on Trustpilot, with over 4,000 reviews. Most positive reviews highlight the lender’s knowledgeable and patient staff, responsive customer support and transparent loan process. A smaller number of complaints point to documents being requested repetitively or reports of slow progress for complex cases.
RISLA has received two Consumer Financial Protection Bureau (CFPB) complaints over the last 12 months. One complaint involved a borrower who said they were given inaccurate information about a change from a fixed to a variable interest rate. while the other involved a borrower disputing a late payment mark they believed was unfairly handled during a period of financial hardship.
Both complaints were related to RISLA’s other loan products rather than refinancing specifically, and were closed with an explanation.
Perks and Benefits
RISLA offers an RI Advantage Discount that provides reduced interest rates for Rhode Island residents attending school in any state or non-residents attending school in Rhode Island.
Promotional Offers
Borrowers can receive a 0.25% interest rate reduction by enrolling in autopay. Combined with the RI Advantage Discount, approximately 1.5%, eligible borrowers can get some of RISLA’s most competitive refinance rates. Always check with the lender to confirm all offers, additional terms, conditions, exclusions and, and availability.
Friendly Finly Advice
Even if RISLA has competitive rates, compare multiple refinance lenders before committing to a loan. Prequalifying and comparing lenders is the best way to ensure you’re getting the lowest possible rate and most affordable repayment plan for your budget.
How to apply for RISLA Student Loan Refinancing
- Check eligibility requirements.
RISLA (Rhode Island Student Loan Authority) offers refinancing in all 50 states, but applicants must meet credit and income standards that show the ability to repay. Borrowers can apply alone or with a co-signer to strengthen eligibility.
- Pre-qualify online.
Begin with RISLA’s online pre-qualification process to view estimated rates and repayment options. This step typically uses a soft credit inquiry, allowing you to compare potential terms without impacting your credit score.
- Choose your repayment structure.
RISLA allows borrowers to select from fixed-rate repayment terms and may offer graduated repayment options that begin with lower payments and increase over time — a feature that distinguishes it from many private refinance lenders.
- Submit a full application and documentation.
Complete the formal application and provide supporting documents, e.g., proof of income, identity verification and current loan statements. A hard credit check is completed during underwriting.
- Review, sign and refinance your loans.
After approval, review your finalized loan terms and sign electronically. RISLA will pay off your existing student loans directly, and you’ll begin repayment under your new refinance loan.
Because RISLA operates as a nonprofit state authority, borrowers who value clear pricing and structured repayment options may find it helpful to speak with a RISLA loan counselor during the process to confirm which repayment structure best fits their financial situation.
Frequently Asked Questions
Yes. RISLA is a strong option for borrowers seeking fixed-rate refinance loans with straightforward terms and flexible repayment options. It’s especially appealing for Rhode Island residents who qualify for the RI Advantage Discount.
RISLA is a nonprofit, quasi-state organization and not a bank or online-only lender. It operates primarily online but is based in Rhode Island and supported by the state to provide affordable education financing.
Borrowers in Colorado, Connecticut, Maine, Nevada and Washington D.C. cannot access co-signer release, and the lender doesn’t currently provide variable-rate options or real-time online support tools, like a live chatbot.
RISLA’s minimum credit score is 680.
Methodology
Making finance more human through transparent rating methodologies…
Finly reviews student loan refinance lenders using a transparent, borrower-first methodology built around real financial outcomes. We evaluate lenders across six weighted categories—including cost, protections, flexibility and accessibility—using a structured scoring model grounded in what matters most to borrowers.
Our ratings are developed independently and regularly updated to reflect current rates, terms and lender policies, helping you compare options with clarity and confidence. Take a look at our Methodology page for an even more in-depth view of our scoring process.