Updated: August 10, 2023

RISLA Parent Student Loan Review

Parent Loan

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Parents
Student Loan Rating
3.5 of 5
Check Rates
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
5.74% - 8.74%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Repayment Terms
10 years
Important Information

Rewards: Autopay Discount

Flexibility: Multi-Year Option available

Yearly Loan Limits: $45,000

Overall Loan Limits: $1,500 (minimum), $175,000 (aggregate maximum)

Cosigner Terms: Cannot apply with a cosigner

The bottom line:

The Rhode Island Student Loan Authority (RISLA) is about as close as you can get to finding a federal loan in the private market. Though it only offers a single fixed-rate loan option for parents, RISLA offers borrowers an income-based repayment plan and forgiveness options (unheard of in the private loan market).

Pros

  • Does not have any enrollment status limitations
  • Offers a Multi-Year Option
  • Offers an income-based repayment plan and forgiveness options

Cons

  • Only offers a single fixed-rate loan option
  • Only offers one repayment term of 10 years
  • Borrower is limited to the student’s parent
View full rankings of the best student loans for parents
Rhode Island Student Loan Authority (RISLA) College Ave SoFi
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
5.74% - 8.74%
Variable:
Not Available
Fixed:
4.49% - 16.99% 1
Variable:
5.59% - 16.99% 1
Fixed:
4.23% - 13.60%
Variable:
3.09% - 12.13%
Loan repayment terms (Years) 10 years 5, 15 years 5 years, 10 years, 15 years
Cosigner release? None Not specified Yes, after 24 months on-time principal and interest payments
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RISLA’s parent loans are remarkable in that their repayment policies share a lot in common with superior federal loan repayment policies. If you want your monthly payments tied to your income, RISLA allows you to do that. And when it comes to forgiveness options, though that’s usually only something you can pursue with federal loans, RISLA also offers a few.

 

On the flip side, they are also remarkably rigid. They only offer one fixed rate for all borrowers and one repayment term of 10 years. To qualify, you must make over $40,000 a year and be the parent of the student. Grandparents, aunts and uncles cannot borrow through this loan program. RISLA will not, however, require the student to maintain a certain enrollment status or Satisfactory Academic Progress.

Rhode Island Student Loan Authority (RISLA) - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 10 years
  • Minimum Borrowing Limit: $1,500
  • Yearly Borrowing Limit: $45,000
  • Aggregate Borrowing Limit: $175,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: Not specified by lender
  • Minimum Annual Income: $40,000
  • Citizenship Restriction: Citizens or Residents
  • Minimum Enrollment Restriction: None
  • List of States where Loan is Not Available: None
  • Approved Schools Include: All
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: None
  • Full Deferment: None
Repayment Details
  • Length of Grace Period: None
  • Maximum Deferment Period: None
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: None
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Not specified by lender
  • Hours of Operation (in addition to weekdays): Not specified by lender
  • Application Timeline: Not specified by lender
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Not specified by lender
  • Job and Career Assistance: None
  • Financial Literacy Training: Not specified by lender
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