RI Student Loan Authority offering lowest rates in 40 year history

Warwick Beacon ·

Rhode Island residents can now enjoy the lowest rates offered in RISLA’s 40-year history, even if attending school out of state.

According to Charles P. Kelley, Executive Director of the Rhode Island Student Loan Authority (RISLA), the rate for RISLA’s state-based education loan with a ten-year immediate repayment is 2.99% APR if the RI resident borrower (or out of state borrower attending a RI school) uses auto debit from their checking account, or 3.24% if they pay by check or online.”

“We are thrilled to offer Rhode Island residents and their families such great low rates which are attributed to our recent and very successful bond issuance,” said Kelley. “Moreover, RISLA is the only private education loan provider that offers income-based repayment to all its borrowers if they experience financial hardship from unemployment or severe medical issues.

RISLA also offers a loan where payments can be deferred until six months after the student leaves school.

In concurrent news, RISLA was recently notified that it is ranked as the top Provider of Student Loans by Forbes Advisor.

The Rhode Island Student Loan Authority (RISLA) is a non-profit quasi-state authority which has been providing affordable higher education solutions since 1981. It also operates the College Planning Center located at the Warwick Mall in Warwick, Rhode Island. In addition to providing loans and facilitating applications for federal grants, RISLA educates families on how to obtain financial aid, walks students through the college planning process, provides tools that can help families make informed and responsible borrowing choices for college, and aids students in jump-starting their careers.

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