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
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Updated: August 10, 2023
RISLA Parent Student Loan Review
Parent Loan
Lender
Fixed APR
Variable APR
Repayment terms
5.74% - 8.74%
Not Available
10 years
Fixed apr
5.74% - 8.74%
Variable apr
Not Available
Repayment terms
10 years
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
Loan comparison
Rates from (APR)
Fixed:
5.74% - 8.74%
Variable:
Not Available
Fixed:
2.74% - 17.99%
1
Variable:
3.89% - 17.99%
1
Fixed:
3.87% - 16.73%
Variable:
5.70% - 16.73%
Loan repayment terms (years)
10 years
5, 15 years
2
5 years, 7 years, 10 years, 15 years
Cosigner release?
None
Not specified
Yes, after 24 months on-time principal and interest payments
Full review
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) - Parent Loan
Other loans that Rhode Island Student Loan Authority (RISLA) offers:
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