RISLA Student Loan Refinance review

RISLA, the Rhode Island Student Loan Authority, is a nonprofit lender that refinances federal and private loans for borrowers nationwide, and it offers protections that most private lenders do not. Its refinance page lists fixed rates starting at 3.99% APR, with the 10-year Pay Now term at 4.74% to 8.24% APR and the 15-year at 4.99% to 8.74% APR. That ceiling is far below SoFi's or Splash's. Borrowers choose 5, 10 or 15 year terms, and students still enrolled at least half time can pick a 15-year Pay Later loan. RISLA lists Income-Based Repayment, forbearance for unemployment, disability and hardship, an autopay discount and cosigner release. There are no application, origination, disbursement or late fees, and loans run from $1,500 to $350,000 depending on degree. The limits are fixed rates only, a short menu of terms and a cosigner release program that is not offered in five jurisdictions. Its comparison tables also show more than one rate floor, so confirm your quote.

Who it is for

borrowers who want income-based repayment on a private refinance

Price

No application, origination, disbursement or late fees; fixed rates starting at 3.99% APR.

Rates Starting at 3.99% APR
Quoted from the vendor pricing page on November 13, 2026.

Key features

• Fixed rates starting at 3.99% APR, with a 10-year range of 4.74% to 8.24% APR
• 5, 10 and 15 year Pay Now terms, plus a 15 year Pay Later option for students still enrolled
• Income-Based Repayment, forbearance for unemployment, disability and hardship, and cosigner release
• No application, origination, disbursement or late fees and no prepayment penalty
• Refinance from $1,500 up to $350,000 depending on the highest degree earned

Strengths and weaknesses

• Strength: Income-Based Repayment is rare on a private refinance loan
• Strength: Low $1,500 minimum suits graduates with small balances
• Strength: RI Advantage discount for Rhode Island residents or students who attended a Rhode Island school
• Weakness: Fixed rates only, with no variable option
• Weakness: No 7 or 20 year term
• Weakness: Cosigner release is not available in Colorado, Connecticut, Maine, Nevada and Washington, D.C.

Key facts

• Fixed APR: From 3.99%
• Terms: 5, 10 or 15 years
• Loan size: $1,500 to $350,000
• Lender type: Nonprofit state authority
• Fees: No application, origination, disbursement or late fees

Where it ranks

RISLA Student Loan Refinance is No. 3 in our Best Student Loan Refinance Lenders verdict.