Is Risla a good company?
While you should always use federal loans first, RISLA is a good choice for a private lender if you need supplemental funds. With competitive fixed interest rates, multiple repayment benefits, and the ability to release your cosigner from the loan, RISLA is a useful option for both students and parent borrowers.
Is Risla private or federal?
The bottom line: The Rhode Island Student Loan Authority, known as RISLA, is a nonprofit state-based agency that refinances student loans and makes loans to undergrads, graduate students and parents. Its loans are available nationwide and best for borrowers who may need wiggle room on payments in the future.
Is RISLA only for Rhode Island residents?
No, residents from any state may apply for this program and receive a great low interest rate. However, you may be eligible for an even lower interest rate if you live, work or went to college in Rhode Island.
Can you refinance a parent PLUS loan?
Can You Refinance Parent PLUS Loans? Yes. Loan borrowers have the option of refinancing Parent PLUS Loans with a private lender. While you may consolidate Parent PLUS Loans with a Federal Direct Consolidation Loan, refinancing is the only way to lower your interest rate or transfer a Parent PLUS Loan to the student.