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Historically Low Student Loan Rates for 2019/2020

Posted by Alyssa Pascarella on May 9, 2019 12:57:00 PM

New Rates

How low did we go?

RISLA dramatically reduced its already low rates for the coming academic year, for example the standard 10-year student loan rate will now be 3.89% (3.64% if the borrowers elect to make automatic payments using ACH).
We are well aware of how stressful figuring out how to pay for college can be and we are often shocked at the high interest rates that many borrowers are burdened with. RISLA is constantly looking at ways to make borrowing less expensive and we certainly hope that RI residents and out of state students attending a RI school can take advantage of these extremely low interest rates which will save them thousands of dollars in interest and finance charges.
 
By way of comparison, a fixed rate education loan from a for-profit lender or bank will typically range from 6% to 13%. Additionally, the Federal PLUS loan for parents, if it was reset today would be over 7%, plus a 4.2% fee. RISLA has no upfront fees!

New to RISLA?

The process is quick and easy to apply. Borrowers can choose to complete the online application from their mobile device or desktop computer.  Application processing requires RISLA to pull a complete credit report, which could impact an applicant's credit score.  

Repeat borrower?

It will be our pleasure to assist you again. The new and improved loan application will allow users to securely and privately access rate offerings and determine their eligibility for a loan with RISLA from their phone with minimal data entry and without impacting their credit scores.

Download Student Loan Guide

For the 2019/20 academic year, RISLA will continue to offer some of the lowest fixed rate non-federal student loans in the country. “RISLA's non-profit status and its AA rated tax-exempt bonds enable RISLA to offer one of the lowest fixed interest rate student loans in the country,” said Charles P. Kelley, RISLA’s Executive Director. “But we also recognize that it is not enough to have the lowest interest rates. We must also leverage new technology to provide a great customer experience for students and families on the go”.

Topics: Financial Education for Students, student loans