RISLA

What RISLA does

RISLA (Rhode Island Student Loan Authority) is a nonprofit quasi-state organization chartered by the State of Rhode Island in 1981 to provide affordable higher education financing. Headquartered in Warwick, Rhode Island, RISLA underwrites and services private student loans for undergraduate students, graduate and professional students, parents, and refinance borrowers, with fixed interest rates ranging from 2.99% to 9.24% APR and no application, origination, or late fees. The product portfolio includes Undergraduate Student Loans (immediate, 10-year, deferred, and interest-only repayment), Graduate Student Loans covering MBA, law, medical, dental, and veterinary programs, Parent Loans positioned as a Parent PLUS alternative, and Refinance Loans for consolidating existing student debt. Supporting the core loan business, RISLA operates the College Planning Center (free one-on-one appointments, school presentations, college fairs), the Scholarship Hub (rischolarships.org search platform and Knowledge for College monthly $2,000 scholarship giveaway totaling $100,000 annually), and an RI Advantage discount program exclusive to Rhode Island residents and students at eleven Rhode Island colleges.

The technology platform comprises online pre-qualification, loan calculators, document upload, an employer dashboard for B2B repayment programs, and a multi-year loan renewal system. RISLA generates revenue primarily through net interest income on its loan portfolio, with supplementary income from refinancing activity and employer partnership channels that produce downstream loan volume. Distribution is hybrid: direct-to-consumer via risla.com and toll-free phone, community-led via the College Planning Center and high school counselor networks, and sales-led through employer HR partnerships. The organization holds NMLS license #1512734, was the first U.S. nonprofit to offer student loan refinancing, and maintains a 4.9 TrustPilot rating. Leadership is in transition, with Executive Director Charles P. Kelley having served since 1993 and announcing retirement in January 2026.

RISLA serves multiple customer segments: undergraduate students (primary), graduate and professional students (primary), parents of students (primary), employers offering financial wellness benefits (secondary), and high school students/families seeking college planning guidance (secondary). Geographic scope is Rhode Island-anchored but national in product availability for students at any Title IV-eligible degree-granting institution. The organization operates from a single headquarters in Warwick plus a College Planning Center in Cranston, with mailing addresses in Warwick and Hartford, Connecticut for payments and applications.

Name

RISLA

Legal name

Rhode Island Student Loan Authority

Website

https://risla.com

Company type

Private

Founded year

1981

Operating status

Operating

Headcount range

11–50 employees

Short description

RISLA is a Rhode Island quasi-state nonprofit founded in 1981 that underwrites no-fee, fixed-rate private student loans for undergraduates, graduates, parents, and refinance borrowers nationwide, complemented by free college planning, scholarships, and employer student loan repayment programs.

Ownership category

akta.pro rank

Product category

Student Lending

NAICS

Educational Support Services (611710)

SIC

Loan Brokers (6163)

akta.pro primary industry

Student Loan Intermediation & Refinancing (FSAEAEAL)

akta.pro secondary industry

Student Loan Refinancing (Private Refi) (FSAKAEAD)

Keywords

• Student lending
• Student loan refinancing
• College planning services
• Employer loan benefits
• Nonprofit education finance

Headquarters

HQ city

Warwick

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Student Loan Interest: RISLA generates revenue through interest charged on undergraduate, graduate, parent, and professional student loans. Fixed interest rates range from 2.99% to 9.24% APR depending on loan type, repayment option, and eligibility.
2. Student Loan Refinancing: Revenue from refinancing existing student loans at competitive fixed rates. RISLA pays off existing loans and consolidates them into a single new loan with potentially lower interest rates.
3. Employer Partnership Services: RISLA provides employer student loan repayment programs, tuition assistance administration, and financial wellness benefits to employers at no cost. Revenue is generated through loan volume from employees who later become borrowers.
4. Scholarship Hub Services: Free scholarship search platform (rischolarships.org) and Knowledge for College scholarship program that awards $100,000 annually in scholarships. Revenue generated through student engagement leading to loan products.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels10 records

Core offering

RISLA is a nonprofit, quasi-state student loan authority that originates and services private student loans for undergraduate, graduate, and parent borrowers at fixed rates from 2.99% APR with no application, origination, or late fees. It also offers student loan refinancing, employer student loan repayment benefit programs, and free college planning and scholarship services through its College Planning Center and Scholarship Hub platforms.

Product overview

RISLA (Rhode Island Student Loan Authority) is a nonprofit quasi-state organization offering a comprehensive suite of student loan products and educational services. The core product portfolio includes Undergraduate Student Loans, Graduate Student Loans (covering MBA, Law, Medical, Health Professions, and Dental/Veterinary programs), Parent Loans, and Refinance Loans—all featuring competitive fixed rates, no fees, and flexible repayment options. Supporting these loan products, RISLA provides free College Planning Center services for admissions and financial aid guidance, a Scholarship Hub with the Knowledge for College monthly scholarship program and rischolarships.org search tool, and Employer Programs including Student Loan Repayment, Partnership, and Tuition Assistance benefits. The RI Advantage discount program provides rate reductions for Rhode Island-affiliated borrowers. RISLA has operated since 1981 and was the first nonprofit in the U.S. to offer refinancing of higher education loans.

Differentiator

Problem solved

Functional benefit

Brands

• College Planning Center: A free service dedicated to helping students gain access to higher education, offering college planning guidance, FAFSA assistance, and financial literacy programs. Located at 1000 Chapel View Blvd, Suite 132, Cranston, RI 02920.
• Scholarship Hub
• Knowledge for College
• rischolarships.org

Products and services

• Undergraduate Student Loans Private student loans for undergraduate students covering tuition, housing, books, and education-related expenses at fixed rates starting at 2.99% APR with no application, origination, or late fees and flexible repayment options (immediate, 10-year, and 15-year deferred).
• Graduate Student Loans Private graduate and professional student loans for advanced degrees including MBA, law, medical, health professions, and dental/veterinary programs, with fixed rates starting at 2.99% APR and flexible repayment options up to full cost of education.
• Parent Loans Private parent loans offered as a lower-cost alternative to Federal Parent PLUS loans, allowing parents to borrow for their student's education at fixed rates starting at 5.99% APR with no application or origination fees and multiple repayment options.
• Refinance Loans Student loan refinancing product that consolidates existing student loans into a single new loan with a fixed rate starting at 3.99% APR, available as Pay Now (immediate) or Pay Later (deferred for enrolled students).
• College Planning Center Free one-on-one college planning service providing guidance on college selection, applications, financial aid forms (FAFSA/CSS), aid package comparison, and financing options for students and families.
• Scholarship Hub Online scholarship resource platform providing free scholarship search tools, downloadable guides on applications, essays, and resumes, and educational content on scholarship types for prospective and current college students.
• Employer Student Loan Repayment Program Employer student loan repayment benefit program enabling organizations to make tax-free contributions up to $5,250 per employee annually directly to employees' student loan servicers, with customizable eligibility rules, payment schedules, and an administration dashboard.
• Employer Partnership Program Free employer benefit program that bundles an exclusive 0.25% interest rate discount on student loan refinancing for employees with access to student loan repayment and tuition assistance program administration.
• Tuition Assistance Program Employer tuition assistance and reimbursement administration service with a secure online portal, eligibility verification, document management, and payment tracking for participating employees.

Quantifiable outcome

• 4.9 TrustPilot rating vs competitors (Sallie Mae 1.3, College Ave 4.5)
• +7 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Rhode Island Colleges and UniversitiescoreStrategic or Co-development PartnerRISLA partners with Rhode Island colleges and universities to offer exclusive RI Advantage discounts. Partner schools include Brown University, Bryant University, CCRI, Johnson & Wales, NEIT, Providence College, Rhode Island College, RISD, Roger Williams University, Salve Regina University, and University of Rhode Island. Students attending these schools or Rhode Island residents attending any school qualify for rate discounts.
• Title IV Degree-Granting InstitutionscoreStrategic or Co-development PartnerRISLA loans are available to students attending Title IV eligible degree-granting public or nonprofit institutions nationwide. Schools certify loan amounts and disburse funds, creating a network partnership for loan administration.
• Employer Partners (Student Loan Repayment Program)coreStrategic or Co-development PartnerRISLA partners with employers to administer student loan repayment benefits. Employers provide contributions that RISLA distributes directly to employee loan accounts. Includes customizable eligibility requirements, payment schedules, and reporting dashboards.
• Employer Partners (Tuition Assistance)coreStrategic or Co-development PartnerRISLA provides streamlined administration for employer tuition assistance and reimbursement programs. Services include secure online portals, eligibility verification, fund disbursement, and payment tracking.
• High School Counselors NetworkcoreStrategic or Co-development PartnerRISLA College Planning Center provides resources, presentations, and support for high school counselors to help students navigate college planning, applications, and financial aid.
• Federal Student Aid (studentaid.gov)minorChannel Partner/ Reseller/ DistributorRISLA directs customers to official federal resources for student loan forgiveness, consolidation, and IDR information. Complementary relationship supporting informed borrowing decisions.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• College Ave Student Loans: Online-focused private student loan lender offering undergraduate, graduate, parent, and refinance loans. Directly comparable to RISLA on product mix and digital D2C delivery model.
• Sallie Mae: Largest U.S. private student loan originator and servicer, offering undergraduate, graduate, and parent loans. Directly competes with RISLA in the same product categories and was explicitly benchmarked against RISLA in TrustPilot ratings (1.3 vs RISLA's 4.9).
• Earnest: Student loan refinancing lender (now part of Navient's broader platform) focused on precision-priced refinance products. Directly competes with RISLA's refinance loan offering on rate competitiveness.
• Commonbond: Fintech student loan refinancing and new origination lender serving similar borrower segments to RISLA's refinance product, with comparable competitive positioning around rate and borrower experience.
• SoFi: Public fintech offering private student loan refinancing plus a broader suite of lending and banking products. Competes directly with RISLA's refinance product while bringing substantially greater capital and brand reach.
• MEFA (Massachusetts Educational Financing Authority): State-created nonprofit authority offering education loans and college planning services — structurally and missionally identical to RISLA, with a near-identical state-authority model and product set.

Broad incumbents

• Discover Student Loans: National bank-affiliated private student loan program covering undergraduate, graduate, and consolidation products as part of Discover's broader consumer lending portfolio. Overlaps with RISLA but operates at much larger scale.

Emerging players

• Tuition.io: Employer student loan repayment and tuition assistance administration platform. Directly competes with RISLA's employer benefit channel for the same B2B HR-and-benefits buyers.

Regional players

• New York State Higher Education Services Corporation (HESC): New York state agency administering TAP grants and other higher-education finance programs. Operates an analogous state-level education-finance mission to RISLA in a different geography.
• Edvest (New Hampshire state 529 program): State-sponsored education financing program; adjacent to RISLA's mission as a New England quasi-state education savings/finance vehicle. Comparable in nonprofit state-authority structure but focused on 529 savings rather than lending.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@RISLA.COLLEGE.PLANNING
• Xx.com/cpcri
• LinkedInlinkedin.com/company/rhode-island-student-loan-authority

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RISLA