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College students looking to finance their education can still get low cost fixed rate private education loans through the Rhode Island Student Loan Authority.

RISLA issued $25 million in bonds in July to fund its loan program. So far, 1,200 students have participated.

"Although funding for the program is limited, the authority wants to assure students and families that the program is available to help pay for the cost of tuition, books, room and board," said Noel Simpson, RISLA chief financial officer.

RISLA offers fixed rate loans at an interest rate of 7.76%.

"Students have fewer options for borrowing private education loans this year than they did in the past," said Charlie Kelley, executive director of RISLA. "Much of what is currently available comes at a high cost. The Rhode Island Family Education Loan provides a low fixed rate for the life of the loan."

The RIFEL loan is available to Rhode Island residents and to out-of-state students attending eligible colleges and universities in Rhode Island.

The loans offer a 15-year repayment term. Students need to apply with a credit-worthy co-signer but a co-signer release option is available after twenty-four initial and consecutive on-time payments if the student qualifies.

For more information or to apply for the Rhode Island F amily Education Loan, please visit www.risla.com or call 800-758-7562 toll-free. RISLA is open Monday-Friday from 8 a.m. - 7 p.m. and Saturdays from 8 a.m. - noon.

RISLA is a quasi-state authority that also operates the College Planning Center of Rhode Island, (www.collegeplanningcenter.org), a non-profit resource for academic, admission, and financial aid counseling.

 Tags  Rhode Island Student Loan Authority student loans

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