Is This RISLA Student Loan Refinance Pre-Approval a Good Deal?


Dear Steve,

I had asked you previously about refinancing Sallie Mae Student Loans (personal, not federal anymore).

We have looked around and decided on Rhode Island Student Loan Authority. However, my husband is cosigning to get a lower rate. Just under $40,000.00, and the loan we are settling on is:

Loan preapproved for 15 years:
Your application for a RISLA Refinance Loan has been preapproved. Based on the information submitted in your application, your interest rate is estimated at 5.54% (5.29% after the Auto-Pay discount)*. (Fixed for the life of his loan)

Here are the links to the documents we received:

Roughly, $370 per month, with interest paid approximately $17,000. He is a recent college graduate and working full time, but he felt this was the best option that he could afford to pay the six loans.

Have you heard of this organization? If so, rebuttable or not?

Thank you for your assistance!


Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.


Dear Julie,

If these are private loans, I’m curious why the loan disclosures seem focused on federal student loan issues. Odd.

Did Rhode Island Student Loan Authority (RISLA) spot something that gave some indication these might be federally guaranteed student loans? If so, that would make a massive difference in what you should consider.

To triple check, go to the NSLDS system and make sure any loans that might be included are not labeled as federal loans.

Please update me in the comments with what you find.

Damon Day - Pro Debt Coach

Follow Me
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
Steve Rhode
Follow Me

Comments are closed.