WARWICK – The Rhode Island Student Loan Authority earned national recognition as the second-best private student loan, according to Forbes magazine.
Forbes’ 2020 Top List of Best Private Student Loans reviewed private student loan options based on factors that included the cost of the loan with interest rates, as well as fees and services offered by lenders to students struggling to afford monthly payments.
In its rankings, Forbes noted that Rhode Island Student Loan Authority is one of the only private lenders to offer an income-based repayment plan that limits payments to 15% of earnings for a 25-year period. Low interest rates and a short-term zero percent interest rate for recently graduated nurses were also listed as “pros,” while a lack of options for international students was named a “con.”
Rhode Island-based Citizens Bank ranked No. 8 best private student loan.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
