Phone: (401) 739-4600 or (866) 739-9121 | Routing Number: 211590671

Student Loans

Student Loans

GCU is proud of its affiliation with Rhode Island Student Loan Authority (RISLA), which provides safe, low cost education loans.  It’s a great resource to help you bridge the gap between college financial aid and the cost of a college education.

State-Based College Loans for the 2017/2018 Academic Year are available through the Rhode Island Student Loan Authority

Three In School Loan options are available:

RISLA Student Loan - Immediate Repayment RISLA Student Loan - Deferred Repayment RISLA Parent Loan – Immediate Repayment
• Low fixed rates
• Zero origination fees
• Cosigner release program
• Rewards for nurses & interns
• 0.25% rate reduction for automatic electronic payments
• No upfront fees
• Instant credit decisions
• No prepayment penalties
• Payments deferred until student graduates or leaves school (3)
• Low fixed rates
• 0.25% rate reduction for automatic electronic payments
• No upfront fees
• Rewards for nurses & interns
• Cosigner release program
• Instant credit decisions
• No prepayment penalties
• Assist your child with paying for college with the RISLA Parent Loan
• Pay off early without penalty
• Instant credit decision
• 0.25% interest rate reduction for making monthly payments by auto-debit.
• No upfront fees
To apply for an in-school state-based loan: Click here

2017/2018 Rates and Fees

 RISLA Student Loan Immediate RepaymentRISLA Student Loan Deferred RepaymentRISLA Parent Loan Immediate Repayment
BorrowerStudent and CosignerStudent and CosignerParent
Interest Rate with ACH (1)4.49%6.49%5.49%
Fixed or VariableFixedFixedFixed
APR with ACH (2)4.49%6.25%-6.42%5.49%
Origination FeesNoneNoneNone
Standard Repayment Term120 months180 months120 months
Est. Monthly Repayment per $10k Borrowed$105$101-$112$110
Repayment Start15 days after final disbursement6 months after student leaves school (3)
  1. Rates are for loans first disbursed on or after July 1, 2017 through June 20,  2018 and include 0.25% interest rate reduction for making automatic monthly payments (ACH). Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. lnterest begins accruing after each loan disbursement. The rates and terms disclosed above are available while funds last. New funds may be subject to different rates and/or terms.
  2. The Annual Percentage Rate (APR) reflects the 0.25% interest rate reduction for making automatic monthly payments (ACH), accruing interest, the effect of capitalized interest, and making equal payments over the term of the loan. ALL EXAMPLES: Equal disbursements of $5000 in September and January. Minimum monthly payment is $50.00. IMMEDlATE REPAYMENT RISLA STUDENT LOAN and RISLA PARENT LOAN: Loan enters repayment 15 days after the final disbursement at which time outstanding interest is capitalized and a 120 month repayment term begins. DEFERRED REPAYMENT RISLA STUDENT LOAN OPTION: Fifty-four (54) months pass (48 month in-school and 6 months grace) for undergraduate students or Thirty (30) months pass (24 months in-school and 6 months grace) for graduate students at which time accrued interest is capitalized and a 180 month repayment term begins.
  3. Repayment begins six (6) months after the student leaves school not to exceed 78 months for undergraduates or 42 months for graduates students. Borrowers are entitled to only one 6-month grade period per loan. Graduate students must be enrolled at least half-time to qualify for deferment.

To apply, simply click on either of the links or call the GCU Loan Department at 401-562-2756.

Student Loan Refinancing

GCU also works with Rhode Island Student Loan Authority (RISLA) to provide students and parents with options for refinancing existing student loans.

Benefits of refinancing:

  • Reduce your interest rate, monthly payment amount, or both
  • Simplify life by combining your education loans into one easy-to-manage monthly payment
  • No upfront fees
  • Receive a 0.25% interest rate reduction for making monthly payments by auto-debit
  • Pay off your loan early without any penalties
  • Get a credit decision in just a few minutes
  • Refinance between $7,500 and $250,000 (max amount depends on highest degree earned by student)

Loan Eligibility:

  • Eligible loans may have been used at a college located in any state
  • Borrower may reside in any state
  • Eligible loans must have been used for education purposes
  • Eligible loans may include private education loans, parent PLUS loans, Stafford loans, and subsidized and unsubsidized direct student loans
  • Refinancing borrower must be an obligated party on the loan(s) which is/are being refinanced
  • Borrowers must pass a credit check and meet other eligibility requirements
  • To qualify for a RISLA Refinance Loan, borrowers residing at the same address must make a combined income of at least $40,000 a year. For borrowers living at separate addresses, at least one of the borrowers must make $40,000 individually

Current Interest Rates

All rates listed below reflect 0.25% discount for enrolling in automatic electronic payments.

TERM5-Year10-Year15-Year
Fixed Rate*
(with auto-pay)
3.49% - 6.14%4.24% - 7.14%4.74% - 7.64%
APR (1)
(with auto-pay)
3.49% - 6.14%4.24% - 7.14%4.74% - 7.64%
Number of Payments60120180
Upfront FeesZeroZeroZero
Monthly Payment Amount
(based on $10,000 loan)
$182 - $194$103 - $117$78 - $94
Total Interest Charges
(based on $10,000 loan)
$913 - $1,639$2,287 - $4,020$3,992 - $6,830

(1) Rates are subject to change at any time. The rate you will receive will be based on the term of the loan, if the loan is cosigned, your credit score, your cosigner’s credit score (if applicable) and other factors. The Annual Percentage Rate (APR) reflects the accruing interest, the effect of capitalized interest, and making equal payments over the term of the loan. Minimum monthly payment is $50.00.  Loan enters repayment at final disbursement. First payment will be due approximately 30 days after the loan is disbursed. View application disclosure.

Borrowing limits range from $100,000 – $250,000 and are based on the highest degree earned of the student who benefitted from the loan proceeds. To be eligible for the highest borrowing amounts, primary borrower on loan must be the student who benefitted from the loan proceeds.

Loans are made by the Rhode Island Student Loan Authority. Each repayment option is subject to fund availability and is awarded on a first-come, first-served basis. New funds may be subject to different rates and/or terms.

Apply at https://app.risla.com/loan/refi.aspx?s=GCU