Bill > H6098

This bill creates the Rhode Island Student Loan Repayment Program, which would provide student loan debt relief to eligible professionals working in public elementary and secondary schools. Specifically, licensed clinical social workers, social caseworkers, and child protective investigators who work full-time in Rhode Island schools for two consecutive years and are enrolled in the federal SAVE (Saving on a Valuable Education) program can receive monthly student loan payments of up to $500 directly to their employer. The Rhode Island Student Loan Authority (RISLA) will administer the program using a $10 million fund, with $2 million disbursed initially and $2 million allocated annually for subsequent years. To qualify, applicants must have eligible educational loans from approved lenders, complete a debt relief request, receive financial counseling, and work in the specified roles. The program gives preference to individuals working in underserved communities and includes provisions for leaves of absence due to serious illness, pregnancy, or military service. After 24 consecutive months of payments or when the loan balance is paid off, participants will no longer be eligible. RISLA will provide annual reports on the program's implementation while maintaining participants' privacy, and the program will cease operating unless extended by the General Assembly.

Budget and Finance

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