RISLA Nurse Educators Loan Forgiveness Program

December 7, 2019by Riley Hendrickson0
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Through the RISLA Nurse Educators Loan Forgiveness Program, qualified applicants may be eligible to qualify for 0% interest rates for up to 48 months during their repayment period. The RISLA Student Loan and RISLA Parent Loan are low fixed rate state-based education loans available to Rhode Island residents and students attending eligible schools in Rhode Island. Read on to see eligibility requirements, award amounts, and the application process for the RISLA Nurse Educators Loan Forgiveness Program.

Eligibility?

The Nursing Reward Program lowers interest rates to ZERO percent for 48 months of loan repayment following acceptance into the Nursing Reward Program for qualifying borrowers who have one or more RISLA Student Loans and/or RISLA Parent Loans.
While interest forgiveness is in effect, a borrower’s entire payment is applied to principal, reducing the monthly payment amount for 48 months during repayment and lowering the total finance charges the borrower pays over the life of the loan. This payment reduction eases the financial burden faced after graduation. In addition, it offers the opportunity for new nurses to provide Rhode Islanders with the top-notch medical care they deserve.
Through RISLA Nurse Educators Loan Forgiveness Program, you will need to meet all of the following criteria to be deemed eligible for this program:
  • Borrowers must have a RISLA Student Loan (formerly known as the Rhode Island Family Education Loan) or student’s parent must have a RISLA Parent Loan on behalf of the student with RISLA issued on or after July 1, 2011.
  • The student must be a Rhode Island resident or attend a RI institution of higher education.
  • The student must become a licensed registered nurse.
  • The student must be employed by a licensed health care facility in Rhode Island and work a minimum of 20 hours per week with the responsibility of direct patient care.
  • Individuals who were licensed registered nurses prior to taking out a RISLA Student Loan or RISLA Parent Loan are NOT eligible for any rewards under this program.
  • Please note federal loans are not eligible for this program.
For a full program breakdown, head over to the official website here.

How much can I expect to be awarded? 

Through the Rhode Island Health Professionals Loan Repayment Program, applicants may be able to qualify for up to $15,000 in loan repayment. See the chart below for a full breakdown of this program:

RISLA Student Loan
Immediate Repay
RISLA Student Loan
Deferred Repay
Amount Owed at Repayment $15,000 $15,000
Years in Repayment 10 years/120 months 15 years/180 months
Loan Interest Rate 3.89% 5.89%
APR 3.89% 5.69% – 5.84%
Monthly Payment Amount $102 $84
Monthly Payment @ 0% Rate $85 $56
Monthly Savings $17 $28
Savings over 4 Years $816 $1,344

For a full breakdown of this program’s terms and conditions, please head over to the following page.

How do I apply for this repayment program? 

If you have graduated and would like to apply for RISLA’s Nursing Rewards, download the Nursing Rewards Application. Questions? Contact RISLA at 800-758-7562 or email us at [email protected].

For more information, please head to the program’s website here.

Questions?

If you still have questions or would like to know more information please reach out to us here or you can go back to the Student Loan Repayment Assistance Programs page.

 

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