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.
- 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.
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
RISLA Student Loan
|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|
|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.