Nursing Reward Program
Rhode Island Student Loan Authority now offers a NEW Nursing Reward Program for Rhode Island Family Education Loans made for the 2011/12 academic year.
Overview
The new Nursing Reward Program will offer ZERO interest for 48 months of loan repayment to qualified borrowers who have a Rhode Island Family Education Loan with RISLA. The RIFEL loan is a low fixed rate state-based education loan available to Rhode Island residents and students attending eligible schools in Rhode Island.
While interest forgiveness is in effect, a borrower’s entire payment is applied to principal, reducing the monthly payment amount during 48 months of 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.
Reward Savings Example
| |
Immediate
Repay |
Deferred
Repay |
| Amount Owed at Repayment |
$15,000 |
$15,000 |
| Years in Repayment |
10 years |
15 years |
| Loan Interest Rate |
6.39% |
7.49% |
| Monthly Payment Amount |
$169.48 |
$138.97 |
| Monthly Payment @ 0% Rate |
$125.00 |
$83.33 |
| Monthly Savings |
$44.48 |
$55.63 |
| Savings over 4 Years |
$2,135.21 |
$2,670.40 |
Eligibility
- Borrowers must have a Rhode Island Family Education Loan with Rhode Island Student Loan Authority issued for the 2011/12 academic year.
- Borrower must become a licensed registered nurse in Rhode Island.
- Borrower must be employed by a licensed health care facility in Rhode Island and work a minimum of 20 hours per week with a responsibility of direct patient care.
- Please note federal loans are not eligible for this program. Please see below for details on Nursing Rewards for federal loans.
How to Apply
If you have graduated and would like to apply for RISLA’s Nursing Rewards for Rhode Island Family Education Loans, contact RISLA at 800-758-7562 or email us at info@risla.com. Please check back soon for our online application!