Nursing Reward Program

Rhode Island Student Loan Authority offers a Nursing Reward Program for RISLA Student Loans made on or after July 1, 2011.


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. 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.


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.

Reward Savings Estimates for 2021/22 Loans

RISLA Student Loan
Immediate Repay
with Rhode Island Advantage1
RISLA Student Loan Immediate Repay
RISLA Student Loan
Deferred Repay 
Amount Owed at Repayment $10,000 $10,000 $10,000
Years in Repayment 10 years/120 months 10 years/120 moths 15 years/180 months

            Loan Interest Rate              (with auto-pay)

2.99% 3.74% 4.74%
APR3 2.99% 3.74% 4.61%
Monthly Payment Amount $96 $100 $77
Monthly Payment @ 0% Rate $83 $83 $56
Monthly Savings $13 $16 $22
Savings Over 4 Years $624 $768 $1,056
For full loan terms and conditions, click here


  • 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.
  • Student must become a licensed registered nurse.
  • Student 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.
  • 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.
  • Other restrictions may apply.

How to Apply

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

NOTE: Certain loans may qualify for a loan forgiveness program. The FlexCredit education loan program is a state-based loan that does not qualify for any loan forgiveness programs at this time. It is not a federal student loan. As a non-federal loan, FlexCredit does not qualify for federal forgiveness programs. A complete list of RISLA’s loan forgiveness programs can be found here, and additional information about the different types of federal loan forgiveness programs can be found at

  1. RHODE ISLAND ADVANTAGE applies to any Rhode Island Students attending school in any state or Non-Rhode Island Students attending a school in Rhode Island who select an Immediate Repayment loan.
  2. INTEREST RATES: Rates are for loans first disbursed on or after July 1, 2021 for the 2021/22 academic year and include 0.25% reduction for making automatic monthly payments (auto-pay feature). Each repayment option is subject to funds availability. Funds will be awarded on a first-come, first-served basis. Interest 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.
  3. APR:  The Annual Percentage Rate (APR) reflects the estimated total cost of the loan, including  origination fees ($0), accruing interest, and the effect of capitalized interest. Interest begins accruing after each loan disbursement.  Rate shown includes the 0.25% interest rate reduction for using the auto-pay feature. If monthly payment is calculated to be less than $50 per month for full term, lowest payment is $50 per month with term reduced.