Nursing Reward Program
Rhode Island Student Loan Authority offers a Nursing Reward Program for RISLA Student Loans made between July 1, 2011 and June 30, 2019.
The Nursing Reward Program will offer ZERO interest for the first 48 months of loan repayment to qualifying borrowers who have a RISLA Student Loan or RISLA Parent Loan with RISLA. 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 during the first 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 Estimates for 2017/18 Loans
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||4.24%||6.49%|
|APR||4.24%||6.25% - 6.42%|
|Monthly Payment Amount||$154||$131|
|Monthly Payment @ 0% Rate||$125||$84|
|Savings over 4 Years||$1,372||$2,268|
- 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 in Rhode Island.
- 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.
How to Apply
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 studentaid.ed.gov.