Nursing Reward Program
Reward Savings Estimates for 2021/22 Loans
RISLA Student Loan
with Rhode Island Advantage1
RISLA Student Loan Immediate Repay
RISLA Student Loan
|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 2 (with auto-pay)
|Monthly Payment Amount||$96||$100||$77|
|Monthly Payment @ 0% Rate||$83||$83||$56|
|Savings Over 4 Years||$624||$768||$1,056|
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
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
- 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.
- 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.
- 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.