is designed to lower 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 Education Loans and/or RISLA Parent Loans.
The RISLA Education Loans and RISLA Parent Loans are low fixed rate state-based education loans.
The nursing reward program is available to nursing graduates working in direct patient care 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.
NURSES REWARDS PROGRAM APPLICATION.
If you have graduated and would like to apply for RISLA’s Nursing Rewards, here is a list of eligibility requirements.
Questions? Contact RISLA at 800-758-7562 or email usand a representative would be happy to assist you.
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.
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.
RISLA’s Loan Forgiveness for Internship programs aims to help reduce student loan indebtedness while helping students improve their marketability to employers after college.
Even when Internships don't lead to full-time employment, they are a great way for students to make professional connections, learn skills needed in the workplace and add relevant work experience to their resumes.
Students can earn loan forgiveness up to $2,000 by completing eligible internship(s) and applying for RISLA’s Loan Forgiveness for Internships program within one year of graduation
Will be awarded to qualifying borrowers on non-federal education loans held by RISLA with an outstanding balance.
Students must apply to RISLA within one year of college graduation in order to be considered for this program
If eligible, applicants will be awarded loan forgiveness up to $2,000 after graduation.
In cases where the outstanding RISLA Student Loan balance is less than $2,000 at the time the student becomes eligible for this program, the student shall receive a credit on their outstanding balance only.
Currently, Students the loan forgiveness is taxable income. A 1099 would be issued for the tax year in which the student becomes eligible.
Internship must be after 5/1/13, may be in RI or out-of-state and may be paid or unpaid.
Student must be a Rhode Island resident or attend a RI institution of higher education.
Internship award is only applicable once per student.
Internship(s) can either be one, 3 credit internship or three, 1 credit internships and be on transcript, validated and certified by an institution of higher education.
The borrower may not use an internship that was required to graduate.
The borrower may not use an internship that was required to graduate Forgiveness will be awarded after graduation.
Student must apply for loan forgiveness within one year of graduation date from college.
Internship award may only be applied to one RISLA Student Loan, RISLA Graduate Student Loan, or RISLA Parent Loan.