Allows Rhode Island employers can help pay employees’ student loans in high-need fields if they work full-time for 2 years in undeserved areas and are in an income driven repayment plan. RISLA must provide annual reporting.

Rhode Island Student Loan Repayment Assistance Bill

This bill would create a program in Rhode Island allowing employers to help pay off their employees' student loans, but with some specific conditions attached. To qualify, an employee would need to work full-time for at least two years in a field that has been identified as "high-need" — meaning areas where there aren't enough qualified workers — and that work must be done in underserved communities, which are areas that typically have less access to certain services or professionals. Employees would also need to be enrolled in an income-driven repayment plan, which is a type of federal student loan repayment arrangement where monthly payments are based on how much money a person earns.

The program is designed to encourage skilled workers to take jobs in communities and fields that struggle to attract enough employees. Examples of high-need fields might include healthcare, education, or social services, though the bill's specific definitions would determine exactly which jobs qualify. By offering student loan assistance as an added benefit, employers in these areas would have a stronger tool to recruit and retain workers who might otherwise go elsewhere.

The Rhode Island Student Loan Authority (RISLA) would be responsible for overseeing the program and would be required to submit an annual report, keeping lawmakers and the public informed about how the program is being used and how effective it is. The bill has been introduced and sent to the Senate Finance Committee, where members will review its potential costs and other details before deciding whether to move it forward.