The proposed bill establishes the "Rhode Island Student Loan Repayment Program," which aims to provide financial relief to eligible individuals with unpaid student loans who are employed as licensed clinical social workers, social caseworkers, or child protective investigators in public elementary or secondary schools in Rhode Island. To qualify, individuals must have been employed full-time in these roles for at least two consecutive years and be enrolled in the Federal Student Aid's Saving on a Valuable Education (SAVE) program.

The bill allocates a total of ten million dollars ($10,000,000) to fund the program, with two million dollars ($2,000,000) available for disbursement in the first year and subsequent annual disbursements of two million dollars for the following years. The Rhode Island Student Loan Authority (RISLA) will administer the program, which includes creating a restricted receipt account for the repayment fund and establishing rules and regulations to facilitate the process, including providing guidance in multiple languages on how to request student loan debt relief.

Eligible individuals can receive monthly payments of up to five hundred dollars ($500) directly to their employer for a maximum of twenty-four months, contingent upon meeting specific service requirements. The bill outlines the eligibility criteria for loans and lenders, ensuring that only certain types of educational loans qualify for repayment assistance. Additionally, the program includes provisions for financial counseling, documentation requirements, and the ability for debt relief recipients to request a leave of absence under certain circumstances. The program is set to cease operations after a specified period unless extended or made permanent by further legislative action.