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 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 $10 million to fund this initiative, with $2 million available for immediate disbursement and the remaining $8 million held in a restrictive account for future use.

The Rhode Island Student Loan Authority (RISLA) will administer the program, which includes creating a restricted receipt account for the Rhode Island student loan repayment fund. The bill outlines eligibility criteria, including that eligible individuals must have unpaid student loans and may receive preference if they work in an underserved community. It specifies service requirements, stating that approved individuals will have their monthly student loan payments made directly to their employer for up to two consecutive years. The total monthly repayment amount shall not exceed $500, and payments will be allocated only toward eligible loans.

Additionally, RISLA is tasked with promulgating rules and regulations necessary for the program's implementation, including providing guidance in various languages on how to request student debt relief. The bill also requires RISLA to report annually on the program's effectiveness, including the number of approved requests and the total dollar amount paid for student debt relief, while ensuring the privacy of individuals involved. The act will take effect upon passage.