The proposed bill introduces "CHAPTER 117: STUDENT LOAN REPAYMENT PROGRAM" into Title 16 of the General Laws, establishing the Rhode Island Student Loan Repayment Fund, which will be administered by the Rhode Island Student Loan Authority (RISLA). This fund is allocated a total of ten million dollars, with two million dollars available for disbursement in the first year and an additional two million dollars for each subsequent year, unless the General Assembly decides to extend the program. The fund aims to assist eligible individuals, specifically licensed clinical social workers, social caseworkers, or child protective investigators employed in public elementary or secondary schools in Rhode Island, in repaying their student loan debt.

To qualify for the program, individuals must have unpaid student loans, commit to two consecutive years of full-time employment in their respective roles, and be enrolled in the federal student aid SAVE program. The bill outlines the process for requesting debt relief, which includes financial counseling and approval from RISLA, and allows for temporary pauses in payments due to serious illness, pregnancy, or military service. Additionally, it specifies that recipients must resume work in a qualified position within eighteen months after any reduction in force and limits applications to those with fewer than three years of employment in qualifying positions. The bill also mandates annual reporting on the program's effectiveness and caps monthly student loan repayments at $500.