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 this capacity 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 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 Rhode Island student loan repayment fund.

The bill outlines eligibility criteria, which include having eligible, unpaid student loans and a commitment to work in the specified roles for two consecutive years. It also details service requirements, stating that approved individuals will have their required monthly student loan payments made directly to their employer for up to twenty-four consecutive months.

Additionally, the bill specifies that the total amount of student loan repayment shall not exceed a monthly payment of five hundred dollars ($500) and that payments will be allocated only toward eligible loans. The program is set to cease operations after a specified period unless extended or made permanent by further legislative action.

RISLA is tasked with promulgating rules and regulations necessary to implement the program, including providing guidance in various languages on how to complete the request for student loan debt relief. The bill also mandates that RISLA include an evaluation of the program in its annual report, detailing the number of approved requests, the total dollar amount paid for student debt relief, and other relevant information while maintaining the privacy of individuals involved.