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 repayment fund and establishing rules and regulations to facilitate the process, including providing guidance in multiple languages for completing requests for 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 consecutive months. The bill outlines specific eligibility criteria, including having eligible, unpaid student loans, and preferences may be given to individuals working in underserved communities.

The program includes provisions for leaves of absence due to serious illness, pregnancy, or military service, allowing individuals to maintain their eligibility during such times. Additionally, the bill specifies that a reduction in force will not preclude a debt relief recipient from fulfilling their service obligation, provided they resume qualifying employment within a specified timeframe.

The program is set to cease operations after a specified period unless extended or made permanent by further legislative action. RISLA is also required to report annually on the program's effectiveness, including the number of approved requests for student debt relief and the total amount disbursed.