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 such roles for two consecutive years and be enrolled in the Federal Student Aid's Saving on a Valuable Education (SAVE) program. The bill mandates the appropriation of $10 million to fund the program, with $2 million allocated for the current year and the remaining $8 million reserved in a restrictive account for future disbursements.

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, service requirements, and the process for requesting student debt relief, which includes financial counseling and documentation submission. Monthly payments for student loan relief will be made directly to the employer of the debt relief recipients for up to 24 consecutive months. The bill also includes provisions for leaves of absence due to serious illness, pregnancy, or military service, and specifies that a reduction in force will not preclude a debt relief recipient from fulfilling their service obligation. The program is set to cease operations after the allocated funds are exhausted unless extended or made permanent by further legislative action.