The proposed bill establishes a new chapter in the Rhode Island General Laws titled "Student Loan Repayment Program," which aims to assist employees in high-need professions by providing student loan debt relief. The Rhode Island Student Loan Authority (RISLA) will administer a restricted receipt account known as the Rhode Island student loan repayment fund, which will be used to make payments directly to employers on behalf of eligible individuals.

To qualify for this program, individuals must meet the following criteria: have eligible, unpaid student loans; be employed full-time in a high-need profession as determined by the administering agency; commit to working in that profession for two consecutive years in Rhode Island; and be enrolled in an income-driven repayment program for federal student loans. Preference will be given to those working in underserved communities.

The bill outlines specific eligibility criteria, including definitions of key terms, service requirements for receiving debt relief, and the administration of the fund. Eligible individuals approved for debt relief will have their required monthly student loan payments made directly to their employer for up to two consecutive years. The bill also requires individuals to complete a request for student debt relief, receive financial counseling from RISLA, and have their request approved for future fund administration.

The amount of student loan repayment provided will depend on the availability of funds, and RISLA may establish a monthly repayment cap as necessary. The bill mandates annual reporting by RISLA to evaluate the program's effectiveness, including the number of approved requests, the total amount disbursed, and information about the employers of the individuals receiving relief. The act will take effect upon passage.