Notice to 2008/09 Borrowers

WHAT IS THE NURSING REWARD PROGRAM?

Qualified Stafford Loan borrowers can receive an interest free loan during the first 48 months of repayment. Borrowers whose Stafford loans were issued after July 1, 2006 and prior to the 2008/2009 academic year may also be eligible to receive a $1,000 principal reduction during each of their first four years of repayment, for a total of up to $4,000.

An interest free loan means that all payments made on the loan will be applied to principal, no interest is due during the first 48 months of repayment. The goal in this program is simple... to encourage students to study nursing and keep prospective nurses in Rhode Island where they can make a difference in the lives of many Rhode Islanders.

HOW DO I QUALIFY FOR THE NURSING REWARD PROGRAM?

• You have a Stafford loan with the Rhode Island Student Loan Authority or one of our participating lenders.
• Your loans were issued after July 1, 2000 and prior to the 2008/09 academic year.
• You are a licensed registered nurse in Rhode Island.
• You are employed by a licensed health care facility in Rhode Island and work a minimum 20 hours per week with a responsibility for patient care.
• Consolidation loans are not eligible for this program.
• Please note Stafford loans for the 2008/09 academic year are not eligible for this program. Qualifying loans made prior to this academic year still remain eligible for program benefits.

HOW DO I APPLY FOR THE NURSING REWARD PROGRAM?

If you have graduated and would like to apply for Nursing Rewards, you can download our application below. Contact our College Planning Center of Rhode Island at 401-736-3170 if you have any questions.

Download Nursing Reward Application (Adobe Acrobat required)
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WHO ARE RISLA’S PARTICIPATING LENDERS?