Rhode Island § 16-41-5 - New England Higher Education Compact

§ 16-41-5. Repayment of loans.

(a) Dental, medical, optometry, osteopathic, and veterinary medical students who attend schools under the Rhode Island health professions contract program which is supported by funds from the state may decrease their indebtedness to the state under the following options:

(1) Upon completion of his or her dental, medical, optometry, osteopathic, or veterinary training, including internship and residency training, a student who establishes residency in the state will be relieved of fifteen percent (15%) of that indebtedness per year for each year that the student is employed by the state in a full-time capacity for a maximum cancellation of seventy-five percent (75%) for five (5) years of employment.

(2) Any graduate who establishes residency in the state will be relieved of ten percent (10%) of that indebtedness per year for each year that he or she practices dentistry, medicine, optometry, osteopathy, or veterinary medicine in the state in a full-time capacity for a maximum cancellation of fifty percent (50%) for five (5) years of practice.

(b) In no event shall any student’s cancellation of indebtedness under subsection (a) exceed seventy-five percent (75%).

(c) In no event shall any student be entitled to a refund of any sums paid on his or her indebtedness by virtue of the provisions of this section.

(d) The office of the postsecondary commissioner shall promulgate rules and regulations that are necessary and proper to promote the full implementation of this section.